Before you make a payment to someone, you must have first added the payee as a beneficiary.
The beneficiary section can be found on the Payouts section of the platform.
You can either manually enter your beneficiaries details, bulk upload beneficiaries via a CSV file, or invite your beneficiary to add the relevant information on the platform (you will need to submit their email address).
Manually Adding your Beneficiary
Here are the steps to manually add your beneficiary:
1. Click +New on the Beneficiaries section. Then select "Enter all details now".
2. Select the currency and country (of your beneficiary's bank that you will be paying into), the beneficiary country (where your beneficiary is located or incorporated), and select the type of beneficiary (Individual or Company).
3. Select a payment type: Local or Swift based on the type of payment you would like to make and/or the information you may have available for your beneficiary. Depending on the details inputted above, some types of payments may not be possible, you will be notified if this is the case.
4. Enter your beneficiary details, ensuring you complete the compulsory fields. These are internal details to help you identify your beneficiary within the platform.
5. Complete the account details. It is important that you match these details to the details that appear on your beneficiaries bank account, these will be used to process your payment. Depending on your selections from Step 2, the relevant compulsory fields will be highlighted.
Inviting your beneficiary to submit their own details
1. Click +New on the Beneficiaries section. Then click "Invite".
2. Set up a Beneficiary ID (internal identifier within the platform).
3. Add your beneficiary's email address.
4. Select a Charge Type: You are selecting whether you want to share (SHA) the payment fees with your beneficiary or pay them yourself (OUR). Please note: If your beneficiary is from within the EEA region, due to European legislation you will not be able to make a Swift (OUR) payment, you will need to select SHA if you plan to make a SWIFT payment to that beneficiary.
5. Send the Invite to your beneficiary.
Please note:
- You will not be able to amend these details, only your beneficiary can. If you later receive your beneficiaries details and want to manually input them or want to amend them, delete the existing beneficiary by finding that beneficiary on your beneficiaries page, and click +New and select the manual input option.
- You will only be able to invite your beneficiary once per email address. If you later want to add a second set of details for your beneficiary, you will be able to do so by manually
Bulk Beneficiary Upload
Your beneficiaries must be grouped in separate files for each country/currency/beneficiary type to avoid any errors in the beneficiary set up. For most beneficiaries you will need to input details such as:
Beneficiary ID (name or email, a unique value within your account to help you identify that beneficiary)
Mobile Number
Bank Account Details (depending on where you send your payment, this may be a few different details (Account number/Sort Code/ Swift Code etc.). If you are unsure, you can click on manual input (see below) to see the required fields for your specified country/currency/beneficiary type.