{"id":2913,"date":"2020-06-19T12:17:57","date_gmt":"2020-06-19T06:47:57","guid":{"rendered":"https:\/\/razorpay.com\/learn\/?p=2913"},"modified":"2024-10-14T11:51:17","modified_gmt":"2024-10-14T06:21:17","slug":"automate-bank-transfer-without-account-details-payout-links","status":"publish","type":"post","link":"https:\/\/razorpay.com\/learn\/business-banking\/automate-bank-transfer-without-account-details-payout-links\/","title":{"rendered":"Is it Possible to Automate a Bank Transfer Without Account Details?"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">A bank transfer is essentially one of the most fundamental forms of money movement for most businesses. Modes like IMPS, <a href=\"https:\/\/razorpay.com\/learn\/neft\/\">NEFT<\/a>, and <a href=\"https:\/\/razorpay.com\/learn\/rtgs\/\">RTGS<\/a>, are very popular and businesses are quite comfortable using them.\u00a0<\/span><\/p>\r\n<p><span style=\"font-weight: 400;\">But, for any payout to happen, you would need the beneficiary\u2019s account details. What would you do when you don\u2019t have the necessary details?\u00a0<\/span><\/p>\r\n<p><span style=\"font-weight: 400;\">Sure, you\u2019ll reach out to your beneficiary, add them onto your bank portal, wait a cooling period, and then make a bank transfer. This means, your beneficiary has to wait for 5 to 7 business days to get their payout.<\/span><\/p>\r\n<p><span style=\"font-weight: 400;\">That brings us back to the question. <\/span><i><span style=\"font-weight: 400;\"><strong>Is it actually possible to automate a bank transfer without adding a beneficiary with account details?<\/strong><\/span><\/i><\/p>\r\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_80 counter-hierarchy ez-toc-counter ez-toc-transparent ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69e5f7b02154d\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69e5f7b02154d\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/razorpay.com\/learn\/business-banking\/automate-bank-transfer-without-account-details-payout-links\/#Bank-transfer-without-account-details-%E2%80%93-when-does-that-happen\" >Bank transfer without account details &#8211; when does that happen?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/razorpay.com\/learn\/business-banking\/automate-bank-transfer-without-account-details-payout-links\/#E-commerce-making-refunds-to-CoD-customers\" >E-commerce: making refunds to CoD customers<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/razorpay.com\/learn\/business-banking\/automate-bank-transfer-without-account-details-payout-links\/#Rental-businesses-bank-transfer-to-refund-security-deposit\" >Rental businesses: bank transfer to refund security deposit<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/razorpay.com\/learn\/business-banking\/automate-bank-transfer-without-account-details-payout-links\/#Online-gaming-bank-transfer-to-disburse-winnings\" >Online gaming: bank transfer to disburse winnings<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/razorpay.com\/learn\/business-banking\/automate-bank-transfer-without-account-details-payout-links\/#Payout-Links-automating-disbursals-without-account-details\" >Payout Links: automating disbursals without account details<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Bank-transfer-without-account-details-%E2%80%93-when-does-that-happen\"><\/span><span style=\"font-weight: 400;\">Bank transfer without account details &#8211; when does that happen?<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\r\n<p><span style=\"font-weight: 400;\">It\u2019s a no brainer that without the beneficiary\u2019s bank account details, a payout cannot be made. But, there are many cases where businesses don\u2019t need a KYC process to onboard their customers.\u00a0<\/span><\/p>\r\n<p><span style=\"font-weight: 400;\">Businesses may have a record of their customers\u2019 basic information like their name, phone number, and email address, but there might not be any use for their account details during their onboarding.<\/span><\/p>\r\n<p><span style=\"font-weight: 400;\">Let\u2019s look into some real business cases to understand more.<\/span><\/p>\r\n<h2><span class=\"ez-toc-section\" id=\"E-commerce-making-refunds-to-CoD-customers\"><\/span><span style=\"font-weight: 400;\">E-commerce: making refunds to CoD customers<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\r\n<p><span style=\"font-weight: 400;\">When customers create their profile on an e-commerce site, it isn\u2019t always necessary that they set up their payment mode or provide their bank account information. Although most online businesses have digital payments set up, over 60% of online purchases that happen in India are fuelled by Cash on Delivery.