2 minutes, 7 seconds

29 June 2022

Stitch Payouts makes it easier for businesses to move money

by Junaid Dadan, CPO

In April we launched Stitch LinkPay, making it easier than ever for customers to pay by enabling seamless one-click pay-ins via tokenised financial accounts.

Now we’re making it easier and faster for businesses to move money – sending payments to customers, to vendors and suppliers, to employees and more – with Stitch Payouts.

Stitch Payouts consists of three elements: refunds, withdrawals and disbursements. See pricing for Payouts here.

Refunds

We can easily process customer refunds to the same verified account that was used to make the pay-in.

Withdrawals

If a customer wishes to withdraw funds, we can pre-populate an account that was previously linked with LinkPay as a payment destination and ensure that it’s verified and active. Customers can also choose to link a new account, which we can verify before making the payment.

Disbursements

We can enable businesses to pay out to accounts that are not linked with Stitch, for things like paying vendors or paying employees. We’ll verify the account prior to sending the payment – without requiring input from the account owner.

How Stitch Payouts can help

Businesses can choose between same-day (T+1) settlement or instant settlement, and:

  • Initiate payments in real-time over API: Eliminate slow, burdensome integrations and manual reconciliation by initiating payouts to any domestic account in South Africa over API, on a per-transaction basis or in bulk. You can also track your payments with status checks via webhook or query anytime.
  • Let us manage float: You can choose to transfer funds to Stitch as float, and we’ll monitor and track your balance against payout requests. We’ll notify you and queue pending payments when your float balance is running low so you won’t need to initiate payout requests again.
  • Reduce fraud and guarantee payments: We guarantee payouts are settled into customers’ verified accounts on your behalf, mitigating failed payments and fraud.

Who can use Payouts?

Virtually any business that needs to send frequent payments to customers, vendors, employees and more can benefit from Stitch Payouts.

  • Fintech businesses and wallet-based apps can enable users to link their primary financial account (such as a bank account) to withdraw funds whenever they need.
  • Marketplaces and platforms (such as ride-hailing services) can enable suppliers to easily cash out.
  • E-commerce businesses can enable instant refunds and same-day settlement for merchants. Here’s how.
  • Lenders and insurers can easily disburse funds to verified accounts. Here’s how.

To get started with Stitch Payouts, access test credentials now via our self-serve platform or get in touch with our sales team at sales@stitch.money.

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