Payouts Network – an industry leader in financial technology, announced today a partnership with one of the fastest growing payments companies in the US, Priority Commercial Payments.
Traditionally, businesses have relied on the use of checks, gift cards, paper vouchers and ACH to provide payments to consumers, employees and businesses. "These methods are cumbersome, costly, and difficult to administer," explained Payouts Network CEO, Keith Smith. "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. "
Payouts Network's Instant Payouts product will enable Priority Commercial Payments to offer its restaurant merchants the ability to digitally dispense tip payouts to employees both quickly and securely, removing the friction associated with cash management, while increasing employee's satisfaction and retention.
"An important point is the safety of the restaurant employees and the large amount of cash they typically leave with late at night," explained Priority Commercial Payments President, Cindy O'Neil. "By digitizing the money from the restaurant to the employee's bank account, it greatly reduces the risk of loss due to theft or misplacement."
Priority Commercial Payments will also utilize Instant Payouts to speed up the process of returning security deposits to short-term renters. "Typically, it can take up to 17 days for renters to get deposits back." With Instant Payouts, we can cut down that time to hours," she revealed. O'Neil is also excited to streamline customer payments for insurance claim distribution.
"We're truly honored and excited to partner with Priority Commercial Payments," said Payouts Network CEO, Keith Smith. "We're looking forward to helping further innovate the way payouts and compensation are handled across multiple industries."