Payouts
Payouts Overview
What is a Payout?
The way people work is changing fast. People can work remotely and be part of international organizations without leaving their country.This scenario created a new challenge for cross border companies: how to pay people the way they want to in their currency without being there? Regulation, compliance, taxes, local connections, and other things are needed to make this process smooth to both ends, and this is what Localpayment is offering with the payout solution.This is where Payout solutions come into play. A payout is the act of sending funds to a supplier, partners or a freelancer and helps merchants by:
Providing faster payments
Offering a single platform to attend multiple countries
Reducing total number of transactions to perform a payment
Providing a good experience to the payees
The Payout solution offers the following advantages:
Competitive SLA. Payment occurs in T+0 business days
Regional Latam coverage
Improve FX Managment
Better end user experience
Full control on the amount the payees receive
Full control of the payment status 24/7
The Payout Process
Payout Flow
Payout Solution
Direct API: Our Payout API allows for full customization of the user experience according to the merchant's needs. This solution requires code development on the merchant's website.
Dashboard: Localpayment's Dashboard offers a smooth experience without the need for any coding at all. Simply log on to your dashboard and check our payout feature and upload our template (TXT, CSV, TXT)
Ripplenet: Localpayment is a Ripplenet partner. That means we can receive payment instructions through Ripplenet API, sometimes this makes the integration much faster for merchants who already are ripplenet partners aswell.
Get Started with Payouts
What You Will Need
A Sandbox Account
As with any secure payment integration, you will first need to set up authorization. Our sandbox allows you to set up a test environment to run transactions using test data and explore our payment solutions.If you haven't already, sign up for a Sandbox Account at our Business Page, answer a few questions and apply for an account. We'll get in touch with you shortly after! Once you are setup, you'll have access to your Dashboard and your test integration keys!
Prerequisites
To start processing Payouts, you need to:
An account at Localpayment
A signed agreement
Pass our Due Dilligence onboarding
Finish the integration
Additionally, there are a few items that you must be aware, before you start processing payouts:
Payout can’t be used to pay taxes and labor costs (salary).
Localpayment restricts or does not work with certain products and services. You can find the full list here.
Localpayment restircts the following jurisdictions here.
AML-KYC thresholds apply limiting the amount a beneficiary can receive and the documentation requiered for the payment to be executed.
Getting Started
The Payout contracting is a simple process that goes through our Compliance and Legal Teams and follows these steps:
Onboarding Flow
Merchants already operating with Localpayment
1.Merchant decides to contract Localpayment payout solution
2.Merchant will need a new compliance onboarding and compliance team can request more informations e documents to the merchant
3.After compliance approval, legal team will adjust the contract to the merchant
New Merchants
1.Merchant decides to contract Localpayment's Payout solutions
2.Merchant will go through a compliance onboarding
3.After compliance approval, legal team will prepare the contract to the merchant
Additional Resources
We have a full API Refence document, describing in details each parameter and responses. You can find the Payout API Reference here.Also, you can test your API calls using our Postman Collection. You can find our Payout Postman Colletion here.You can find our reference guide with all the codes, countries, methods in order to start the integration here.
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