In the sparkly world of “digital payments”, many of the Fintech organizations in India are doing their bit to cater various kinds of payment solutions. One of the major entities are the SMEs (Small & Medium sized Enterprises), where payment solutions are implemented widely. According to a report by Evoma, there are about 48 million SMEs in India.
These SMEs hold a very important place in the economic development of India. Keeping this mind, we at Easebuzz, have decided to cater a solution to one of the major problems that SMEs face – repayment collection.
Our product Easy Collect will help SMEs to manage their receivables and improve cash flows, which could in turn lead to overall growth of the organizations.
What is Easy Collect?
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.Even in today’s world of automation, there are plenty of SMEs who are still following the old fashioned paper based way of maintaining financial information.
One of the crucial information could be “payments”. Payments are always an integral entity for any organizational body and it has to be managed with accuracy at any cost.
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.
How Easy Collect works
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.
- Link creation
- Links can be created for any number of customers. Merchant simply has to enter customer details like name, email ID, Mobile number & the amount which is to be paid by the customers. All these details for n number of customers can be entered into and excel sheet & simply uploaded on the Easy Collect dashboard.
- Having done that, simply select the customers to whom you wish to send the links & done. The links will be sent to the customers via Email & SMS.
You can also set an auto-reminder by which your links will be automatically shared with the customers before the due date. Depending on your wish your customers will receive the links via reminder email & SMS certain days before the due date. You can specify this certain amount of days.
For example, if the due date for your payment link is 30th of September, you can set the auto-reminder 3 days before your due date. This means your customer will receive the reminder email & SMS containing the payment link on 27th September.You can also set auto reminder for multiple dates before the actual due date. Customers can receive multiple reminders; say ‘5 days before’, ‘3 days before’, also 1 day before the due date, if set accordingly.
2. Customers pay using link
- 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.
- This payment related information will be displayed in a pre-payment page which can be customized according to your brand. You can make your brand stick out by providing the look and feel of your own website in this pre-payment page. Similarly, the email which is received by the customers will have the respective logos and branding according to the organization’s official design.
- Once customers proceed past the pre-payment page,they will be taken to our Easebuzz payment gateway, where in they will have numerous modes of payment available to complete the payment.
Benefits of Easy Collect to merchants
- 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
Benefits of Easy Collect to customers
- 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
Scope of Easy Collect
With the ease and efficiency that Easy Collect provides, it can be used widely in banking sectors where there are lots of repayment collection to be done. Also in organizations where merchants charge their customers on frequent basis, for any particular service that they provide.