According to IBEF (Indian Brand Equity Foundation) the Indian banking system consists of 1,562 urban cooperative banks and 94,384 rural cooperative banks, in addition to co-operative credit institutions.
Contrary to this digital era, majority of these co-operative banks till now were not much involved with the technology. In this era of smart phones, high speed internet connectivity, AI & machine learning, the traditional community-based, branch-led financial services are not enough.
According to Economic times, these Co-operative banks now feel that innovation is the key to survival, & the shift to digital is necessary. They are now rapidly turning to technology to execute their payment related operations.In compliment to this, we at Easebuzz have implemented a solution named Easy Collect, considering one of the major aspect of such co-operative banks which is loan repayment collection.
What is Easy Collect & how it works
Easy Collect is a payment link solution, which will help merchants to collect online payments from their customers/target audience/parties who are in business with the merchant.
Implementing Easy Collect will enable our merchants to instantly create payment links & share across their customer base within seconds & simply await payment in their bank accounts.Merchants are given a one stop solution for collecting payments where in they will be provided with a dashboard. From this dashboard, the merchant can create as many links as per his customer base & share with them.
Merchant’s customers will receive these links on their registered Email ID & Mobile Number. Customers, on accessing this link, will be able to see the payment related information that the merchant is charging them for.
Customers will then be taken to our Easebuzz payment gateway, where in they will have numerous modes of payment available to complete the payment. Post payment, customers will receive payment acknowledgement regarding their transactions.
Easy Collect for banks
Easy collect, with its seamless & effective payment solution can be widely used in banking sectors, where banks require frequent payment collection from their customers, depending on the services that they provide.There are services like loans, Fixed Deposit, Recurring deposit, Locker rent, etc. For all these services, bank has a crucial task of repayment collection.
Bank expects monthly payments from its customers in case of recurring deposit, loan repayments, also frequency of payment differs in case of locker rent collection, fixed deposit or any other service where payment is expected in a timely basis.
Easy Collect will be highly useful in such scenarios as merchant can simply create links for all his customers, for any purpose. From a single dashboard, merchant can create n number of links with respective amount for each customer & share the link with customers.May it be the loan repayment collection, recurring deposit collection or locker rent collection, you can send respective links to respective customers using these services.
Easy Collect lets you customize the Email/SMS templates containing the link that you will send to your customers as per your service. Within minutes you will be able to create & send thousands of links.
Easy Collect for other domains
Easy Collect is not only limited to the banking & financial sector, it can be used by any merchant who has to collect repayments from his customers. Any merchant or SME who provides services like internet services, digital tele-services, grocery services, rentals etc. who keep charging their customers on a frequent basis can use Easy Collect to send payment links to the customers & simple collect online payments.
Your customers, on accessing the link will be able to see a pre-payment page where they will find all the payment related information as they are charged for. Also, you can customize the whole look & feel of your pre-payment page as per your brand.
Benefits of Easy Collect
- Elimination of manual reconciliation
- Manage all payment related activities from a single dashboard
- Real time payment updates
- Well maintained cash-flow as merchant can see expected payouts
- Paper-less payment logs
- Auto-reminders to be sent to customers
- Reduction of manual follow-ups for payment
Not only our merchants, but also merchant’s customers will have these benefits from Easy Collect
- Elimination of visiting merchant side for payment purposes
- Greater convenience as faster payment methods are offered
- Payment bills/acknowledgement received for every transaction
- Auto-reminders prior to due date, avoiding late payments & penalty charges.
- Secure online payments with 100+ payment modes
As Easy Collect implements automation in the payment collection activities, it provides ease of operations & accuracy. All the payment related tedious manual tasks which could be error-prone, will be reduced at a greater extent & merchants can focus more on their business leaving their payment collection related hassles to Easy Collect.
Merchants can offer their customers a quick, efficient yet easy way of paying online from anywhere, any time, as Easy Collect is integrated with Easebuzz’s payment gateway which will provide 100+ payment options. Also all the transactions will be secure as Easebuzz is PCI DSS compliant & Comodo SSL certified.
In any case where merchant’s customers have any issues with the payment, we have a highly dedicated support team who will assist customers with all their issues and help them resolve at the earliest.