Making Payouts
Fincra supports various transfer options for payouts such as bank transfer, mobile money and wallet-to-wallet transfers.
We support both same currency payouts (local payouts) where the source and destination currencies are the same, and [cross-currency payouts](cross-currency-payout) (cross border payouts) where the source and destination currencies are different allowing you to globalise your payments.
To make payouts with Fincra, you can utilise our payouts API and/or the merchant portal (no-code) and we support several currencies and allow you make payouts in various ways.
Payment destinations
Depending on your use case, you must specify your payment destination using the corresponding API values below when making payouts via the API. Learn more about our supported payment destinations here.
| Payment destination | API value |
|---|---|
| Bank accounts | bank_account |
| Mobile money wallet | mobile_money_wallet |
| Fincra Account | wallet |
Currencies supported for payouts
Fincra supports a variety of currencies across the globe for payouts. Please read this section to get a comprehensive list of currencies you can make payouts to.
Making payouts via the transfer API
1. Fund your Fincra wallet
You can fund your wallet by making deposits into the virtual account generated for your business or by requesting a manual top-up. Learn more about [creating a virtual account] and funding your account to make the most of our virtual account collection method.
Note
For test transactions, you must fund your sandbox account. For more information on how to achieve this, please see the test section
2. Collect payment information
To initiate the transaction, you'll need to obtain and pass the relevant information about your payout like the beneficiary information, amount, sender information (in some cases) etc.
See all fields used in making a payout request
| Field | Mandatory | Type | Description |
|---|---|---|---|
| business | Yes | String | The ID of the business making the payout. You can get this from your Account page on the merchant portal. |
| sourceCurrency | Yes | String | The currency which is used to fund the payout. |
| destinationCurrency | Yes | String | The currency in which the recipient will be receiving funds. For cross currency payouts, this value will vary from the |
| amount | Yes | String | The value that is to be transferred from the source currency wallet. |
| description | Yes | String | A simple description of payment e.g "From Daniella” |
| paymentDestination | Yes | String | This is the type of account you want to send your payments to, see [payment destinations](# Payment Destinations) for more details. |
| customerReference | Yes | String | The transaction's unique identifier on your system. Customer references prevent duplicate transactions. We advise that you add it to your payload |
| quoteReference | No | String | This is the reference generated when the source currency is compared against the destination currency. This is required for cross-currency payouts. You can generate a quote using the |
| sender | Conditional | Object | The details of the customer initiating the payout |
| sender.name | Conditional | String | The customer's full name. This name would show up in the transfer narration. |
| sender.email | Conditional | String | The customer's email. |
| beneficiary | Yes | Object | The recipient of the funds. Depending on the currency and beneficiary type, the properties of the beneficiaries are different. |
| beneficiary.firstName | Yes | String | The first name of the beneficiary. |
| beneficiary.lastName | Yes | String | The last name of the beneficiary. |
| beneficiary.accountHolderName | Yes | String | This field is required by all type of beneficiaries. |
| beneficiary.accountNumber | Yes | String | |
| beneficiary.country | Yes | String | The country in which the bank of the beneficiary is located. This field should be according to ISO 3166-1 alpha-2 codes standards e.g NG, GB |
| beneficiary.email | No | String | The beneficiary's email. |
| beneficiary.phone | No | String | |
| beneficiary.type | Yes | String | The type of beneficiary, see beneficiary types for more details |
| beneficiary.bankCode | Conditional | String | The beneficiary bank code. To get the bank code please see the list banks endpoint codes for more details. |
| beneficiary.mobileMoneyCode | |||
Initiate Payout
Using the fields collected, make a POST request to our Payout API. Depending on the type of beneficiary and the account's currency, you might need to give some extra information. See sample payloads for each currency
{
"business": "{{The business ID}}",
"sourceCurrency": "GBP",
"destinationCurrency": "GBP",
"amount": "1000",
"description": "i want to pay my vendor",
"paymentDestination": "bank_account",
"customerReference": "{{$randomUUID}}",
"beneficiary": {
"firstName": "Hassan",
"lastName": "Sarz",
"accountHolderName": "Hassan Sarz",
"country": "NG",
"phone": "0803443433",
"accountNumber": "GBXXCLJU04130780008933",
"type": "individual",
"email": "[email protected]",
"sortCode": "00000",
"bankSwiftCode": "UBSWCHZH80A"//required for Chaps payment scheme only
},
"paymentScheme": "{{paymentScheme}}",
"quoteReference": "d187b2fa-27cd-43e6-b622-66361e409c6d"
}
Making payouts via the merchant portal
You must have a Fincra account in order to make payments from your portal. After successfully registering, all you have to do is navigate to the payout tab of the portal and make the payout. The video below will walk you through all you need to know about making payments on your portal.
Beneficiary Types
A beneficiary is a person or organisation whom you want to send money or make payments to
| Beneficiary Type | Description |
|---|---|
| individual | An individual that is the sole beneficiary of the payment. |
| corporate | An organisation or company that is the sole beneficiary of the payment. |
Updated 30 days ago