PayU Payouts is the answer. A technology-driven solution that can automate the entire process of Payouts and perform quick disbursals in no time. Sounds like a dream, right? But it’s true!

With PayU Payouts you can make payments instantly be it refunds or something else. You may even track, manage and perform all sorts of payouts functions from one dashboard only.

Here’s how PayU Payouts can help you simplify your payouts

With PayU Payouts you can always do a lot more. Let’s have a look at it in detail:

Instant payments even on bank holidays

Make payments 24×7, even on bank holidays. You don’t need to wait after adding a beneficiary, disburse payments instantly.

Send bulk payments in minutes

Disburse multiple payments in one go to customers or vendors with a single click via payment methods like IMPS, NEFT, RTGS, UPI, Debit/Credit Card, etc.

Quick integration

Automate your payments with a simple integration within minutes. All you need to do is to configure recipients’ details, rules & approval workflows through API integrations. Voila! you are done.

Secured payment via payout links

Send secure payout links to the customer’s mobile number or email ID while allowing the customers to choose the payment mode (Card/UPI) just by clicking on the payout link. The payment will then get processed to the respective mode in no time.

Track & manage transactions easily

Monitor credits & debits in real-time. Wherein the system will automatically map the UTR/reference number to the respective debit transaction making it easier to keep track of transactions.

Be extra sure with maker-checker validation

Assign a maker and checker for payouts. Where Maker is the person initiating the transaction and the Checker is the one approving them. This is called maker-checker validation. You may also manage the assigned users and their roles easily from one dashboard.

PayU Payouts, a choice for all types of businesses

E-commerce

Online sellers can initiate customer refunds in bulk using PayU Payouts. Reduce your chances of manual errors while initiating these refunds.

Insurance firms

With PayU Payouts, medical insurance companies can process claims immediately. Also, it allows making instant disbursal of commissions to agents.

Banking companies

Delight your customers with instant loan disbursal and flexible repayment options.

Gaming platforms

While playing in teams on gaming apps customers expect winnings to hit their account without any delay once the game gets over. With PayU Payouts, you can make instant payments to the customers, basis the number of players in the group, leaderboard position, etc.

How to get started with PayU Payouts?

To get started with PayU Payouts, follow these simple steps:

1. Sign Up on www.payu.in
2. Complete your onboarding
3. Your PayU Payouts account is ready to use

See, it’s that simple!

Final thoughts

While disbursing payments to vendors or customers can be a time taking process, but using PayU payouts can always solve your worries of delayed payments. It’s time to say bye to those days when sending payouts would get on your nerves. Do everything instantly without any hassle with just a single click and utilize the time saved in ensuring growth for your business.

So, what are you waiting for?

The post PayU Payouts: All-in-one solution for all businesses to disburse blazing-fast payments appeared first on PayU Blog.

1. Employees (salaries, reimbursements, etc.)
2. Vendors (sellers, resellers, etc.)
3. Partners (delivery partners, manufacturers, etc.)
4. Customers (refunds, cashbacks, etc.)

When you look at your account statement, there are credit and debit entries. PayU Payouts can help in facilitating all these debit transactions.

Every business has its own nuances and its own specific requirements. While PayU Payouts has multiple features to address these requirements, it is very important for the merchants to know the various ways in which they can manage their funds. In this article, we will deep dive into the multiple types of accounts for sourcing your payouts:

1. Virtual Current Account

Here the underlying bank account is PayU’s current account. A virtual account is created on top of this account and every merchant is provided with a unique virtual account number (Example –PAYUIC1111101). The IFSC code for this virtual account is that of the bank branch in which PayU’s underlying current account exists. A merchant can have multiple virtual bank accounts in the same bank or in different banks. Merchants can add money to this virtual account by doing a simple bank transfer. Once the funds are in their virtual current account(s), they can simply send payouts using the PayU dashboard or APIs. This account is perfect for use cases where the funds are not directly coming from a digital purchase or an online transaction. Examples of such use cases are COD (cash-on-delivery) refunds, salary disbursals, etc.

2. Virtual Nodal Account

Here the underlying bank account is PayU’s nodal account. The process for virtual account creation and unique VAN generation is the same as above. The only difference is that merchants can receive settlements of their online transactions in this account which is not permitted in the case of a virtual current account. The settlements can be from PayU payment gateway or any other payment gateway in the market. Once the funds are in their virtual nodal account, they can simply send payouts using the PayU dashboard or APIs. This account is perfect for use cases where funds are directly coming from an online transaction. Examples of such use cases are refunds for transactions, rewards against gaming purchases, etc.

