This new payments platform launched by serial fintech entrepreneur Keith Smith is designed to do for business payments what apps like Venmo have done for consumers: enable rapid and easy payments and reporting. Recognizing the broad application in the incentive business, Payout Network hired Rick Rubin, an industry vet, to bring this new concept to the incentive and promotion market.
The Payouts Network opportunity to disrupt business payments is easy to explain: According to the company, it simplifies “payments by enabling businesses to dynamically manage their capital through real-time issuance and acceptance of disbursements using existing financial accounts and payment credentials.” The company’s biggest opportunity, founder Keith Smith believes, is to disrupt the current, cumbersome business payment system that for many organizations still involves a tangle of credit cards, ACH, wire, or check payments. The Payouts Network is designed to seamlessly manage the entire payment and tracking process of any organization on one platform.
For sales, incentive, promotion, loyalty or other incentive applications, Smith explains, this means being able to authorize people in the organization to send money securely via the Payouts Network’s software instantly for any purpose to designated recipients, along with the reason and other payment related information. Based on the incentive program design, the money can be made available for deposit instantly into a checking account of the recipient's choice or delivered as a digital credit that the recipient links to a credit card of their choosing and then redeems at a designated merchant or group of merchants. Whether paying out or getting paid, it's a simple procedure, often concluded in under five minutes, Smith says. Payouts Network uses the Visa and Mastercard "rails" so that the platform can be used throughout the world wherever those cards are accepted. The system includes the ability for designated management to monitor and approve all disbursements in real time.
Smith says the incentive, loyalty, and recognition applications include:
• Consumer promotional offers with limited redemption timeframes: the incentive is linked to the recipient's credit card and expires if not redeemed by the established date, with all unused funds being returned to the originator in real time.
• Promotions and rebates that offer cash rewards claimed by the recipient using their debit card to deposit the funds into a checking account where funds are available instantly.
• Sales or dealer spiffs or other commissions offered as cash and claimed using a debit card or, if desired, offered as a digital credit that the recipient links to a credit card; to a reloadable debit card of their choosing, or to one that is restricted to a specific retailer or group of retailers.
• Employee spot recognition programs for safety, wellness, positive brand behaviors, etc.
*Surprise and delight gifting to any stakeholder.
*Surprise and delight gifting to any stakeholder.
Organizations have access to complete reporting showing all relevant information related to each disbursement, according to the company.
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Master the “S” of Environmental, Social, Governance (ESG), A.k.a. Stakeholder Capitalism
The Enterprise Engagement Alliance at TheEEA.org is the world’s first and only organization that focuses on outreach, certification and training, and advisory services to help organizations achieve their goals by fostering the proactive involvement of all stakeholders. This includes customers, employees, distribution and supply chain partners, and communities, or anyone connected to an organization’s success.
Training and Thought Leadership
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The EEA Human Capital Management and ROI of Engagement YouTube channel features a growing library of 30- to 60-minute panel discussions with leading experts in all areas of engagement and total rewards.
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The Engagement Agency helps:
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