There is a multitude of reasons why you need to get money to someone instantly. We continue our look at applications of Card Payouts and how they can help your business. Before we get to reasons to send money, let’s have a quick look at one of the main challenges of sending money locally or across borders.
Fraud has increased and become more sophisticated as the digital revolution evolves. Individuals and companies have rightly become suspicious of sharing their bank details. By using their trusted networks, Mastercard Send and Visa Direct enable companies to simply enter the debit or prepaid card details of the receiver of the funds, no matter where they are in the world. The funds are transferred quickly and effortlessly into the receiver’s account in a matter of minutes.
Accidents don’t run on a schedule or happen at convenient times. They happen instantly and unexpectedly. They can be big or small. An employee is stuck at an airport due to bad weather. The office is flooded, and you have to make alternative plans to get laptops to work on. An employee is on a road trip, and the company vehicle suffers a breakdown. If any of these unfortunate events happen to your company, you need to make a plan to send funds fast. Not just fast, in some cases instantly. Through Card Payouts, you can do just that. Not just locally, to 80 countries in 160 currencies!
Put employees first
Your most important assets are not sitting in your stock room or on your balance sheet, they are sitting behind desks in your office or working remotely. Employees are what companies revolve around or should. The pandemic has turned the world of work upside down. People are not happy to just go to work every day because they have to. They want to be content, and they want to be looked after. One way of looking after them and keeping them content is to give them access to funds when they need them. They might have done a stellar job on a project or outperformed even the most unrealistic of expectations. Why should they wait for payday to be rewarded for it? Or for their bonus at the end of the year? You can reward them outside your payroll cycle by paying bonuses via Card Payouts straight into their debit cards. That’s what we mean when we talk about the Card Payout Revolution. It’s about much more than just transferring funds.
Don’t gamble with payouts
If you’re gambling with payouts in the gaming industry, you’re looking for trouble. People want instant gratification, which means instant payouts. Trust is hard to come by in this world. Sometimes the payout is too large to pay in cash, and it’s also not safe for the receiver of the money. The ability to transfer money instantly via Card Payouts will go a long way to building trust in your organisation. More trust means more business.
Sometimes insurance companies need to urgently payout a claim. A computer company suffered losses during a robbery, for instance. They need to urgently replace machines in the shop for software updates. Without the funds from their insurance company, the business can not operate and will close its doors. Once the claim has been approved, the insurer simply has to enter the client’s card number. The client will receive an email or SMS confirming the transfer in minutes. That’s what insurance is for, isn’t it?
Check out part 1 of this series where we dug a bit deeper into the benefits and applications of fast card payments.
These are just some examples of industries and instances where your business might need to transfer money locally or cross borders in a hurry. When you look for a payments provider, keep all of this in mind and find one that can offer you fast, safe, reliable and predictable payments. Truevo’s Card Payouts can do just that. Speak to us about your needs. When we say “Payments. Anytime. Anywhere,” we mean it.