Go to ‘Payments' from the left-hand side panel and then click on ‘Payouts’.

Click on the ‘Vendor' tab.

Click on '+ Create' and select ‘New Vendor’ from the drop-down list.
Once you click on it you get the add contact screen. In that screen use the default 'Single Contact' tab and select the contact type 'Vendor'.
Next, fill in details like name, phone no, email id, bank details, etc.
Once you fill in these details, click on ‘Save’ and the contact will be saved