\u00a0<\/span><\/p>\r\n<p><span style=\"font-weight: 400;\">It\u2019s pretty straightforward to make a refund if the customer paid via card or a bank transfer, to begin with. But the real problem arises when they don\u2019t.\u00a0<\/span><\/p>\r\n<p><span style=\"font-weight: 400;\">Here\u2019s what happens when a customer returns the product and asks for a refund.<\/span><\/p>\r\n<p><span style=\"font-weight: 400;\">A customer care executive may reach out to the customer via a phone call or an email to gather their bank account details. With no ways of verifying the validity of the account (provided the customer is reached without any problems), the details are passed to the team responsible to handle payouts.<\/span><\/p>\r\n<p><span style=\"font-weight: 400;\">If there is an error with the details provided by the customer, the process repeats itself.\u00a0<\/span><\/p>\r\n<p><span style=\"font-weight: 400;\">The number of times this process can go on, along with the multiple touchpoints that are made to accomplish this task, creates complexity.\u00a0<\/span><\/p>\r\n<div style=\"text-align: center;\"><a style=\"border-radius: 3px; background: #528ff0; padding: 15px; font-weight: 600; cursor: pointer; text-decoration: none; color: white;\" href=\"https:\/\/razorpay.com\/x\/?r=blog_cta_business_banking_bank_transfer_without_account_details&amp;utm_source=blog&amp;utm_medium=cta\" target=\"_blank\" rel=\"noopener\" data-schema-attribute=\"\">Join RazorpayX!<\/a><\/div>\r\n<p>&nbsp;<\/p>\r\n<p style=\"text-align: center;\"><b>Suggested reading: <\/b><a href=\"https:\/\/razorpay.com\/blog\/payout-links-e-commerce-companies-automate-cod-refunds\/\"><b>How E-commerce Companies can automate CoD Refunds<\/b><\/a><\/p>\r\n<h2><span class=\"ez-toc-section\" id=\"Rental-businesses-bank-transfer-to-refund-security-deposit\"><\/span><span style=\"font-weight: 400;\">Rental businesses: bank transfer to refund security deposit<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\r\n<p><span style=\"font-weight: 400;\">With so many people all over the country relocating for their jobs, renting has become the most feasible solution for their furniture, vehicles, fitness equipment, and more.\u00a0<\/span><\/p>\r\n<p><span style=\"font-weight: 400;\">When a customer sets up their profile on a rental business site, they usually pay an amount upfront as a security deposit for the items they would rent. <\/span> <span style=\"font-weight: 400;\">The monthly rental is mostly a subscription. But when they want to end their rental subscription, the business has to refund the security deposit considering the condition of the item.\u00a0<\/span><\/p>\r\n<p><span style=\"font-weight: 400;\">If the amount to be refunded is less than the initial deposit, or if the customer wants the refund made to a different account, the problem persists. The business again has to collect the bank account information from the customer, verify it, get the finance team involved, and then make a payout.<\/span><\/p>\r\n<p><span style=\"font-weight: 400;\">Again, multiple iterations and multiple touchpoints.<\/span><\/p>\r\n<h2><span class=\"ez-toc-section\" id=\"Online-gaming-bank-transfer-to-disburse-winnings\"><\/span><span style=\"font-weight: 400;\">Online gaming: bank transfer to disburse winnings<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\r\n<p><span style=\"font-weight: 400;\">Play-to-win is a segment of online real money gaming where customers can collect their winnings after winning a game against an opponent. Games like RummyCulture, MPL, Dream11 are very popular all over the country.<\/span><\/p>\r\n<p><span style=\"font-weight: 400;\">Customers are so fond of play-to-win games because they provide instant gratification, which means, \u201c<strong>collect your reward in 5 to 7 business days<\/strong>\u201d does not work well at all.<\/span><\/p>\r\n<p><span style=\"font-weight: 400;\">While gaming companies have to make sure their customers receive the reward as soon as possible, they might not have the customers\u2019 account information. This is when they have to come back to square one.