3. Connected Bank Account

Here, there is no virtual account. Merchant’s own bank account can be used for sourcing the payouts using PayU dashboard or PayU APIs. The merchant can link their existing bank account or open a new bank account in one of the PayU partner banks. Once the connected banking is enabled on the merchant’s bank account, the funds can directly be used to process payouts. Here there is no need to transfer funds to any virtual account (manually or via settlement). PayU is not involved in fund management here and it just acts as a technology service provider. This account is perfect for use cases where the merchants can depend solely on their own bank but they want freedom from the hassle of maintaining balance in a virtual account.

4. Virtual Transit Account

This particular type of account is a hybrid of virtual and real bank accounts. Here also the underlying bank account is PayU’s current account. Parallelly a transit account is also created in the merchant’s own name. The process for virtual account creation, unique VAN generation, the addition of funds is same as mentioned above in the first pointer. The payouts are initiated from the merchant’s virtual current account only, but the funds flow to the beneficiary via this transit account which is created in the merchant’s name. From the usability perspective, payouts can be triggered using the PayU dashboard and APIs the same as in the first pointer. This account is perfect for use cases where merchants want to hide PayU’s name from the beneficiary.

Merchants can have 1 or all of the above types of accounts based on their needs. While there are some basic differences in all these types, there are some standard functionalities that are available across all account types:

1. Remark in Beneficiary Bank Statement – Merchants can send some descriptions for every payout transaction that they initiate. For example, if the merchant’s name is XYZ and they are disbursing salary for the month of August, they can send a custom remark as “XYZ/Salary/Aug”. This remark will be visible in the beneficiary’s bank statement as well as other communications (SMS, Email, App Notification) depending on the beneficiary’s bank
2. Webhook Notifications –Merchants can set notifications that they want to receive from PayU. For example, they can set low balance alert notifications based on custom thresholds, they can receive the status of NEFT transactions, etc.
3. Queuing and Scheduling Payouts – In case of insufficient balance in their accounts, merchants can choose to queue their payout requests. In that case, payouts will be triggered whenever the funds are replenished. Similarly, merchants can schedule a payout for any time in the future.

No matter what your Payout need is, PayU has a solution to fulfill them. Feel free to reach out to us to understand what type of account meets your requirements for paying out to your beneficiaries. Check out our integration document here. PayU Payouts is India’s fastest growing payout product. To start using our products and services,

The post Use the Right Type of Bank Account for all your Payout Needs appeared first on PayU Blog.

The more time refunding takes, the more apprehensive customers get about the e-commerce brand. On the other hand, if you issue those refunds instantly, this encourages them to use your platform more and builds trust.  

At PayU, we constantly work towards bringing innovative payment solutions to improve customer experiences for all kinds of businesses. We’ve revolutionised how e-commerce businesses can initiate refunds, quickly and easily even for their COD orders!  

One of our innovative products, PayU Payouts enables merchants to provide instant refunds to their customers directly in their bank accounts. Read in detail about PayU Payouts here. 

Different Ways to Initiate Instant Refunds for your COD Orders  

First and foremost, sign up on PayU. You can use any of the following 3 ways to initiate instant refunds for your COD orders: 

1. Directly from Your Dashboard – Add details of the customer such as Bank Account Number, IFSC Code, Amount and other details in the CSV file and upload it on your dashboard; initiate a refund  
2. API Integration – It is 100% developer-friendly and easy to use. Click here to view API reference 
3. “Smart Send” with Payout Links – With our new Smart Send feature, you don’t have to worry about collecting and filling bank account details of your customers yourself! You can make payouts to anyone, anytime without collecting their bank account details manually! Click here to know how “Smart Send” Works! 

