Imagine your customers make a payment and you end up receiving it the same day! Well, you are in luck. Instamojo has introduced the Same Day Payouts feature to the public.
Small business owners need healthy cash flow for their business. The normal settlement period with payment gateways and banking partners is T+3 business days, which can be a little strenuous.
If you need to purchase materials for your customer’s orders or if you’re in the service business, you need money faster and easily available to you. So, we heard you.
Solving Core Business Problems with Same Day Payouts:
In the past few months, we connected with most of our merchants to address their concerns and issues. We realized faster payouts is important for the MSME sector. Faster payouts help to account for any unexpected expenses and help in the growth of your business. Some of their main concerns included:
“Sometimes, payments get delayed to my partners for raw materials procurement & delivery.”
“Can’t wait for 3 days as I’ve to purchase tickets that customers have booked through my website.”
‘I should be able to get payouts the same day I receive payments from my customers”
To address these challenges, we launched Instant payouts to help our merchants get their payouts within minutes.
However, merchants required a cheaper and more convenient product; one that did not require them to log in to the platform and select payments every time he/she needed the money.
And that’s how we came up with the Same Day Payouts Plan.
Introducing Same Day Payouts
Same Day Payouts give you the convenience and flexibility to receive payouts once or multiple times in a day. You can get a payout up to 3 times a day and you get to choose the schedule (once, twice or thrice) that suits your requirements.
The schedule timings are:
- Once – 5:00 PM
- Twice – 11:00 AM and 5:00 PM
- Thrice – 11:00 AM, 2:00 PM and 5:00 PM.
Why Same Day Payouts?
Same Day Payouts are for online store owners who want their payouts sooner and in a convenient manner. You should opt for faster payouts in order to:
- Make vendor payments
- Purchase raw materials
- Be prepared for unexpected expenses for business
- Maintain a healthy cash-flow for the business
- Provide services for customers
- Easy reconciliation
Same Day Payouts allows you to focus more on managing your daily operations. It is convenient, faster and best suited for your business.
How does Same Day Payouts work?
- Login to your dashboard and Go to the ‘Faster Payouts Page’
2. Activate Same Day Payouts.
3. Click on ‘Yes’ to activate the Same Day Payout.
4. Confirm the Payout Schedule.
5. Get your payout when you receive the payments.
It’s a fast-moving world out there, and we know how to keep up. Instamojo works hard to introduce cool new products and apps for all our users. Stay updated, follow us on social media and we will keep you posted for anything new and exciting.
Also, if you have not created an eCommerce store with us yet, get started. We made payments a little easier today.