The current spread of Coronavirus (COVID-19) has become one of the deadliest threats to humanity and the global economy. To lessen its impact, India, among various countries across the globe, is taking measures such as limiting the population’s movement, spreading awareness among the general public about social distancing guidelines, and asking organizations to allow their employees to work from home. However, these measures have harmed the economy at large, especially SMBs are witnessing a considerable decline in business activities.
With face to face contact posing a risk, the world is moving towards doing everything digitally, especially payments. Digital payments that were earlier considered a convenience have now become a necessity. However, for merchants who receive large volumes of payments daily, the current payment methods (credit/debit cards or UPI) offered to their customers are not entirely feasible. On the other hand, payment methods like RTGS, NEFT, and IMPS do not support mass reconciliations.
That is where Paytm iCollect comes to your rescue. With this product, Paytm aims to replace the need for cheques, demand drafts, traditional bank transfers (via IMPS, RTGS, NEFT) in customer receivables.
During these unprecedented times, Paytm iCollect not only helps merchants accept digital payments easily but also reduces the manual effort involved in payment reconciliations. With our solution taking care of reconciliations for your business, your staff can dedicate their time and energies to better use and increase their productivity.
6 reasons you should start accepting payments with Paytm iCollect
1. Ease of tracking payments: The merchants can easily accept payments via modes such as NEFT, IMPS, and RTGS and track them using a unique Customer Virtual Account Number, Bank UTR, or the Paytm Order ID.
2. Saves cost: Paytm iCollect helps in reducing the manual labor involved in the handling of cheques or demand drafts, or those required to reconcile the traditional bank transfers’ payments. Merchants do not have to hire dedicated resources for doing this job, and this helps them reduce costs for their businesses.
3. Track payment purpose: VAN bank transfers with Paytm help the merchant in easily tracking the purpose of the payments received.
4. Flexible settlement: The merchant can enjoy flexible settlements in t+n days, where n>=1, making it a quick and reliable option.
5. Hassle-free reconciliation of payments: With Paytm iCollect, the merchant can easily reconcile the customer receivables as it eliminates the requirement of manual UTR based reconciliation.
6. Easy for customers: All a customer has to do is enter the VAN details on the banking website (like how they do for RTGS, NEFT, or IMPS) to make the payment.
How does Paytm iCollect Work?
The Paytm iCollect works in four simple steps explained below:
- Step 1: A merchant can generate a VAN using the business dashboard or the Paytm API.
- Step 2: Next, the merchant can distribute these VANs to the customers using SMS or email and even attach them to invoices. Customers can then make payments/transfers using internet banking in the VAN using RTGS, NEFT, IMPS, or UPI P2P.
- Step 3: As soon as the merchant receives money in the Virtual Account Number, it will reflect in the Paytm Business Dashboard.
- Step 4: As a final step, Paytm will settle the funds with the merchant on the same-day.
Sounds interesting, right? Now, leverage digital payments safely and efficiently while putting your resources to better use with Paytm iCollect.