US-based Priority Commercial Payments has entered into a new collaboration to tap Payouts Network’s instant payout capabilities.
Using Payouts Network’s Instant Payouts product, Priority Commercial Payments will allow its restaurant merchant-clients to digitally disburse payments to their employees.
The technology eliminates the need to use cheques and other methods for pay outs, reducing cash management-related problems for the clients.
Priority Commercial Payments president Cindy O’Neil said: “An important point is the safety of the restaurant employees and the large amount of cash they typically leave with late at night.
“By digitising the money from the restaurant to the employee’s bank account, it greatly reduces the risk of loss due to theft or misplacement.”
Additionally, Priority Commercial Payments will leverage the solution to accelerate repayment of security deposits to short-term renters from several days to a few hours.
Payouts Network CEO Keith Smith said that the use of cheques, gift cards, paper vouchers and ACH for payments is costly and cumbersome.
“Our highly-scalable platform simplifies the complexity associated with traditional payment methods by enabling businesses to send payouts that are instantly or programmatically deposited into the account of the recipient’s choice,” Smith noted.
Headquartered in Montana, Payouts Network works to streamline business payments. It operates across several industries including travel, financial services, hospitality and insurance.
