Send Payments
Your business may need to make disbursements (send payments) to your customers.
Examples of such a business would be:
- An online betting service that needs to deposit winnings into a customer account or wallet.
- A company that needs to make an insurance payout.
- A business that needs to make salary payouts.
You will need to initiate an outbound payment, which means that you send a request to transfer funds from your business to the customer. Electrum’s EPC Solution allows you to make outbound payments.
The funds will be moved from your merchant bank account at your sponsor bank to your customer.
As a corporate client, you will have at least one merchant account at your sponsor bank, which will be the source of funds for all outbound payments made by you.
You will receive a notification (sent via API call) of each payment that has been successfully made to your customer. You can then update the relevant records in your own system.
The diagram below shows the basic transaction flow of an outbound payment. Generally, the first part of the transaction incorporates a verification step to verify the customer's account before a payment is made to that customer.
