PayG PayOut – Disburse Amount Without Failure

Does disbursing the bulk payments at the end of every month seem troublesome to you? Then, get ready to bid goodbye to these troubles with PayG PayOuts. Dive in to know PayOut details:

What is PayOut?

PayOut is a money transfer mechanism to a predefined contact. In easier words, the remitter needs to save the details of the beneficiary earlier, along with the amount and other details to disburse the amount on the specific date.

PayG enables its users to initiate and conduct PayOuts easily through a virtual account. So, you can use PayG payment gateway, not only to collect payments but also to disburse payments to your employees, suppliers, vendors, freelancers, investors, partners, etc. Refunds (if applicable) can also be paid through PayG PayOuts.

Purpose of PayOut

The primary purpose of PayOut is to maintain a smooth flow of money between the remitter and beneficiaries so that the recipient receives the amount on time without failure.

PayG users expect on-time payments from their customers, similarly, their employees and other people associated with these users expect timely payments. So, a merchant needs to focus both on payment collection as well as disbursement.

PayG PayOut helps right here – it aims at

  • Creating a trustworthy image of the merchant
  • Timely and successfully clearing the dues
  •  Maintaining a positive image of the brand

How to Create a PayOuts with PayG?

To create PayOuts with PayG, you first need to create a virtual account, add balance to this virtual account, and make PayOuts through the virtual account. Here are the steps you need to follow:

  1. Sign up and then follow the steps to onboard yourself
  2. Once your account is active, click on the "PayOut” tab
  3. Go to “PayOut Security” and then enter the account details from which you want to transfer funds to the virtual account
  4. Now, wait till PayG verifies the account details
  5. After verification, transfer amounts to the virtual account from your registered bank account [during transfer, add the virtual account credentials in the beneficiary details]
  6. Click on “PayOut Contact” and add contact details of the beneficiaries such as name, category, mail ID, contact number, address, etc.
  7. Click on “PayOut Beneficiary” tab and fill in the details such as PayOut name, beneficiary ID, Transfer method, and amount
  8. Wait till PayG verifies the beneficiary details
  9. Click on "Proceed Now"
  10. For bulk uploading, click on "Bulk File Upload", then download the CSV file to fill in the required details and upload it
  11. Once verified, click on “Transfer Amount”

From “Reports” tab, the merchants can access all the details of the transfer – whether the transfer is successful or failed or the beneficiary details are waiting for approval, etc. Also, PayG allows to schedule the PayOuts by adding date and time.

PayOut Use-cases

Here are some use-cases of PayG PayOuts:

  1. Paying Salary
  2. Vendor/supplier payments
  3. Freelancer payments
  4. Monthly incentives and reward payments
  5. Shareholder/investor/partner monthly payments
  6. Rent payments
  7. Pensions and schemes (Govt. and Non-Govt.)
  8. Insurance premiums, shares, etc.

Check more details about PayG products:

End Words…

With PayG, managing PayOuts has been simplified – disburse payments to anyone from anywhere effortlessly. Now, paying the stakeholders is not a problem because merchants can pay any number of people through PayG PayOuts. So, as long PayG is here, stay relaxed – collect and disburse payment without worrying.

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