In our previous articles, we have discussed a few Fincra features, therefore, emphasizing our position as a payments infrastructure for fintechs, platforms and global businesses, with cross-border capabilities.
In this article, we shall be solely discussing Fincra’s payout feature and how it helps to facilitate seamless cross-border payments for global businesses.
What are Payouts?
A payout is simply, a sum of money that is paid to an individual or a business as the case may be. Payouts can also be referred to as transfers or disbursements.
Fincra’s payout feature allows our merchants to transfer money to a beneficiary using any of the available payouts options i.e. one-time payout, payout to a beneficiary or payout to self, in multiple currencies via our merchant portal. Global business owners can make payouts in either USD, GBP, EUR and NGN, and track the disbursement of initiated payouts seamlessly with Fincra. Fincra’s payout feature provides an opportunity for businesses to scale to their fullest potential because it enables them to have cross-border payment capabilities, and it is accessible via Fincra’s merchant portal or through integration of our API
What Are Cross-Border Payments?
Cross-border payments are transactions where the payee and the recipient are based in separate countries. As businesses continue to expand their operations globally, cross-border payments and e-commerce are here to stay, so much so that according to the McKinsey report, it was estimated that cross-border payments generated total revenue of $1.9 billion by the end of 2020.
Cross-border transactions can be between individuals, companies or banking institutions who are looking to transfer funds across territories. For merchants who are operating internationally, it is crucial that they are able to accept payments across all countries that they are targeting.
Making cross-border payments is often complicated and expensive, traditional bank methods are slow, frustrating, and offer little to no support, there is also little way to track where the disbursed funds are in the transaction process.
In view of these problems, making use of Fincra’s payout feature to securely send money to multiple countries presents itself as an innovative and relevant solution.
Important Things To Note About Fincra’s Payout Feature
- Secure Infrastructure: Our secure infrastructure makes it possible to transact on our platform without the risk of fraudulent activities and fear of hacking. Fincra is safe, secure and licensed.
- Cheaper Transaction Fees: Fincra offers payouts in multiple currencies at the best rates, without any hidden fees.
- Reduced Transaction Time: Cross-border payments via traditional methods usually take about 3 to 5 days, sometimes longer, but with Fincra’s payout feature, faster processing and local settlements are guaranteed, therefore making payout delivery quicker and more efficient.
Some Use Cases For Fincra’s Payout Feature
- Pay Suppliers
Secure payments can be paid to suppliers in Europe, the UK, the US and Africa with the use of Fincra’s payout feature.
- Pay Salaries
As a global business owner, it is easy to make quick and secure local payments to employees in countries where you have operations.
- Pay Customers
Borders should not be a barrier to making payments and scaling globally. Settle invoices and make payments in different currencies at the best rates with Fincra, all without any hidden fees.
Fincra’s payout feature is a relevant solution in modern business today as it makes cross-border payments easier, at cheaper rates and in record time, therefore creating ease in running a global business.
We have created a step by step demonstration on how to make payouts on Fincra: How To Make Payouts Via Your Merchant Portal
Subscribe to our YouTube channel to view more tutorials to enable you make the best out of our full suite of products.
Ready to start making seamless payouts? Contact us today.