Payout: Automating financial processes is key to a company’s success. Not only Slovak e-shops have the opportunity to grow

Fintech is a technology industry that seeks to improve and automate the provision and use of financial services. It helps companies, business owners and consumers better manage financial operations using specialized software and algorithms. The word fintech was created by combining finance and technology.

The first fintech company in Slovakia to obtain a license for new PDS2 services is Payout. This allows her to bring solutions that are truly exceptional.

Payout operates in the field of fintech. What exactly do you provide to your clients? What connects you with Smart Bank?

Fintech is a technology area that innovates traditional methods of transaction processing and banking. Payout operates directly in the field of fintech and brings innovative solutions. We strive to be a key partner for banks and for our clients that they trust and can work with to introduce new payment products. At present, banks are innovating whether in the area of ​​their systems or mobile applications. Therefore, we decided to become the general partner of the Smart Bank survey.

Today, companies must take a proactive approach to innovation, improve their product, their portfolio – and, of course, improve the way they process transactions, receive or send funds. This is where Payout brings an innovation that simplifies the entire transaction processing process. Continuous access to the payment infrastructure in real time is the key to building a successful company.

What makes Payout special in Slovakia?

Payout brings more. Not only a payment gateway, but also a Payout payment account and a link to all bank accounts maintained in various banks. We bring more than just transaction processing. We bring payment identification, risk management, money laundering prevention and, last but not least, a link to all accounting systems used in our country and automatic reconciliation of payments.

With our payment gateway, we can provide customers with fast payments for goods or services. We offer companies faster and more efficient settlement of obligations to partners and suppliers. Our main goal is to bring the same comfort and speed as when paying for goods from customers. Thanks to our solution, the company has an account that fully controls directly from its internal system.

In your opinion, does the current situation change the needs of small and medium-sized enterprises in the area of ​​payments?

In the area of ​​payments, the need for change has emerged. Old processes and technologies involve a number of manual processes that are prone to errors and significantly limit the growth of the portfolio of services provided in the company.

Manual processes can result in hidden inefficiencies that the company has no idea about. However, it has a broader impact on security, customer relations, suppliers and employees. All these processes affect the overall success of the company.

The comfort that the customer experiences when paying through the payment gateway is therefore also brought to corporate / SME clients. How can you streamline their processes?

Our clients’ employees no longer have to spend time manually entering information into internet banking. They only supervise the automatic processing of transactions. This gives them time to focus on their core business. It also brings greater security.

The key to reducing errors is automation – Payout is a solution that provides simple, fast and accurate payments. Using the API, we enable clients to quickly integrate our services so that they can fully automate payment processes and, above all, increase the efficiency of the entire system.

Our clients can integrate all the functionality that they have commonly available in their internet banking, directly into their internal software and processes. More efficient processes allow their employees to work on other tasks and projects that will mean growth for the company.

Energy, hospitality, engineering… Is the industry for which the Payout solution is, for example, more suitable?

Payout is one platform for different industries. Payments must be made 24 hours a day, all year round. Therefore, it does not matter whether you are a small or large business, nor is the area of ​​your business important. Payments are a source of energy for every business and increasingly need to be made automatically. Payout has been designed to be scalable from the start, able to integrate into any business.

How long does it take to integrate your solution, how does it work?

Integration is a matter of hours or days depending on the robustness of our client’s system.

We bring libraries in various languages, plugins for various software. Payout integration is fast and hassle-free. At the same time, it will not restrict the functioning of the company in any way.

Why is Payout more convenient and more secure?

Nowadays, from the end customer’s point of view, online payments are considered secure. It is important that from the company’s point of view we bring a much more comprehensive solution. In one package, it has support, payer identification, AML control, accounting links and overall automation of payment processes, which eliminates security risks and errors.

Payout also acts in the market to provide a payment gateway for e-commerce. What is the shopping behavior of us Slovaks? Do we still belong to the group that prefers cash on delivery?

Slovakia is very specific in this area. One group of people is looking for the most modern methods of payment – Apple Pay or G Pay… On the other hand, many people still use cash on delivery.

However, cash on delivery is very unreliable for the e-shop operator himself. Many of our clients have the experience that the customer orders goods from several e-shops and takes over only the shipment that is delivered first. Payment in advance guarantees that the customer will receive the goods. Therefore, Payout tries to make the payment gateway available even for beginning e-shops on advantageous terms.

What factors should e-shop owners consider when considering changing payment gateways? What benefits will Payout provide them?

They should definitely look for a solution that is global and will grow with their e-shop. They should find a payment gateway that will have easy integration. Last but not least, he should think about his customer – to meet his expectations and provide him with a comfortable, secure payment with a wide portfolio of options for how to pay for his purchase.

At Payout, we automate everything except communication with our clients. We emphasize a personal approach and provide the client with the necessary technical support.

These are the key factors why our clients chose us and which every e-shop owner should take into account when choosing a payment gateway.

Is it difficult for the e-shop operator to change the payment gateway?

If they opt for the Payout payment gateway – the change is easy and fast. We bring clients increased comfort during onboarding with full support. We are constantly working to speed it up – we can verify each client online from the comfort of home, so there is no need for a personal meeting, which brings a waste of time and security risk. The client signs the contract electronically.

Implementing a Payout payment gateway is easy. Basically, all you need is a piece of code that adds an online payment button to your website. For e-commerce platforms, it’s about adding one plugin. You can handle the entire process of integrating the payment gateway with a cup of coffee.

A pandemic has changed the world in purchasing and payments. What development do you expect in 2021?

Undoubtedly, 2020 was the biggest challenge for cash payments. Cash payments have been replaced by digital media – mobile and contactless payments have offered solutions that do not carry a health risk than cash payments.

Another change was the shift of business from offline to online for various industries. Industries that we had a hard time imagining online a year ago are now working – for example, regular online grocery shopping, training with a personal trainer in our living room.

The year 2021 will be no different, these trends will grow, and more will be added. Globally – more and more online entrepreneurs will start accepting crypto payments to attract more customers and more and more will come to the forefront of voice business.

In Slovakia, purchases via mobile devices will be dominated by e-commerce, which is expected to account for 70% of total sales. So our recommendation is: personalize and automate the customer experience at every possible step, even in the area of ​​payments.

Finally, let’s try to summarize the basic idea of ​​Payout…

Payout is more. Payout is more than a payment gateway. Payout is more than a bank account. Payout is more than fintech. Payout is a partner for companies that want to achieve more in their business.