Last week, online payments solutions company Braintree announced the beta launch of Venmo Payouts. This new service provides small businesses with an API to help them pay multiple independent contractors. 

The API removes checks from the payment process, enabling small businesses to pay their contractors via email or a phone number. In turn, the contractors receive payment in their account by the following day.

It’s priced at 25 cents per payment, but it lessens small businesses’ accounting headaches and helps contractors get paid more quickly.

Braintree acquired New York-based Venmo for $26 million in August of last year.

Additionally, the Chicago-based company announced a partnership with TaxCloud, a tax management service for online retailers. This partnership will provide Braintree merchants a free way to collect and manage sales tax online.

Braintree demoed at FinovateSpring 2011 and will be on the FinovateSpring stage next month in San Francisco.