Thursday, 17 January 2013

Tipalti Platform Enables Easier Management of Mass Payments

Managing hundreds, possibly even thousands of payments from across the world in a variety of currencies can be a challenge for any business. With the advent of crowdsourcing the need to easily manage the complexities of financial transactions from all over the world is vital. Tipalti is a platform that provides customers with a mass payment system to better manage payments for businesses that thrive in the online social marketplace, including advertisers, affiliate networks and of course providers of crowdsourcing and crowdfunding services.

Tipalti, which in Hebrew means "I took care of it." was founded by highly successful serial entrepreneurs Chen Amit and Oren Zeev the idea for which stemmed from a company which become the platform's first customer. Digital advertising specialist InfoLinks, a company that helps customers with making online advertisements relevant, needed a payment system to better manage their financial transactions. Such was the rapid growth of the company internationally helping drive revenue for over 100,000 sites in 128 countries, InfoLinks was faced with the daunting task of dealing with international payments on such a massive scale. Tipalti co-founder Oren who is also chairman of InfoLinks was presented with the challenge of better managing and streamlining international payments. 

There are so many ways to pay for online services and Tipalti covers a wide variety including PayPal, wire/bank transfers, card payments, even payments by cheque. In order to make it user friendly, Tipalti is an SaaS based solution allowing for easy use and integration into the customer's website and can be embedded using a single line of code. Tipalti is also white labelled enabling it to blend seamlessly with the customer's website. It is essentially designed to streamline and automate the online payment process covering all aspects of online transactions as well as payments including; 
  • payee registration
  • method selection
  • disbursements of funds
  • tax and regulatory compliance in the customer's home country
Tipalti also undergoes a thorough screening process to the ensure the legitimacy of payee transactions and is watchful of any instance so illegal activity such as money laundering.

There are very few, if any platforms that provide similar service across a wide range of functions, something that the team behind Tialti proudly boast. The closest alternatives are either to build one from scratch or settle for one or two payment methods with the remaining functions to be carried out separately. Tipalti promises a wide range of support and functions within a single platform.

Since launching in the Spring of 2011 and securing its first customer in InfoLinks, the platform has grown exponentially, with more than 15 employees managing dozens of businesses ranging from small startups to blue chip customers. Each month millions of dollars are paid out through Tipalti across 160 countries in a variety of local currencies the most common one being the US dollar, Euro, Indian and Pakistani Rupee, Pound, and the Canadian dollar. It is a rate of growth that, despite the likelihood of similar platforms emerging, could see Tipalti secure a top place as the provider of choice for on-line mass payments.

Image Credit; Images_of_Money

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