Tech That Every Business Owner Worth His Salt Should Have: Mass Payments APIOctober 29, 2018 No Comments
Featured article by Lora Young, Independent Technology Author
We, as a species, have always found ways on how to make technology work to our advantage. We live in the age where, now more than ever, our computers play a vital role in the flawless functioning of any institute, business, and even the home.
It’s not really a matter of convenience, but rather, it’s truly a matter of maximizing productivity and efficiency. We unload work onto our inventions so that we have more time and energy to pursue other worthwhile endeavors. If we fail to use our technology to net the maximum benefits, then why spend any money on research and development at all?
And for small businesses, especially those with numerous contractors and internal employees, one form which technology takes, in order to grant an increase in productivity, is that of a mass payments API.
So What Exactly Is A Mass Payments API?
Essentially, it is a user interface that allows the business owner, or the individuals tasked with doling out payments en masse, to do so with ease because it only requires minimal input. An application programming interface (API) is a type of software that allows two different platforms to communicate and interact with one another.
This is incredibly useful, especially when you’re dealing with many employees and contractors on a recurring basis. This not only lessens your workload or that of your HR department’s on payday, but it also helps minimize the margin of error that plagues manual payments.
There are many mass payment APIs but Tipalti has proven to be one of the more reliable ones.
So, How Exactly Do a Mass Payments API Benefit My Business?
Well, for one, the payees are allowed to choose their payment method of choice and they are then asked to provide the necessary information needed to complete the transaction. This means that even when banking regulations are subject to change, the payees no longer have to keep track of these changes — the necessary information has been given to the API, which takes care of the rest. This even applies to global payments.
Another benefit lies in the fact that you’re also able to collect tax forms from all payees. The system is able to track all your payments and it only pays those who have submitted their forms. This makes preparing your 1099 forms significantly easier.
Finally, the bigger your business grows, and the more affiliates you work with, the more tedious it’s going to become to make manual payments to each of them. Not only that, but you’re also going to have to consider time. With a mass payments API, a single streamlined process ought to get this tedious process off of your table, thus allowing you to dedicate your precious time and energy towards more productive and more profitable ventures.
Ultimately, mass payments APIs allow you to maintain a good working relationship with your affiliates. And as every businessman worth his salt knows, a happy partner is also a productive partner.SOCIAL BUSINESS