How 24/7, 365 instant payouts are changing the game in online payments

While it’s vital that businesses are able to accept payments from their customers, in many cases it’s equally important that they’re able to send money out – to customers, to vendors and suppliers, to employees and more – just as seamlessly.

Today, the ability to move money isn’t enough for enterprise businesses that want to scale faster. Sending easy, reliable and instant payouts can have a significant impact on business success, financial operations and customer satisfaction for businesses across industries - from online gaming, to travel, financial services, insurance, logistics, marketplaces and more.

How do 24/7, 365 instant payouts work?

At Stitch, our payouts offering enables enterprise businesses to payout withdrawals and send disbursements to any South African bank account – at scale. We process payouts 24/7, 365, over any payment rail in South Africa. Our multi-bank, multi-rail approach incorporates multiple fallbacks and redundancies — which is how we can ensure reliable payouts, anytime. 

Depending on their business goals, clients can choose to prioritise instant payouts at a higher cost, or reduce costs to offer same-day (t+1) disbursements. Stitch Payouts also allows finance teams to schedule one-off or bulk disbursements from a float account over API, removing the admin burden of accounts payable. 

Reducing fraud is also top of mind. The Stitch Bank Account Verification Service (BAVS) allows businesses to verify recipient bank accounts in real time, mitigating failed or fraudulent payments. 

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Use cases for instant payouts

Key benefits of instant payouts

Instant payouts for insurance companies

Our recent consumer research in the insurance space found that 56% of consumers would be influenced to choose an insurance provider based on how easy it is to receive payment after a claim.

As important as it is for insurance companies to be able to collect recurring payments seamlessly, it’s just as important for them to be able to pay out claims as quickly and smoothly as possible. This is where instant payouts come in. 

Instant payouts for gaming and betting companies

In the gaming space, payouts play a big role. 78% of surveyed punters indicated that fast and easy withdrawals would influence where they choose to place their bets – with fast processing times as the number one indicator of a positive withdrawal experience.

Being able to pay out wins is just as critical as being able to collect on losses – it needs to be straightforward and fast, so that players can continue to play without interruption or waiting periods. Speedy and reliable withdrawals play a significant role in ensuring customer trust in the platform. 

Instant payouts for travel companies

For some businesses, such as travel booking platforms, the product or service is unable to be rendered until payments are sent to suppliers. This is the case for leading South African booking platform Tripco, who was facing demand from the property owners on their platform for faster payouts once a trip had been booked.

The Tripco team integrated Stitch to automate payouts to property owners and reduce the time and effort required from their accounts team. It also significantly reduced the time it took for payments to reach property owners, allowing them to get paid sooner.

Instant payouts for marketplaces

Upon a purchase from their platform, marketplaces such as Takealot need to be able to pay out their suppliers for those items. Particularly for smaller suppliers, the payout might be critical to enable them to have the item ready in a timely manner. 

Time is of the essence, especially as marketplaces become more pervasive and in demand. This is true for both buyers and sellers on marketplaces: Neither one wants to wait too long for their item or their payout.

Instant payouts for logistics companies

The logistics industry can notoriously slow to digitise its payments processes, often resulting in clunky processes which increases the risk of lost data, bounced payments and fraud. Much like the travel industry, though, companies in the logistics industry are often required to pay various suppliers and vendors as quickly as possible in order to keep operations running smoothly. 

Instant, automated payouts allow logistics companies to focus on their operations, with the knowledge that their vendors, employees and suppliers are being paid reliably and on time. 

Instant payouts for forex brokers

While forex and CFD trading products are somewhat commoditised, brokers and platforms can gain a competitive edge by establishing themselves as the most reliable and reputable providers in the market. High-performance payment processing, including seamless withdrawals, is key to achieving this.

Payout services must be available and operational 24 hours a day, seven days a week, to enable users to withdraw from their accounts at any time, 365 days a year. Build long-term, secure relationships with your users by leveraging precise payments solutions.

Instant payouts for financial services

Often, customers prefer instant access to a withdrawal from a digital account. The speed and reliability of withdrawals plays a significant role when it comes to ensuring trust in the platform or provider the customer is engaging with.

Instant payouts for remittances

Remittances continues to be one of the largest sectors in African fintech, with funds regularly moving between African markets and Europe or the US, as well as across borders within the continent. They may happen at regular intervals, or often funds are needed as quickly as possible. For example, if a relative needs a medical cost paid urgently due to an accident, waiting a few days to receive the money is simply not an option. 

Offering faster local payouts for remittances gives both the sender and the receiver peace of mind, resulting in a much more competitive experience. 

Instant payouts for the real estate industry

Real estate consists of much more than buying and selling property – it involves work with a multitude of suppliers, vendors and contractors, many of whom can be the difference between a lost opportunity and a successful sale.

With instant payouts, sellers, suppliers and more can all be paid out in a timely manner, keeping the sale moving and the customers happy.  

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Stitch Payouts

Stitch Payouts is one of the most reliable payouts solutions on the market, and can ensure fast, seamless money movement no matter when a transaction is initiated - 24/7, 365. 

Scaling is about much more than being able to move money around. Customers expect pay-ins and payouts to be quick, reliable and automatic. Companies who can’t provide these facilities are more likely to fall behind.  

To see how our payouts solution can help your business better serve our customers, and save on costs, get in touch with our sales team. 

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