API integration might be the smoothest way to do payouts, but it is certainly not the quickest. Imagine that you’ve run an online competition and you want to distribute rewards to 500 winners. Or, you need to make weekly payouts to your vendors or delivery partners. You know their bank account and/or UPI details, but who has the time to initiate thousands of transactions one by one! This is where PayU’s bulk payout feature comes to the rescue. It doesn’t require any API integration; it doesn’t need you to provide beneficiary details one by one. Just dump the data in an Excel file, upload it on PayU dashboard and voila! The payouts are processed within seconds.

Want to streamline payouts in your business? Sign up to get started!

Make Bulk Payouts in 3 simple steps

1. Open your Payouts Dashboard and Click on “Make a transfer”.

Do ensure you have sufficient balance before you initiate payouts! Go to “Add Money” for steps to update balance.

2. Download Sample Template from the Dashboard and add your data

• This file will contain all the column headers with sample data
  • Replace the sample data with the details of your beneficiaries and amounts to be paid:
    • MerchantReferenceID (Mandatory) – This is a unique ID to identify each transaction. This is a must so that you can refer to this payout at a later stage. Please make sure that this is unique at a transaction level, otherwise the payout won’t get processed
    • BatchID (Mandatory) – This has to be provided by you so that you can identify the batch of bulk upload. Again, it is recommended that this should be unique at a file level; however there are no checks from our side on this
    • Amount (Mandatory) – This is the amount which needs to be transferred
    • beneficiaryName (Not Mandatory) – This is the name of the beneficiary
    • beneficiaryMobile (Not Mandatory) – This is the mobile number of beneficiary
    • beneficiaryEmail (Not Mandatory) – This is the email ID of beneficiary
    • paymentType (Mandatory) – This is the mode with which Payout is to be triggered. It can be IMPS, NEFT, UPI, etc
    • beneficiaryAccountNumber (Mandatory if mode is IMPS, NEFT, RTGS) – This is Bank Account Number of the beneficiary
    • beneficiaryIFSC (Mandatory if mode is IMPS, NEFT, RTGS) – This is the IFSC code of the beneficiary’s bank account
    • BeneficiaryVPA (Mandatory if mode is UPI) – This is the UPI ID of the beneficiary
    • Purpose (Mandatory) – The information entered in this column will reflect in the bank statement of the beneficiary

• Ensure that the Excel file is in the right format
  • Do not remove the column headers
  • Once you have filled in all the details, select the entire sheet and change the format to “Text”

• Maximum file size can be 10 mb and maximum number of rows can be 1000
• Payouts will be queued for the rows in proper format. Such transactions can be viewed in the Payouts tab of the Dashboard. Once the transaction is successful, a UTR number can be found corresponding to every transaction
• In case of any errors, check them in the error file from the dashboard. For all the failed transactions, error details will be mentioned against each error file.

Still doing your payouts manually? Start using PayU Payouts and make your disbursements instant and easy.

Conclusion:

Payouts to multiple recipients on a regular or need basis are a routine and important part of any business. You can streamline and track your outflows by using the Excel sheet Payout feature on PayU. Automation will not only save you time and eliminate human errors,  but also free up your mind-space for other critical business activities that you alone can do best! The PayU Bulk Payouts feature also offers a great customer experience, and ultimately helps you grow your business. So, get started today!

The post Sending Payouts Through Your Excel Sheet via PayU: As easy as 1-2-3! 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,

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