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Payment Rails Review

Payment Rails
Our score: 8.8 User satisfaction: 90%

What is Payment Rails?

Payment Rails is an accounts payable software ideal for businesses with medium to high-volume accounts payables. It provides end-to-end support for AP processes, from white-label email confirmations to payment handling and bank account validation. With a simple and easy-to-use user interface, the software allows you to send payments to anyone in more than 200 countries.

The solution also features the right infrastructure for cross-border payments, enabling your business to easily handle international transactions. Payment Rails lets you make mass payouts to customers in over 200 countries without setting up complicated banking relationships and subsidiaries. It also allows you to automate payment collection, disbursement of mass payments, and validation of banking information.

With Payment Rails, you can manage multiple currencies and local payment methods and maintain liquidity in your accounts. This helps ensure timely delivery of payments, happy vendors and contractors, and frees up working capital. In addition, the solution gives you access to a network of over 135 currencies, as well as global and localized banking networks in more than 60 countries.

Tax compliance is another function of Payment Rails, allowing you to pay your independent contractors and freelancers while adhering to IRS regulations. It lets you collect tax forms and validate and determine tax withholding. The platform also streamlines the entire W-8BEN & FATCA and W-9 & 1099 process with year-end tax reporting, payouts, withholding calculations, and digital tax form collection and validation.

Payment Rails is available in three pricing plans: Grow ($49/month), Platform ($199/month), and Enterprise (by quote). Each plan includes unlimited users, recipients, and payments, as well as dashboard access and REST API access.

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Overview of Payment Rails Benefits

White-label Recipient Onboarding

Payment Rails provides several methods for self-serve, white-label recipient onboarding. Merchants embed an onboarding Widget into their own web or mobile application. Alternatively, they can set up a Portal with their own branding in less than 5 minutes and send recipients to the Portal to capture payment and tax details.

White-label Email Confirmation

As part of its recipient management function, Payment Rails allows you to automatically send emails to your recipients every time you send a payment to them. With a full white-label email setup, the solution allows you to customize your emails and brand them with your company colors and logos.

Minimize Returned Payments

Payment Rails comes with plenty of automation features for handling returned payments. The solution automatically sends notifications to your recipients to resolve any issue they are having with their payments. Your recipients will then be asked to log in to their profile and update information in their account. Until this is done, Payment Rails hold off any future payments to prevent additional returns.

Manage International Payments

Payment Rails is built for handling payouts to vendors across the world, allowing you to easily handle international payment transactions. With access to a network of more than 135 currencies, as well as global and localized banking networks, Payment Rails delivers an unrivaled global payout experience.

Automate Payment Processes

Payment Rails simplifies payment automation. It lets you automate the disbursement of mass payments, validation of banking information, and recipient communication. The solution also streamlines onboarding and user verification, ensuring that you are in compliance with various banking standards, complex infrastructures, and stringent laws and regulations.

End-to-end Bank-Level Security

Using AWS and 256-bit bank-level security, Payment Rails ensures that all your data and banking information are kept in a secure place. The solution features built-in tokenization to maximize security for sensitive information such as social security numbers, government IDs, and bank account and debit card numbers.

Ensure Compliance with Standard Regulations

Payment Rails leverages AI and matching logic to address counter-terrorism financing and anti-money laundering concerns. The solution also comes with a built-in compliance engine that allows you to screen recipients against all the necessary global watchlists.

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Overview of Payment Rails Features

  • Dashboard access
  • AML & Compliance Watchlist screening
  • Notifications (email, text, Slack)
  • Reporting
  • Phone, email and live chat support
  • Bank account validation
  • Send PayPal payouts
  • White-Label email notifications to recipients
  • Recipient portal
  • CSV file uploads
  • Low FX Rates to 135+ currencies

How Much Does Payment Rails Cost?

Payment Rails Pricing Plans:

Free Trial

Grow

$49

Platform

$199

Enterprise

Contact vendor

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What are Payment Rails pricing details?

Payment Rails Pricing Plans:

Free Trial

Grow

$49

Platform

$199

Enterprise

Contact vendor

Payment Rails is available in three enterprise pricing plans: Grow ($49/month), Platform ($199/month), and Enterprise (by quote). More details on each plan are discussed below:

Grow – $49/month

  • Unlimited users
  • Recipient widget integration
  • Unlimited recipients
  • REST API access
  • Unlimited payments
  • Dashboard access
  • White-Label
  • Email notifications to recipients
  • Recipient portal
  • CSV file uploads
  • Phone, email, and live chat support
  • Bank account validation
  • AML & compliance watchlist screening
  • Notifications (email, text, Slack)
  • Reporting
  • Send PayPal payouts
  • Low FX rates to 135+ currencies

Platform – $199/month

  • All features in Grow plan
  • 1099-MISC and 1042-S End of Year Tax Statements & E-FILE generation
  • W9/W8 tax form collection
  • Multiple currency balances

Enterprise – By quote

  • All features in Platform plan
  • Tailored features

User Satisfaction

Positive Social Media Mentions 60
Negative Social Media Mentions 6

We are aware that when you decide to purchase a Accounting Software it’s vital not only to learn how experts evaluate it in their reviews, but also to find out whether the actual clients and companies that purchased it are genuinely satisfied with the service. That’s why we’ve created our behavior-based Customer Satisfaction Algorithm™ that collects customer reviews, comments and Payment Rails reviews across a broad array of social media sites. The data is then presented in a simple to digest way revealing how many customers had positive and negative experience with Payment Rails. With that information at your disposal you should be ready to make an informed purchasing decision that you won’t regret.

Screenshots

Technical details

Devices Supported

  • Android
  • iPhone/iPad
  • Web-based
  • Windows Mobile

Deployment

  • Cloud Hosted
  • Open API

Language Support

  • English
  • Chinese
  • German
  • Japanese
  • Spanish
  • French
  • Russian
  • Italian
  • Dutch
  • Portugese
  • Polish
  • Turkish

Pricing Model

  • Monthly payment

Customer Types

  • Small Business
  • Large Enterprises
  • Medium Business

What Support Does This Vendor Offer?

  • email
  • phone
  • live support
  • training
  • tickets

What integrations are available for Payment Rails?

Payment Rails can be integrated with the following applications:

  • Xero
  • Quickbooks
  • NetSuite
  • Google Sheets
  • Slack
  • Harvest
  • Trello
  • Todoist
  • SendGrid
  • Twilio
  • Paladin
  • Refersion
  • Survey Monkey
  • HubSpot
  • Google Calendar
  • Salesforce
  • Zapier
  • Zendesk
  • Microsoft Dynamics
  • Asana
  • Expensify
  • Klipfolio
  • Shopify
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Louie Andre

By Louie Andre

B2B & SaaS market analyst and senior writer for FinancesOnline. He is most interested in project management solutions, believing all businesses are a work in progress. From pitch deck to exit strategy, he is no stranger to project business hiccups and essentials. He has been involved in a few internet startups including a digital route planner for a triple A affiliate. His advice to vendors and users alike? "Think of benefits, not features."

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