Collect & Reconcile Bank Transfers With Large Payment Collection
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 Large Payment Collection 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 Large Payment Collection 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
Large Payment Collection is an efficient cash management solution that simplifies receiving fee payments. With Large Payment Collection, 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
Large Payment Collection 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 Large Payment Collection?
Leverage The Large Payment Collection Advantage
- Automate Payments Via NEFT/RTGS/IMPS.
- Create Unlimited Virtual Accounts.
- Onboard Quickly & Seamlessly.
- Access Useful Insights With Robust Dashboard.
Current payment methods such as Credit/Debit cards, UPI bank transfer, etc., are not suitable for bulk payments. At the same time, IMPS bank transfer/NEFT bank transfer/RTGS bank transfer does not support mass reconciliation. Paytm Large Payment Collection aims to replace cheques, demand drafts, traditional bank transfers via IMPS bank transfer, NEFT bank transfer, and RTGS bank transfer in the business collection space.
The customer can make a transaction to the bank account via a simple NEFT bank transfer, RTGS, or IMPS bank transfer transaction from their preferred internet banking portal.
Yes, customers can visit their bank and fill out an RTGS bank transfer or NEFT bank transfer form with the beneficiary details provided by the Merchant or Paytm and initiate a transfer from their bank account. Customers, however, cannot deposit cash into a virtual bank account.
Here's an example:
IFSC: PYTM0123456, which is a fixed identity.
Name: One97 Communications Limited, which is a fixed identity.
The Account number is 16 characters (numeric and letter combination). The partner bank fixes the first two; the next four characters represent the company prefix selected by the merchant at the time of the payment mode configuration to their business account. The following 10 (last 10) can be any alphanumeric characters chosen by the merchant, customized to build recall and recognition for the end customer to collect payments.
Yes, you can create virtual accounts in bulk and make bulk payments. This functionality is available on the Paytm Business Dashboard as well as via APIs.
A virtual account can be closed/deactivated from the Business Dashboard or by using the API. Once a virtual account is in a closed state, customers cannot make payments to that account. Once the virtual account is closed, we automatically refund all payments back to the source.
Paytm Large Payment Collection initiates an instant refund to the user on the bank account details provided at the transfer time. The refund destination information like Bank account number, IFSC code, and bank account name is automatically available in the dashboard and refund APIs. There are some cases where a refund to the source is not possible on a virtual account. In such cases, the merchant needs to provide the bank details to which the refund needs to be processed. Once they give the bank account details, we post the refund to that bank account.