The requirements of each and every international money transfer is different, and in some cases, especially when businesses are concerned, multiple payments need to be processed at once. In this guide we will look at how to send money to numerous payees with PayPal, plus the total cost of fees and the overall efficiency of this service.
This US-based online money transfer provider is one of the most popular payment platforms of all time and the company was one of the first of its kind when it launched in 1998. PayPal is now one of the leading electronic money institutions in the world, with an estimated 392 million customers as of early 2021. Customers can use their account, logging in via web or the PayPal app, to transfer and collect money, set up payments, and make in-store and online purchases.
PayPal allows customers to send money to numerous contacts (such as family members, vendors or employees) at once. Funds will be deposited into the beneficiary’s PayPal account. Designed to streamline the process of mass payments, this transfer method is known as Payouts, and can be found under the Send Money tab on the PayPal website; there will be an option to “Make a mass payment.”
PayPal, despite its popularity, is known for charging substantial fees and their Payout service is no different. The following fees apply:
Before you can send a Payout with PayPal, you must upload a payment file containing all the relevant information for your recipients. To do this, the following information is required:
Once the above information has been collected, Payouts can be arranged by following these steps:
Step 1. Click the Pay & Get Paid tab at the top of the webpage or in the mobile app
Step 2. Locate the “Make payments” option; click Send Money
Step 3. Select the identification method that will be used for your recipients under “My payment recipients are identified by” and Upload the payment file
Step 4. Review the information in full; click Send Money when you are happy with all the data
In addition to being a reputable, secure and long-standing global payments platform, there are a number of other reasons to use PayPal Payouts for mass payments:
Overall PayPal appears to have thought of almost everything when it comes to arranging mass payments to multiple beneficiaries. While there are some negative aspects to their Payouts service, the pros outweigh the cons and generally, the process is likely to prove efficient and useful to many business owners.
April is a journalist and full-time content writer for MoneyTransfers.com. Over the last decade she has written for a number of different online and print publications. Having lived overseas in Canada and Vietnam, April hopes to see more of the world as soon as possible, with Japan at the top of her travel list. As a former expat, April has first-hand experience of managing finances from overseas. She enjoys writing about forex trends and the future of banking.