Every day, every business has to deal with a number of whopping transactions and also has to ensure a consistent cash inflow alongside. For this, merchants must receive the funds in their bank accounts the same day the payment is received. In order to support merchants in this Paytm Payment Gateway introduced a unique solution for the business merchants ‘Same Day Settlement’ for assuring unwavering cash flow and impeccable business continuity.
With this brief idea about the product, now let’s dive deep into the product details, Same day Settlement aids businesses in fulfilling day-to-day business payment needs such as paying to downstream partners, covering operational expenses and handling demand spikes with the pay links in the app.
Why did Paytm Payment Gateway introduce Same Day Settlement?
Paytm Payment Gateway introduced same-day settlement to remove the time lag when a payment is captured, making the funds accessible as soon as the payment is made in real-time. This is applicable on all seven days irrespective of national holidays and weekends.
The amount gets settled in a day in multiple batches. Merchants can transfer money in their bank accounts through Paytm payment gateway on the same day of receiving payments without having to wait for the next day. Thus, businesses will be prepared for executing working capital requirements and minimizing liquidity crunch for optimum inventory and stock management.
Top Five Features of the Product:
- A same-day settlement with premium charging on withdrawals enables a business merchant to:
- Settle the amount on the same day in the bank account with just a single click through
the Paytm payment gateway.
- Get an easy reconciliation view on the Paytm dashboard.
- Settle funds with a premium charging fee on the same day.
- Settle funds the next day with no or zero extra charges.
- The minimum amount of transfer is Rs.50, and the maximum amount is the maximum
available balance for same-day transfer and Rs.2 Lakhs.
- Businesses where Same Day Settlement can help: With our product, we wish to mitigate the lack of funds issue for every business sector. Some of the businesses where Same Day settlement can help:-
- Business with Immediate Liquidity and Paying Downstream Partners: Businesses with the Gig economy, e-commerce sector, etc. primarily rely on digital payment options. They have transactions with higher amounts and have to fulfil customer orders almost immediately. Delayed cash flow, especially during this lockdown period, will delay in the order fulfilment and can severely impact their image in the market.
- Government and Education Institutes: The businesses under this category such as coaching institutes, individual trainers, and tutors need the amount to be settled in advance on a particular cut off on the same day for reinvestments and resubmissions.
- Entertainment: Merchants such as online gaming providers or game parlours offering gaming services need immediate funds to award gamers. Currently, the average revenue for the gaming business market is perceived to be 6,200 crores per annum.
- Business Dealing with Inventory: This category businesses such as supermarkets require less credit time for using funds to replenish their inventory and increase the stock volume.
- Paytm Payment Gateway’s Take on Same Day Settlement: Technically, a same-day settlement is indeed a need of the hour for all the small and large scale businesses. It will help them overcome the challenges of lack of funds and handle their functional expenses such as payrolls and bill payments and look after many other business operations with funds available at the time of the payment capture with a nominal premium fee.
The product is crafted for the betterment of the business merchants and is available for all Paytm business merchants, and we have made the process of using it very easy, and it is also tested with no prevailing risks at the Paytm payment gateway. It is as simple as a cup of coffee and ensures streamlined business management.
So, why wait?
Sign Up now and make the most of this cool product today and take your business to the next level!