How PayU Payout Works  

You can provide instant refunds to your COD customers directly into their bank accounts in 3 simple steps:   

1.Add money in your PayU Payouts account – Deposit money in your Payouts Account provided by PayU through RTGS or NEFT 

2. Add Customer’s Details – Add details of the customer such as Bank Account Number, IFSC Code, Amount and other details in the CSV file and upload it on the dashboard (as mentioned above), along with the amount to be refunded. You can add multiple accounts and save them for repeat payments in future  

3. Issue Refunds instantly in just one click! – Your customers will immediately receive payments in their bank accounts 

Reasons You Should Already Be Using PayU to Issue Refunds for Your COD Orders

1. Helps in Increasing Customer Loyalty – Customers’ trust on an e-commerce store or business increases when they receive their refunds instantly, which also results in them coming back to your site again & again. Faster refunds makes customers happy and helps in retaining them 
2. Automatic Reconciliation of payments – The payments can be automated, and you can save time spent on manual reconciliation
3. Powerful dashboard – You can add money, track and download reports through PayU dashboard 
4. Initiate Refunds even on Bank Holidays – You can process refunds for your customers 24*7
5. No limits on the number of refunds that can be carried out in a day! 

This is what our Customers Say about PayU Payouts

“We use Payouts for disbursing payments. It is easy and we are able to track & download all reports easily from the Dashboard – Pravin Patel, MD, Maayo LLP” 

Conclusion 

You have an e-commerce business and offer great support to your customers. Why not enhance their payments experience by providing them refunds instantly and make it a memorable one? Who knows your first-time customers turn into your loyal consumers! 

You can not only initiate refunds, but disburse vendor payments, employee salaries and much more with PayU Payouts. To know more about Payouts and our other payment solutions,  

The post Ecommerce Businesses: Automate COD Refunds with PayU Payouts, Win Customer Loyalty appeared first on PayU Blog.

After having a discussion with a lot of our merchants, we discovered that they were facing issues regarding bulk transfers and refunds. Therefore, to make it easy for you to carry out your business payments, we decided to build PayU Payouts.

With PayU Payouts, you will be able to make bulk payments quick and fast. Payouts will send money to your receivers’ accounts via IMPS, NEFT or UPI through API.

If you are an existing PayUmoney merchant, you will only have to sign an additional agreement. This will be shared by our sales representative. Click here to get started.

Note: If you are not a registered PayUmoney merchant, you will first have to sign up by following the standard onboarding process. This will be followed by signing an agreement shared by our sales representative. To sign up on PayUmoney, click here.

After you have opted for the Payouts feature, follow these 3 simple steps to send Payouts:

1.Add money in your PayU Payouts account provided by PayU through IMPS or NEFT.

2.Add receiver’s details, i.e., bank account number & IFSC code of people to whom Payouts have to be made.

3.Send Payouts instantly in just one click!

New Feature: “Smart Send” with PayU Payouts

Don’t have account detail of your customers? Don’t worry! With our new Smart Send feature, you don’t have to worry about collecting and filling bank account details of your customers, for making payouts, yourself! You can make payouts to anyone, anytime without collecting their bank account details manually!

How Does Smart Send Work?

1.Add money in your PayU Payouts account provided by PayU through IMPS or NEFT. (as mentioned above)

2. Provide us with some details (listed below) for the payment to be made through PayU payout via the Smart Send APIs:

• Mobile number or email of the customer – The Smart Send link will be triggered on this channel.
• Amount to be transferred to the customer.
• Your merchant reference number – This will help us and the customer identify the payout/transfer.
• Description – You can add payment remarks if any.

3. Once you share all the details with us, a Smart Send webpage link will be triggered to the customer on the provided email ID or contact number.

4. The customer will open the page and enter his/her account details. After entering the account details, he/she will receive an OTP on his/her registered contact number.

5. Once the OTP is verified, the payout will be triggered to his/her account from your merchant ID.

Benefits of “Smart Send”:

• Instant, quick, and secure Payout via IMPS
• Account Detail Collection with OTP Authentication
• NEFT Support for larger payments
• A convenient way to make bulk payments

Benefits and Features of PayU Payouts

• Immediate bulk transfers via widest range of online payment methods such as IMPS, NEFT and UPI.

• Instant money transfer – 24*7, even on weekends and bank holidays
• Fully automated
• No limits on the number of Payouts that can be carried out in a day!
• Bank verification option
• Powerful Dashboard – Add money, track and download transaction reports easily through your PayUmoney dashboard

• Webooks

• Virtual wallet

There is no setup fees or maintenance charges for this new feature. You will only have to pay per payout. PayU Payouts will help you immensely in providing a great customer experience and grow your business.

If you too are in a business that makes bulk payments, consider switching to PayU Payouts and automate all your business payments. For more details,

The post Disburse Payments in Minutes with PayU Payouts appeared first on PayU Blog.