According to KPMG's 2022 Global Technology Report*, a significant number of Canadian businesses are leveraging technology to advance their business strategies, with digital transformation playing a key role in improving efficiency and profitability. The global payments sector is experiencing substantial growth, with projections suggesting it will have an annual revenue growth of 9 percent by 2026.*

In this context, Chimoney has emerged as a leading solution for Canadian startups seeking to optimize their bulk payout procedures. In this article, we’ll explore the primary reasons why an increasing number of startups are choosing Chimoney, with relevant insights.

Key Reasons Startups Are Choosing Chimoney

1. Chimoney-Interac Integration

Chimoney’s INTERAC™ e-Transfer Bulk Payments make it easy to send payouts to recipients across Canada. Additionally, the Chimoney Interac Collection API facilitates the efficient collection of payments from Canadian users. This integration appeals to startups seeking seamless, reliable, and scalable payment solutions that easily fit into their existing systems.

For example, Reeple, a Canadian-based fintech company, integrates Chimoney’s Interac Collection API to collect funds from their clients. They then use the Chimoney Payout API to facilitate smooth cross-border transfers, ensuring that funds sent from Canada reliably and securely reach their intended recipients in Africa.

2. Ease of Integration

Chimoney offers a straightforward API that simplifies the integration process for startups. Instead of juggling multiple payment APIs and dealing with complex compliance requirements, startups can seamlessly incorporate Chimoney’s payout services.

Startups that have adopted the Chimoney API consistently praise its well-documented, straightforward integration process. The clear and concise documentation reduces the time and effort needed for implementation, allowing engineering teams to focus on core business functionalities.

3. Multi-Currency Support

With support for multiple currencies including USD, CAD, and NGN, Chimoney enables startups to handle international payouts effortlessly. This feature is particularly beneficial for startups aiming to expand their reach globally, eliminating the hassle of currency conversion.

Since partnering with Chimoney, Gamepride has been able to expand across multiple countries allowing them to expand their reach and provide a seamless experience for their customers.

4. Real-Time Tracking and Reporting

Chimoney provides a user-friendly admin dashboard for real-time transaction tracking and detailed reporting. This feature helps startups maintain transparency and make informed financial decisions, enhancing their operational efficiency. Startups like Reeple have testified to improved financial decision-making, citing the dashboard’s ability to download detailed transaction statements, which they can share with investors and advisors. Additionally, the real-time tracking feature enables them to update customers on the status of their transactions promptly.

5. Scalability

As startups grow, so do their payout needs. Chimoney’s scalable solutions ensure that startups can handle increasing transaction volumes without sacrificing efficiency or security.

Payfi, a fintech company specializing in rent guarantee and credit-building services for immigrants and international students, scaled its payout operations by 500% within 2 months of using Chimoney, without experiencing any disruptions.

The Preferred Choice for Canadian Startups

In conclusion, Chimoney emerges as the optimal solution for Canadian startups seeking to streamline their bulk payout processes. The integration of Chimoney offers a seamless experience, combining ease of integration, real-time tracking, scalability, and exceptional customer support.

Ready to Get Started?

Book a meeting with us today and join the ranks of startups confidently prioritizing their core business activities with the assurance that their payout processes are in good hands.

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*KPMG. (2022). Global technology report. https://assets.kpmg.com/content/dam/kpmg/ca/pdf/2022/11/KPMG-2022-global-technology-report-canada-en.pdf

*McKinsey.(2022). Global Payments Report. https://www.mckinsey.com/industries/financial-services/our-insights/the-2022-mckinsey-global-payments-report