Checkout.com delivers Payouts: a seamless way for merchants to move money on a global scale

Payments

Product

3 min read

The boundaries of finance are changing, and organizations that lead with connected, faster payments systems will gain a competitive edge. That’s why the world's leading merchants like Wise, Hastee and Curve use Checkout.com to power their payouts. 

If you're sending outgoing payments as part of daily business operations — to customers, suppliers, business partners, employees — you need a reliable, automated and scalable payout process.

Yet we frequently hear how merchants are burdened by siloed technology systems and fragmented endpoints, incomplete data insights, high exception rates, manual processes and regulatory complexity. 

We're changing that.

We're launching Payouts — a powerful new solution built to programmatically send payments domestically and cross-border at scale, so you can quickly elevate your customer experience, optimize performance and unlock global coverage all through one API integration.

Introducing the new standard of payouts

At Checkout.com, we’ve built world-class, in-house infrastructure from scratch that spans the entire payouts value chain. Unlike other vendors, we think about payouts as deeply as we think about pay-ins. We haven’t added another layer of technical complexity on top of out-of-date payout networks or processes. And we haven't just focused on narrow, acquirer-first use cases. 

Instead, Payouts is created to power every businesses' unique payments journey through Card Payouts and Bank Payouts. It lets you move money across countries, between currencies and to billions of cards or bank accounts; faster, cheaper, with more certainty and scalability than ever before. So whether you're a ride-sharing platform using card payouts to pay drivers when they finish a shift, an insurance company sending critical disbursements to claimants, or a money transfer operator helping move funds between friends and family, we empower you to build the payouts journey your customers deserve. 

And for your internal teams — from Finance to Risk — we're enabling data-driven, global payouts so you can benefit from straight-through-processing, comprehensive reporting and reduced manual handling, allowing you to break down silos and spend more time innovating and growing your business. 

For Checkout.com merchants like Wise, Hastee and Curve, this means fewer exceptions, better acceptance, and more profitable growth. 

How Checkout.com enabled Wise’s game-changing ‘Pay to Card’ feature

Wise partnered with Checkout.com to launch its global Pay to Card feature, selecting the provider that could best serve its ambitious, global growth plans.

“Checkout.com’s global footprint and transparent data were crucial for us,” explains Aleksandr Povarov, Product Manager at Wise. “Sending money abroad is a high volume, low margin business. The more providers and custom connections you need to connect to local networks, the less clarity you have over data, fees and interchange costs.

“Each market also has local scheme requirements, so we needed a solution to cut through the complexities of international payment corridors. Checkout.com offered us robust cross-border capabilities and helped to accelerate the pace of our expansion. It integrates with our existing customer experience and unlocks transfers to billions of cards worldwide through a single API. It’s a game-changer not to need a different integration for every region.”

With payouts powered by Checkout.com, Wise is scaling its services and breaking new ground.


Five ways Checkout.com delivers powerful payouts

Problem: Limited payout options

Checkout.com solution: We connect merchants to the right payout channels and corridors, from global schemes and local clearing that gain a foothold in hard-to-reach markets to new innovations such as payments to cards with Visa Direct and Mastercard Send. And with our local teams on the ground in every key market, keeping on top of emerging payment trends and customer behaviors, we’re always one step ahead of the coverage you need.

Problem: Complex legacy technology

Checkout.com solution: Replace multiple systems with our single platform that provides everything you need for payouts under one roof. Our unified API acts as a single integration point for all your payout transactions, removing the complexity of multiple systems. When we add new payout methods and corridors, they’re automatically available behind that same API.

Problem: Unpredictable FX costs

Checkout.com solution: We give merchants visibility into the FX conversion rate at which their transaction will process, and therefore the cost of the conversion. So you can decide when to process transactions using real-time interbank and scheme sources to lower fees.

Problem: Slow and poor performing payouts

Checkout.com solution: Intelligent cross-border payout routing finds the fastest way from payer to payee. And enriched automated data formatting and compliance features ensure payouts successfully navigate even the most complex cross-border flows. This reduces manual exception handling, boosting acceptance and supercharging performance.

Problem: Missed insights and opportunities 

Checkout.com solution: With your end-to-end payouts operation orchestrated from a single platform, all the data you need to make smarter decisions is at your fingertips — from response codes to transaction arrival time, forex costs to fees. Rich data allows any user to uncover new insights and opportunities. And integrating data with your back-office systems will make it easier for you to keep track of the health of your payouts program and its impact on your business.

Make money move at scale with Payouts

With Checkout.com as your partner, you can turn payouts into a competitive advantage with simple, convenient options that help funds get to customers faster. We've built transparent payout journeys for agile, global enterprises. No matter your business, we make sure that money moves efficiently to more people in more places.

Ready to supercharge your payouts and gain your competitive edge? Talk to one of our experts today.

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Written on Apr 13, 2021 by

Yasmin Christie

Senior Product Lead - Payouts and FX, Checkout.com

Yael Barak

VP Product Management, Checkout.com

Keep up-to-date with all things payments

We process your personal data in accordance with Checkout.com's privacy policy. By subscribing, you consent to us sharing updates with you.

Keep up-to-date with all things payments

The Checkout.com team