Payouts refresh: moving money faster + better
We first launched our Payouts solution back in 2022, soon after we announced our first pay-in method. Today, Stitch Payouts is one of the most reliable offerings in the market – offering 24/7, 365 service.
We speak a lot about the need for seamless, reliable and easy-to-access pay-ins. 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.
Finance teams have a lot to juggle, from tracking and reconciling payments across banks and providers, to ensuring timely payroll and sending money wherever it needs to go. One thing that can really lighten their load is the ability to automate payouts over API to verified destination accounts.
At Stitch, we first launched our Payouts solution back in 2022, soon after we announced our first pay-in method. Since then, our engineering team has been hard at work to improve and bolster our Payouts solution. Today it is one of the most reliable in the market, and can ensure fast, seamless money movement, no matter when a transaction is initiated.
Reliable payouts at scale, 24/7, 365
The Stitch Payouts solution is designed for enterprises processing payouts at scale. We can process payouts any day, anytime, over any payment rail available in South Africa. We automatically route each transaction using the optimal rail on the backend, depending on whether a business’ goal is to maximise speed or to reduce costs.
Thanks to multiple integrations across banks and rails, we also automatically route payments to alternative banks or rails to avoid any downtime. Our solution is packaged in an easy-to-use API that's designed specifically for enterprise businesses.
As the open banking and instant payments landscape continues to evolve in South Africa, today we’re also able to initiate instant payouts for our clients via RPP, resulting in even faster and more efficient transactions.
Key uses cases for payouts
In many instances, when it comes to payouts, the need for speed is paramount. 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.
“Timing is of critical importance. Any time savings we can get in terms of recognising the payment on our side, allocating it to the right booking and of course processing and paying it out correctly to the right property is super important. The quicker we are able to distribute the money the better.”
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.
In other use cases, the customer is eagerly awaiting 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. Specifically in the gaming industry, fast and reliable access to withdrawals is a must. The same goes for access to payouts from claims in the insurance space.
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.
In the gaming space, payouts play an even bigger 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.
Today, the ability to move money isn’t enough for enterprise businesses that want to scale faster. Quick, reliable and automatic payouts - and the ability to track and manage pay-ins across multiple methods - can have a significant impact on business success, financial operations and customer satisfaction.