Payset Will Introduce an Improved Bulk Payments Feature This Month!
With the upcoming upgrade to our bulk payments service, Payset users will be able to upload their pending transactions in bulk and the system will automatically sort, analyze, and initiate all outgoing transactions at once.
Key Takeaways
- Bulk payments allow Payset clients to pay all their staff, suppliers, or sub-contractors in multiple currencies with a single click
- Payset clients will be able to upload CSV and XLSX files containing transaction lists and the system will automatically process them
- Using bulk payments can save time, money, and effort
Automated Bulk Payments
Payset is preparing to integrate an improved bulk payments feature into its new client app, a feature that allows senders to pay multiple recipients in assorted currencies in one easy step.
Starting at the end of August, you’ll be able to upload files containing pending transaction data, and our system will automatically sort it and check for errors.
Once you review and confirm the transactions, the system will all the transfers in multiple currencies with a single click.
This feature is useful if you need to pay staff, suppliers, subcontractors, and other groups — especially if you need to pay a large number of individuals.
How to Use Payset’s Bulk Payments Feature
Here’s how to use the feature:
- Log in to the Payset app
- Upload a CVC or XLSX file with fields for recipients, transaction amounts, and currency
- The Payset system will automatically sort and process the data and notify you of errors
- Review and edit the data if necessary
- Click to confirm and initiate the payments
- Monitor the status of each transaction in your dashboard
The Benefits of Bulk Payments
Bulk payments, also known as mass payments, allow you to pay several recipients at once through our online dashboard. Bulk transactions can save time and effort by eliminating the need to initiate each transaction manually.
Bulk transactions are a convenient alternative to single digital transfers. They’re also an alternative to traditional mass payment methods, such as cheque distributions.
Bulk payments are quicker, less labour-intensive, and more cost-effective than one-time transfers.
By using Payset’s bulk payments tool, you’ll spend less time organizing your scheduled payments. You’ll also benefit from Payet’s competitive fees and exchange rates.
Contact us to learn more about the many advanced features of the new Payset.
Frequently asked questions
What is a multi-currency account/virtual IBAN?
A Payset multi-currency account allows you to receive money in 34 different currencies and send money in up to 38 currencies, all within the same account.
You can deposit and withdraw funds, convert currencies at competitive exchange rates, and hold your chosen currencies to capitalize on market movements.
A Payset multi-currency account allows startups and business owners to receive payments from clients virtually anywhere in the world and pay suppliers, staff, and contractors quickly and affordably in their chosen currency.
- Funds can be deposited and withdrawn from the account for a small fee.
- Account holders can send and receive money with other Payset users for free.
- Depending on your region, you can use various payment networks from your Payset account, including SWIFT, SEPA, ACH, Fedwire, Faster Payments, BACS, and CHAPS.
- Once you register an account, you will be provided with a Virtual IBAN (International Bank Account Number), which makes all of these transfers easy.
- We provide you with local payments and collections. For example, transactions in USD, EUR, CAD, and GBP are processed through the local payment networks, which is far cheaper and takes minutes as opposed to days
Are there limits on the amount of money I can send and receive?
No, there are no transaction limits on Payset multi-currency accounts.
However, higher-volume transactions may require additional anti-fraud verification. If you plan to make a large transaction, contact us in advance to avoid verification delays.
How is Payset regulated?
Payset is regulated as an authorized Electronic Money Institution by the UK Financial Conduct Authority. Our activities are also regulated by the Payment Services Regulation 2017 and the Electronic Money Regulation 2011 (SI 2011/99).
How do I add money to my account?
How do I send money from my account?
Once you have opened your verified IBAN account and added money to a balance, transferring funds is simple.
Simply log in into your account and add a beneficiary, then simply “make a transfer” in your preferred currency to that beneficiary.
Types of Multi-Currency Accounts
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