PayU, India’s leading online payment solutions provider, has enhanced its flexible fund source management and beneficiary management capabilities with its enhanced Payouts product suite. With the newly launched Payouts from Payins feature, merchants can receive payins (settlements and payments) directly into virtual accounts created by PayU, eliminating the need for constant recharging. From pay-ins received in the accounts, merchants can make bulk disbursals to vendors, partners, employees and customers directly, streamlining operations. Merchants have the flexibility of choosing the payout option which suits them best, including connected banking, a feature which allows merchants to use PayU APIs and dashboard to make secure payouts from their existing bank accounts.
With beneficiary management capabilities PayU merchants can use a beneficiary ID to make repeat payouts to beneficiaries, instead of going through the trouble of sharing beneficiary banking details (account number, IFSC code etc.) repeatedly. Under this function, merchants can also use scheduled payouts facility and schedule bulk transfers for up to 3 months to ensure seamless, timely payments to their stakeholders.
Commenting on the new offering, Manas Mishra, Chief Product Officer, PayU India said, “At PayU, we constantly strive to address the pain points of our customers by providing innovative digital payment solutions. Our merchants, who do bulk outward payments to their consumers, vendors or employees, end up spending a lot of manual effort and resource behind these tasks. So solving for the payout experience has become as critical as solving for the collection of payments experience, where PayU is already the industry leader. With flexible fund source and beneficiary management features, merchants can scale up their financial operations exponentially and bring in more efficiency.”