Pin Payments, Australia’s first all-in-one online payment solution, announced today the launch of Payouts, a collection of APIs that marketplace style platforms can use for transferring funds to third party bank accounts. Payouts has been in beta since early 2015 with a number of Australian businesses actively using it for automating funds disbursements.
Payouts compliments Pin Payments’ existing payment APIs, which were launched in 2013 offering multi-currency online payments for thousands of Australian businesses, rapid same-day account provision, and integrations amongst most major e-commerce platforms. Now the Pin Payments platform provides software developers with a unique toolset to completely automate both the transaction and disbursement side of a marketplace or online business.
Key features of Payouts include:
- Transfer funds to any Australian bank account
- Funds arrive next business day
- Your business name displayed on recipient’s bank statement narration
“We saw demand for this type of solution in the Australian market,” said Grant Bissett, Pin Payments co-founder and CEO. “We were hearing from developers having to piece together stop gap solutions that caused problems at scale. Our Payouts feature works for large marketplace platforms transferring funds to thousands of recipients a day, or for a small business needing to automate semi-regular supplier payments.”
Netball Australia together with their technology provider InteractSport selected Pin Payments to automate online membership payment and disbursement across more than 2000 netball clubs nationally. “The partnership with Pin Payments has allowed us to introduce a new model of payment acceptance to our sport,” said Nicholas Goodman, IT Manager at Netball Australia. “The Payouts feature will facilitate the direct settlement of monies owed at all levels, eliminating much of the administration overhead currently undertaken manually. The convergence of this technology and the InteractSport 'MyNetball' platform will deliver a great outcome for the sport of Netball in Australia.”
Businesses can learn more online at https://pin.net.au/payouts
Pin Payments is Australia's first all-in-one programmable multi-currency payment system. Businesses can sell to local and international customers, and accept payments from debit and credit cards bearing the Visa and MasterCard brands. All you need is your ABN and existing bank account - no merchant account or lengthy application process is required.
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