The Value of Integrated Payout Solutions: Enhanced Payee Trust and User Experiences

In 2023, a study into user experience statistics showed that 70% of online businesses won't make it, most often because they overlook user experience.

But, neglecting how customers interact with your product is a fatal flaw. Attention to these details separates industry leaders from the forgotten. Companies invest heavily in developing a transaction experience that meets user expectations for speed and accuracy.

The reason for this is simple: positive experiences inspire trust.

Successful organizations are hyper-focused on their user experience. However, where they fall down is internal. The focus on their employees, contractors, partners, suppliers, and other key stakeholders suffers. What about their experiences?

Without these partnerships, without this talent, your business will not go far. 

Let's explore how user experience and trust are central to a now essential element of the digital business experience - the payout - and how technology platforms deliver that user experience business to prosper. 

Trust and the User Experience: The Cornerstones of the Digital Economy

Trust has always. been vital to business relationships. Without human interaction, digital platforms must leverage the user experience to create the trust and confidence needed for a business to prosper. 

The systems and processes needed to sell products online, fulfill orders, and have them delivered instantaneously are already established and well-proven.

The game is changing, though. Innovation and new ways of work are driving demand for new commercial digital platforms - gig platforms, contractor management platforms, software & app sales platforms, gaming platforms, marketplace platforms, and creator platforms, for example - that offer new ways for companies and consumers to pursue global B2B and B2C relationships. 

User experience and trust are also necessary to users of these platforms but with a crucial difference. the payout processes used to reward users who supply goods and services must be as reliable as ordering a product online with a credit card. 

Users want and expect a payout experience they can trust, that's easy to use, reliable, convenient, and does not add to their workload. 

Turnkey payout orchestration solutions provide this level of trust and confidence so suppliers of goods and services can be confident that their hard work will always be rewarded. 

For platform providers, these capabilities offer  powerful way to attract, retain, and motivate providers of goods and services. They will help build the digital platform provider's reputation and profile, attracting more buyers to the platform and building the business's value. 

The Challenges of Managing Payout Processes

Reliably managing thousands of payouts daily non-trivial, with multiple considerations to understand and address. These issues can damage a platform's reputation in seconds. If the user experience is compromised or the platform fails to meet user expectations, customers and suppliers move on. These types of issues erode trust and confidence and reduce a platform's attractiveness to service providers, product vendors, and buyers. 

Digital Commerce Platforms

Digital commerce platforms are robust, scalable, functionally rich, and yes, complex. If you add the extra layer of managing payouts, things can go wrong quickly unless you have streamlined capabilities across the end-to-end payout process. 

In-House Payout Management

Developing an in-house payout management process for a platform is unlikely to be the best use of scarce and expensive resources. Utilizing a dedicated payout management platform and leveraging API capabilities to deliver the same result in less time is likely far better. 

Payment transmission issues can develop, including security issues like oversensitive fraud filters, encryption failures, or potential transaction routing issues caused by network interruptions. 

Multi-Currency Options

Payment Flexibility is also increasingly important, with sellers worldwide wishing to be paid in the currency of their choice, whether to a digital wallet, a bank account, or using alternative payments (APMs). This is complex, time-consuming, and expensive. It is also now essential. 

Integrated Payout Networks and Payee Satisfaction

For platform providers, speed and time to market are critical success factors in achieving their commercial goals. This means utilizing best-of-breed capabilities where they provide the optimal outcome for the users and the business. 

Platform owners should invest their time, money, and resources in adding innovative and exciting functionality to their core platform to engage their users. They should partner with service providers who can provide proven and robust services - like payout operations - that help them achieve their objectives and meet their timelines. 

Automation Drives Efficiency and Ensures Excellent User Experiences

Use automation to route transactions to the right destination in the right currency or alternative payment type, regardless of whether they are paid to a digital wallet or a bank account. Leverage automated fault finding to identify alternative routes where issues emerge, utilizing automated alerting and workflow approvals where needed to get the customer's desired result. 

Digital platform managers should utilize holistic visibility of the end-to-end payment process, whether thye need to see access ledgers, transaction records, data analytics, or real-time reporting using a single-payer portal. 

Finding the Secret Sauce with MassPay

Integrated payout solutions are an essential element of the 'Secret Sauce' of any digital commercial service provider looking to accelerate their growth by providing an eceptional user experience. Exceptional user experiences are those that drive engagement, trust, and ultimately repeat business. 

MassPay provides a proven, scalable, and functionally rich payout management solution that gives platform providers the confidence they need to provide a payout service that meets users' expectations. 

Learn more about how MassPay can help your business grow.