Working to streamline your payments
A good record transcends nations, languages and even time. As most in the business of royalties knows, some songs last forever and paying songwriters and singers can be a global game. With new streaming services expected to launch from multiple providers in the near future, this practice could surge. In fact, a single rights society just reported over $1 billion in royalty payouts for the second year in a row.
Is your business equipped to handle a growing catalogue with international relationships? For many, this practice is a dreaded necessity filled with tedious paperwork and endless follow-up. Because of the frequency of these payments, the cost of transactions and foreign exchange can quickly add up.
That’s why music companies across America are working with us. Our no-software download platform easily connects with your existing programs to facilitate easy and stress-free payments. Let us handle the details of your transactions while you focus on your next big hit.
Is there an easy way to make royalty payments?
Yes. Royalty payments are unique because they are both high in volume and often require multiple currencies. This can make it challenging for record labels who can’t afford to spend all their time paying artists, looking into the status of payments and trying to exchange different currencies. Working with us allows you to choose a flexible integration options while still keeping control of your accounting operations. You can use our technology to send high volume payments in multiple foreign currencies.
Is there a Simple Way to Manage a Large Volume of Payments?
Royalty payments can be challenging because music companies must issue a large volume of payments at frequent intervals, some of which are for very small amounts. If a company issues a check, the cost of producing the document, mailing it to an artist and handling reconciliation could wind up being more expensive than the value of the royalty.
Even those that use specialized software can experience difficulties with reconciliation, batching and processing.
To combat these challenges, users might consider our online platform, Mass Payments, which gives the ability to handle high volumes of both domestic and foreign translations at once. Users can submit batches of beneficiary payments for processing and specify how they will fund each payment within a batch.
The Mass Payments platform supports a fully automated transaction lifecycle via an Application Programming Interface (API) based channel for a batch integration model.
With this model, you’re able to plan and budget for the remittance of a specific batch of payments.