<\/span><\/p>\r\n<p><span style=\"font-weight: 400;\">And if they do, they have to ensure the payouts are made during the banking hours.<\/span><\/p>\r\n<p style=\"text-align: center;\"><b>Also read: <\/b><a href=\"https:\/\/razorpay.com\/blog\/payment-solutions-for-online-gaming-companies-payouts\/\"><b>Decoded &#8211; Money Movement for Online Gaming Companies<\/b><\/a><\/p>\r\n<h2><span class=\"ez-toc-section\" id=\"Payout-Links-automating-disbursals-without-account-details\"><\/span><span style=\"font-weight: 400;\">Payout Links: automating disbursals without account details<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\r\n<p><span style=\"font-weight: 400;\">Payout Links is the easiest and fastest way to disburse funds into your customers\u2019 preferred bank account via IMPS, UPI, NEFT, and RTGS.<\/span> <span style=\"font-weight: 400;\">Payout Links helps automate the entire process of making a refund to your customers within minutes. <\/span><\/p>\r\n<p><span style=\"font-weight: 400;\">All you have to do is create a Payout Link on your RazorpayX Dashboard by entering your customer details along with the amount that needs to be refunded.\u00a0<\/span><\/p>\r\n<p><span style=\"font-weight: 400;\">Here\u2019s what happens next.<\/span><\/p>\r\n<ol>\r\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Your customer opens the Payout Link and verifies themselves via OTP<\/span><\/li>\r\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">They enter their preferred account which can be a bank account or their <a href=\"https:\/\/razorpay.com\/learn\/what-is-upi-id\/\">UPI ID<\/a><\/span><\/li>\r\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">On successful entry of their account details, they receive their refund almost immediately<\/span><\/li>\r\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Your customer is notified if there is an error with the account details they have provided, so they can re-enter the details or try with a different account<\/span><\/li>\r\n<\/ol>\r\n<p><span style=\"font-weight: 400;\">Yes, your customer still has to provide their bank account details in order to process the bank transfer. But, the number of iterations and touchpoints are drastically reduced, making the money disbursal very straightforward.<\/span><\/p>\r\n<p><strong>Your customers don\u2019t have to wait for 5 to 7 business days to get their refund anymore!<\/strong><\/p>\r\n\r\n<p>&nbsp;<\/p>\r\n<div style=\"text-align: center;\"><a style=\"border-radius: 3px; background: #528ff0; padding: 15px; font-weight: 600; cursor: pointer; text-decoration: none; color: white;\" href=\"https:\/\/x.razorpay.com\/auth\/signup?r=blog_cta_business_banking_bank_transfer_without_account_details&amp;utm_source=blog&amp;utm_medium=cta\" target=\"_blank\" rel=\"noopener noreferrer\">Get started with Payout Links<\/a><\/div>","protected":false},"excerpt":{"rendered":"<p>With Payout Links, businesses can automate bank transfers even without having their customers&#8217; account details and make instant refunds to their customers.<\/p>\n","protected":false},"author":151156458,"featured_media":2917,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3437],"tags":[],"class_list":{"0":"post-2913","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-banking"},"_links":{"self":[{"href":"https:\/\/learn.razorpay.in\/learn\/wp-json\/wp\/v2\/posts\/2913","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/learn.razorpay.in\/learn\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/learn.razorpay.in\/learn\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/learn.razorpay.in\/learn\/wp-json\/wp\/v2\/users\/151156458"}],"replies":[{"embeddable":true,"href":"https:\/\/learn.razorpay.in\/learn\/wp-json\/wp\/v2\/comments?post=2913"}],"version-history":[{"count":9,"href":"https:\/\/learn.razorpay.in\/learn\/wp-json\/wp\/v2\/posts\/2913\/revisions"}],"predecessor-version":[{"id":13951,"href":"https:\/\/learn.razorpay.in\/learn\/wp-json\/wp\/v2\/posts\/2913\/revisions\/13951"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/learn.razorpay.in\/learn\/wp-json\/wp\/v2\/media\/2917"}],"wp:attachment":[{"href":"https:\/\/learn.razorpay.in\/learn\/wp-json\/wp\/v2\/media?parent=2913"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/learn.razorpay.in\/learn\/wp-json\/wp\/v2\/categories?post=2913"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/learn.razorpay.in\/learn\/wp-json\/wp\/v2\/tags?post=2913"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}