The collaboration will allow payers to initiate push-to-card payouts in real-time. Payers can now “push” funds in real-time to a payee’s account through their eligible Visa or Mastercard debit or reloadable prepaid card.
The new solution will benefit businesses by eliminating the need for traditional payment methods like checks and ACH, which can take days to clear and have limited settlement visibility.
This will aid the company’s growth by reaching more customers within the gig economy, insurance industry, and other travel industry sectors.
All ConnexPay customers will have access to the new feature.
Push-to-card payouts differ from traditional bank-to-bank transfers in that they are settled in real-time and need only the payee’s name and email to set up.
The payee’s card information is then captured on the initial payment and stored for future payments without collecting further banking information.
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Reactions to push-to-card solution
Bob Kaufman, founder and CEO of ConnexPay, commented: “ConnexPay’s partnership with Payouts Network demonstrates our commitment to delivering innovative solutions that meet the evolving needs of our customers.
“With Push to Card, ConnexPay is poised to offer a new payment process to our customers that is efficient and secure, further enhancing our position as a leading payments provider”, Kaufman added.
Founded in 2017, the business has since rapidly expanded. In October 2022, ConnexPay secured a $110m growth equity investment led by FTV Capital, a sector-focused growth equity investor.
The rationale behind the investment was to further boost ConnexPay’s international footprint in Europe and beyond.
Keith Smith, CEO of Payouts Network, welcomed the push-to-card payouts partnership with ConnexPay.
“This partnership is a natural fit for us, as both companies are committed to providing innovative and reliable payment solutions”, Smith said. “We look forward to working with ConnexPay to bring our Push-to-Card solution to businesses across various verticals.”
ConnexPay and Payouts Network are looking to expand their partnership to other markets and regions at some point later in time.