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From making regular bulk payments to compensating employees and workers around the globe, mass payout is a payment system that can help you manage your company’s cash flow, make regular payments, reduce your tax burden, and lower your monthly expenses. In order to enjoy the full benefits of mass payments, businesses must ensure that they choose the right mass payout solution for their business.
Read on to learn more about the benefits of mass payouts and what we consider one of the best mass payout solutions available in Africa!
What are Mass Payouts?
Mass payouts, also known as mass payment or bulk payment, is a concept that allows you to make large sum payments in a single batch. Essentially, it’s any system for distributing high-volume payments to multiple recipients in multiple currencies. A mass payout can be applied to nearly any type of payment, including payroll, taxes, vendor and supplier invoices, etc.
Benefits of Mass Payouts for businesses
1. Secure payment system
Mass payout systems are supported by detailed and robust security protocols like Secured Socket Layer, also known as SSL. This encryption technology ensures that sensitive data are uncompromised during the transaction. It secures your data by encrypting the link between a web server and a browser, ensuring that all data transferred remains private and safe from potential cybersecurity risks.
2. Faster payment disbursal
Writing hundreds of check payments is time-consuming and exhausting. This process can be streamlined using a mass payout system, as it helps manage large volumes of payments simultaneously. With it, you can save time and effort, allowing your business to run smoothly and efficiently. You may also schedule payments with this method to ensure that you don’t keep your suppliers and vendors waiting.
3. Easy to manage and track
Adopting a mass payout system allows you to quickly manage and track all the intricate processes involved in sending payments. You can make quick adjustments like adding raises or bonuses without starting from scratch for each employee. Mass payouts are easy to track, making them ideal for reconciling large sums of payables.
4. Minimised payout errors
Manual processing of mass payouts is more susceptible to human error. You can automate the process to ensure every detail is accurate through the mass payout system. Doing so reduces the chances of erroneous information due to human oversight.
Processing payments individually can increase transaction costs that can accumulate over time. But with mass payouts, you can save a significant amount on transaction fees while allowing for cleaner books and simplified accounting.
AZA Finance Mass Payout Solution
With AZA Finance’s proprietary technology, you can automatically execute payments to your business customers in multiple currencies. Easily pay invoices to vendors, suppliers, or other business partners instantly, enjoy transparent and competitive rates, robust infrastructure, and a stable and high-performing API with low error rates, fast settlement time, live transaction status, and many more.
To learn more about how AZA Finance can help your business make mass payouts in multiple currencies and through multiple payout options like mobile wallet, bank account, or cash, click here to schedule a call with one of our payment experts.