WePayOut specialises in bulk payment systems, with solutions to suit different types of operations. Our tailor-made and modular payment flows have yielded significant results for several businesses.
Today, we will explain a little more about the challenges, the importance, and the benefits of an instant payment system. To understand how this works in practice, we brought the testimonial of one of WePayOut's clients, Cornershop. Check it out!
What are the challenges encountered in making payments to third parties?
Third-party payments need to be assertive. When the company's business depends on many service providers, prompt and timely payments are essential.
Here are the main challenges faced:
A slow payment routine with low conversion leads to severe image damage. An efficient payment system eliminates bureaucracy, simplifies the process, and reduces the chance of rework. All this adds to the satisfaction of those involved in the process.
Demand from the support team
With an inefficient payment system, rejections can overwhelm back-office departments with correcting banking details or responding to claims for payments that were not timely received.
A good conversion-focused payment process ensures that more payments reach beneficiaries, thus reducing the demands on service and support staff due to payment issues.
Payment errors and delays can result in legal damages for a company. Therefore it is so important to have an optimised payment system.
What was the impact on Cornershop?
Our client, Cornershop, relies on WePayOut pay and retry payment and bank information validation systems to achieve significant results.
Their need was for an agile tool for bulk payments. They were using the platform of a regular bank, which generated high costs and a low payment conversion. By using WePayOut's solution, they saw the following:
"Introducing PIX as our primary payment method, which is already extremely fast, along with an easily manageable platform, a highly customisable product and an extremely competitive cost.
WPO has streamlined our partner payment procedure and provided us with a significant reduction in costs."
Below, we have listed the most relevant improvements achieved with WePayOut's payment solution.
Instant payment system with a focus on conversion
Instant payments via Pix (Instant Payment) and retry payments via bank transfers.
Bank information validation
The bank details are validated and corrected at the end of the process. Thus eliminating the work that would otherwise be performed in the back office.
WePayOut thoroughly understands the company's payment flow problem. Together with the customer, we build the best process, using the modular features that only WePayOut can provide. The focus is making more payments reach the final beneficiaries with instant credit, simple procedures and reducing the burden on the back office.
Improving payment procedures should be a priority for businesses that manage a high volume of third-party payments.
With WePayOut solutions, you do not experience the impact of switching processes because we work to create the best flow and make it a seamless transition with minimal impact.
As we have seen, a system like this not only brings agility in payments but contributes to the entire internal operation of a business.
If you also need to increase conversion in payments to suppliers and partners, visit the WePayOut website now and contact us!