RazorpayX - Introduction to Payouts
A payout is made to a fund account associated with a contact. You are eligible to make payouts after sign up, account activation and KYC verification.
You can make payouts in 3 simple steps.
- Add funds to your business account.
- Create the contact and fund account. This is similar to adding a beneficiary on your netbanking portal.
- Make a payout.
Contacts and fund accounts are similar to a beneficiary in banking terminology.
A contact is defined by certain properties such as name, email id and phone number.
There is no limit to the number of contacts you can have. There is no cool-down period after adding a contact. Once added, the contact is immediately available for further actions.
Learn more about contacts.
To make a payout to a contact, you must add a fund account to the contacts. Fund account types supported are:
There is no limitation on the number of fund accounts that can be associated with a contact.
Learn more about fund accounts.
Payouts are made to contacts. For every payout, you need to specify the amount, the contact and the purpose of the payout. You are eligible to make payouts after sign up, account activation and KYC verification.
The payout amount, fees and tax are deducted from your RazorpayX account balance. These appear as a debit against your RazorpayX account.
In case a payout fails at any stage, a reversal is created which results in a credit to your RazorpayX account.
Learn more about payouts.