Collect & Reconcile Bank Transfers With Paytm iCollect
Bank Transfer Flow That Fits Your Business Requirements
Share VANs to collect one-time payments, recurring payments, and even crowdfund your campaigns/social initiatives.
Set Up Virtual Accounts to collect Recurring Payments
Create dedicated custom VANs for repeat customers who make periodic payments, and Paytm iCollect will ensure your customers never miss a payment.
Enjoy Full Activation Control
Control creation and deactivation of Virtual Accounts in real-time with 100% assurance that a transfer initiated to a disabled virtual account wouldn't get through.
A Complete Payments Product, Engineered For Your Growth
Robust Payments Collector For Distributors
Distributors can utilize iCollect to reconcile inbound bank transfers received from thousands of customers in a day. Transaction reconciliations are instant, ensuring retailers never run out of cash for buying inventory faster.
Hassle-Free Fee Reconciliations For Schools/Colleges
iCollect is an efficient cash management solution that simplifies receiving fee payments. With iCollect, institutions can assign easy to remember unique virtual UPI ID based on the roll number and bank name for every student (for eg., FEEID.18A2020123@ABCBank) to accept fee payments that are then automatically reconciled instantly on receipt.
Efficient Cash Management Tool For Lenders
iCollect simplify collecting loan repayments from consumers and businesses for lenders. Since bank transfers are inexpensive and allow fast movement of money, lenders receive their money the same day. Also, payments are updated automatically and do not require lenders to track each incoming payment manually.
Why Choose iCollect?
Leverage The iCollect Advantage
- Automate Payments Via NEFT/RTGS/IMPS.
- Create Unlimited Virtual Accounts.
- Onboard Quickly & Seamlessly.
- Access Useful Insights With Robust Dashboard.
The customer can make a transaction to the bank account via a simple NEFT, RTGS or IMPS transaction from their preferred internet banking portal. In case of a virtual UPI ID, the customer can add the UPI ID in their UPI PSP (Payment Service Provider) app and make a payment.
Yes, customers can visit their bank and fill out an RTGS form, or a NEFT challan with the beneficiary details provided by Paytm and initiate a transfer from their account. Note: Customers cannot deposit cash into a virtual bank account. Only NEFT, RTGS or IMPS transactions are permitted.
Here's an example: Account Number: SONY 1234 56RA HUL1 IFSC: PATM 123456 Name: Sony Enterprises Note: Account number is 16 characters (numeric + letter). The first four characters represent the company prefix selected by the merchant at the time of payment mode configuration to her business account.
Yes, you can create virtual accounts in bulk. This functionality is available on the business dashboard as well as API.
A virtual account can be closed manually, from the Dashboard or using the API. Once a virtual account is in closed state, customers cannot make payments to that account.
Once the virtual account is closed, we will automatically refund all payments back to the source.
An instant refund will be initiated to the user on the bank account details provided at the time of transfer. Refund destination information like Bank account number, IFSC code and bank account name should automatically available in dashboard and refund APIs. There are some cases where refund to source is not possible on a virtual account. In such cases merchant needs to provide the bank details to which the refund needs be processed.Once the bank account details are provided, we will post the refund in that bank account.