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One of the most important components of running a business is ensuring that all vendors, contractors, employees, and other relevant parties are paid in full and paid on time.

Not only will this ensure positive relationships with these parties—who are essential to the growth of your business—but it will also help you establish an immediate competitive edge.

This is especially true for global companies, who likely need to make payments in a variety of different currencies. Better payout orchestration also provides exceptional advantages to e-commerce businesses and other digital enterprises.

In this guide, we will discuss the most important things to know about payout orchestration, what payout orchestration actually is, and eight of the most important things to consider when redeveloping your payout systems. By taking the time to learn about the payout system, and find payout options that work well for you, your company can immediately improve its performance and deliver better results. 

Eight Things to Look for When Considering Payout Orchestration

Clearly, payout orchestration is an essential component of the broader business cycle. As long as making payments is something that is necessary—which it seems it always will be—then orchestrating those payments will be necessary, as well.

Even once your business has decided it wants to restructure its payout system, there are still a lot of things that will need to be considered.

Here’s what MassPay can deliver across your business.

1/ Global Payouts, Local Preferences

One of the most important considerations is the payment methods that will be used. You will need to decide which payment methods are most suitable for your recipients, such as ACH, wire transfers, or digital currencies.

Make sure to research the different options available and choose the ones that best fit your needs. You’ll also want to keep in mind the types of currencies your enterprise will likely be using. Currently, we work in more than 175 countries and 70+ currencies around the world.

Ideally, your business will use a platform that allows you to make payments in several different ways. After all, your payees will likely each want to be paid in different ways and in some cases, certain types of payments might not be available to them.

Using a dynamic platform with many different payout methods available—like MassPay—will help make it easier to make distributions and also incorporate new partners in the future.

2/ Intelligent Global Routing

When you’re sending money all over the world, you want to make sure it arrives on time, to the right person, and in the right currency. You’ll also want to make sure your money gets delivered safely with every transaction. 

Our advanced algorithms route transactions to their destinations with backup options. Payment issues or inconsistencies can create big headaches for your payout team. So partnering with an organization that promises intelligent global routing, like MassPay, is essential.

3/ A Single, Simple KYB Process

A big hurdle to changing payout platforms is the setup process. Nobody wants to take time out of their busy schedule to set up programs and platforms and recipients.

That’s why we’ve developed an automated, one-time Know Your Business (KYB) tool to help you stay on top of your financial data and improve your security.

Within our software, you can validate any users and have global sanction screenings conducted on your payees every month. Compliance and regulatory standards are always up to date, and we pride ourselves on the safe storage and management of information.

With your financial data safe and available, you can focus on what will move your business forward.

4/ Transparent Pricing

When choosing a payout orchestration system, you’ll need to know all about the pricing and fees. Are you charged per transaction? Or are you charged a recurring license fee? Perhaps you’re paying for both.

With MassPay, we pride ourselves on our transparent pricing. Our pricing is simple, clear, and easy to understand with no hidden fees. We don’t think there should be any confusion or complications when it comes to paying us, so we can help you pay out.

5/ A Proven, Established Global Partner Network

Yet another important thing to consider when developing a payout orchestration network is scalability. After all, when your business jumps from being a six-figure business to a seven-figure business to an eight-figure business, you’re not going to want to have to keep “reinventing the wheel.”

As your business grows, you will need to scale your payout orchestration solution accordingly. Make sure to choose a solution that can easily scale your business and handle an increasing number of payments.

In this sense, the term “scalability” has multiple meanings. Not only should your business be able to handle a larger volume of payouts—which, as experienced enterprises will tell you, can increase tenfold in a very short amount of time—but also handle a wider variety of payments. For many business owners, scalability means (eventually) accessing new partners in other countries. Again, it becomes easy to see why having access to payout systems with many different currencies is so fundamentally important.

6/ Comprehensive, Real-Time Reporting

Over the past decade or so, the use of data has become more important than ever. Having access to reliable, up-to-date, and accurate financial data is an absolute must for all business owners. After all, if your business operates at the scale of $10 million, that means just a 1% improvement will result in an additional $100,000 on your bottom line—that’s certainly nothing to sneeze at.

As a result, reporting has become an important aspect of payout orchestration. Make sure that your solution provides detailed and accurate reports, so you can easily track the status of your payments and make adjustments as needed.

If you’re comparing multiple different payout orchestration systems, be sure to get to know their API to confirm that you’ll have access to the data you need. This could include reports regarding whether payouts have been, reports regarding your overall performance (for example, what percent of payouts have issues), reports regarding average payout time, and more.

7/ A Single API for Integration & White Label Capabilities

When you begin investing in a payout orchestration platform, it’s very unlikely your company is starting from complete scratch—that means you’ll need to integrate your new payout system with whatever infrastructure you already have in place.

MassPay’s REST API is not only incredibly simple to integrate, but it comes with the full support and customization you need to really make it yours.

We know that integrating a new system into your ecosystem needs to look the part. So our comprehensive white-label program helps you achieve just that. From look and feel to how it performs, our API can be completely customized to deliver whatever your business needs and what it doesn’t.

8/ 24x7x365 Support

Customer support is also an important consideration. For instance:

• What if you suddenly discover that, for whatever reason, your payments are not being processed?
• What if your business experiences a major structural change (such as M&A) and you realize you will need to quickly reinvent your payout system altogether?
• What if your business is preparing to enter a new market with extremely strict regulations?
• What if you have questions about the platform and want to make sure you’re getting as much value as you possibly can?

The MassPay support team is available at all times to help with any questions, concerns, or inquiries. We know that your organization requires support, and that’s why we don’t utilize phone trees or any automated support methods.

TIME TO TRANSFORM YOUR PAYOUT OPERATIONS

There is no denying that one of the most important components of running a business is ensuring your payments are always made on time.

This will always be true for everyone in your ecosystem including your employees, contractors, freelancers, partners, suppliers - everyone!

By taking the time to learn more about payout orchestration and develop a customized solution that meets your needs, your business will be in a position where it can grow, thrive, and achieve its long-term goals.