Every business can benefit from streamlining its payment infrastructure. However, restructuring your payment processes and workflows can be difficult and time-consuming. But it doesn’t have to be that way. With the Dots API, you can make your payment processes more efficient and save time while also making sure your payout infrastructure is more secure and reliable. Not only can businesses reap huge rewards by streamlining financial transactions, but it can also greatly simplify your customer and payees’ experience. In this blog post, we’ll talk about ways to make your workflows more efficient and how Dots can help. Read on to learn more.
Offer a Variety of Payment Options
The first step to streamlining your payment infrastructure is by offering multiple payment options. At first glance, this might seem counter-productive. Implementing multiple payment options can be a pain for developer teams, causing them to come up with new workflows and processes for each payment processor. To ensure this works smoothly with your current infrastructure, you may have to dedicate significant time and resources to make it possible. However, with Dots, you can easily centralize multiple payment processors instantly without the need for developers to create independent workarounds. Just deploy the Dots API and offer all the top payment processor options on the market that make sense for your business. This allows you to send and receive payments in the way that works best. Payees and customers can select their preferred payment method, making the process go quickly and smoothly. With Dots, you can offer payout options like Venmo, Paypal, CashApp, prepaid cards and more. You can also offer payees to select their own currencies for payout to simplify the experience for international clients. Offering multiple payment options doesn’t have to be an arduous process. With Dots, you can easily implement multiple payment processors to give your payees the flexibility they desire.
Automate Your Payouts
Another way to streamline your payment processes is to automate your payouts. Instead of manually checking and entering each payout, you can let a platform like Dots handle it. You’ll never miss another payout and your payees can easily onboard and get their payments when they need them. Automating payouts also saves you the trouble of having to collect payee information, verify identities, and authenticate them individually. A payout API like Dots will take care of all of these steps for you. Using advanced fraud detection and security measures, Dots can make sure your users are who they say they are while staying compliant with national and international regulations such as KYC, KYB and OFAC. Automating your payouts not only saves you time, but it also mitigates your risk for error. Even something as simple as a missed payment can frustrate a contractor. Instead of having to worry about individual manual payouts, you can depend on automating these processes to get people their money securely.
Simplify Your Tax Form Collection
Following tax regulations and keeping your tax forms up to date is essential, but it can take up a lot of time. This is another process that you can easily streamline. Your contractors, freelancers, and other third parties you work with require special tax forms. It’s up to you to send out these forms and collect them in time for tax reporting. You can automate most of the tax form collection process. Typically, you would need to figure out which form each payee needs, generate the forms, reach out to collect the information and file them for taxes. With a platform like Dots, you can simply automate these steps. Dots can generate the proper tax forms for your payees, collect them, and sync them with your tax software. With Dots, you won’t have to worry about violating tax regulations in relation to your payout processes.
Consider using Payout Links
Payout links can be an easy and efficient way for you to send out payments and for payees to get their money. A payout link is a direct URL that allows payees to receive payouts simply by entering their name, email, and phone number. With a payout link, all you need to do is select a way to send the customer the URL and they will securely get their funds. Payout links can greatly streamline your payment infrastructure, for both recurring and one-time transactions. The Dots API includes a feature to quickly generate payout links and allows you to select whether you will deliver the Payout Link via SMS or email. Dots also allows you to test your payout link to make sure it’s working properly and will appear to your customer the way you expect it to appear. Payout links are a seamless and frictionless payment method. If you want to send payouts quickly and easily, Dots can help.
Embed a Digital Wallet
Another convenient way to streamline payouts is by embedding a digital wallet in your platform. With a digital wallet solution, your users can manage their funds in a digital wallet instead of having to transfer money directly to their bank each time they get paid. This smooth process allows users to manage the way they distribute their money and it allows you to create a payment ecosystem that you control. No more dealing with other payment processors. By taking third-party payment processors out of the equation entirely, you can make your payment processes much more efficient and cost-effective. Dots handles all the complicated aspects of embedding a digital wallet. All you have to do is use our digital wallet feature and customize your wallet platform to fit your branding. Dots can easily help you with the process of embedding a digital wallet and taking control of your payment ecosystem. Ready to learn more?
Get Started With the Dots API Today
If you’re wanting to get your payment infrastructure streamlined as soon as possible, get started with the Dots API. Dots is a comprehensive payout API that can get your payment processes automated in just one day. With Dots, you can offer numerous popular payment processors, automate payouts, simplify tax form collections, generate payout links and much more. Dots easily integrates into your existing payment processes, so there is minimal disruption to your workflows. Once implemented, Dots will save you time, money and resources. You can easily customize our API to fit the needs of your business and white-label our processing platform to match your brand and business. Dots provides the most frictionless and flexible accounts payable platform possible. It’s a payout solution customizable for online marketplaces, contractors, affiliate programs, gig workers and much more. Ready to schedule a demo with Dots and see how we can help your business? Get started with the Dots API today and experience the benefits of a streamlined payment infrastructure.