Mass payment is a method of paying multiple recipients online at the same time, such as during payroll. Employers can set up mass payments as one-time transactions or recurring automatic payments (if the amount is always the same). Employers can use mass payments regardless of the local currency, location, or payment method.
What are some benefits of mass payments?
Mass payments are a faster, easier, and more cost-effective way to pay employees. Instead of sending a worker a check by mail, recipients can receive a link through email or phone to approve payment through a secure online account. They can then transfer the money to their bank account, use it on a payment card, pick it up at a cash pickup point, or use it to make purchases online. Many businesses use a payroll solution for mass payments.
What are some ways to receive mass payouts from payroll?
There are a few ways employees can access funds through mass payments. Businesses can distribute prepaid cards that employees use immediately with a specific limit, opt for a direct transfer into the employee’s bank account, or use e-wallets or international checks.
When should companies use mass payments?
Mass payments are convenient for companies that handle a large number of transactions on a regular basis, such as:
- Freelance fees
- E-commerce platforms
- Online marketplaces
- Affiliate marketing
- Multinational companies with a global workforce