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For ages, businesses across the world have received payments from their customers through bank transfers. Though the process is simple and seamless, the reconciliation process is cumbersome and is prone to errors, thereby having a detrimental impact on cost and time. InstaCollect helps businesses by generating virtual payment addresses in the form of UPI IDs and virtual bank accounts. These details can then be shared with the customers to accept payments through RTGS, NEFT, IMPS and UPI modes. All these virtual UPI IDs and bank accounts are linked to the main account that is registered with Easebuzz. Thanks to a distinctive UPI ID or bank account for each customer, one can easily track all the payments that were made. This helps Easebuzz notify businesses of all the payments made while handling the reconciling process seamlessly.
Instacollect at a Glance
InstaCollect by Easebuzz brings myriad benefits to the table for businesses
Create unlimited virtual accounts and UPI-IDs at zero cost.
Match incoming payments with invoice amounts and manage overpayment or underpayment
Assisting individuals in making bill and fee payments
Providing faster settlements into one’s bank account
Opportunity to have multiple settlement accounts and Multiple settlement modes:
- Daily auto settlement
- Instant settlement on demand
Customizable notifications with centralized activation control from Dashboard
Accept payments only from authorized source accounts
Automated Partial Refund or Full Refund mechanism
Instant Refund Policy
Key Business Benefits
Everything your business needs to know about our Automated Payment Reconciliation Solution. Reasons why every business needs automated payment reconciliation and collection:
Faster cash conversion cycle
Lower payment costs
No more unmatched or missing transaction!
How it works
First sign up for an account with Easebuzz.
Create virtual UPI IDs or bank accounts that are tagged to a customer.
Share account details with the customer.
The customer then makes the payment through the mode of their liking.
The amount that is deposited in these virtual accounts is then settled into the bank account that is linked with Easebuzz. You will be notified instantly about the payment details.
InstaCollect A Smarter way to manage Payment Reconciliation
Bringing automation into payment collection and reconciliation is beneficial to businesses of all kinds. Here are a few instances of how InstaCollect by Easebuzz enables one to accept and reconcile payments:
Single virtual account with multiple customers
Regular payments of large amounts
One-time payments of large amounts
Event-based or campaign-based payments
The InstaCollect Mechanism
Once the Smart Collection feature is enabled for a merchant, a master account will be created for them. Under a master account, merchants will be allowed to create Virtual Account assigned with a unique Virtual Account Number.
Merchants can share these Virtual Account details to their customers and start receiving funds. Once customers start transacting to these Virtual Accounts, merchants will be able to view the details of these transactions against each Virtual Account.
Merchants can raise refunds to source accounts against these transactions.
Collection amount can be settled into the merchant's bank account. It can be auto-settled everyday or the merchant can withdraw their collection manually.
Details of outward transactions like settlement transactions and refunds to customers can be seen in the Settlements & Refunds section.
Account Statement of the master account will be available to merchants to track all debit and credit transactions.
Why Choose Easebuzz
Go-Live in minutes. Fast and easy onboarding
Our teams understand the payment ecosystem
We take time to understand your specific business needs and provide a custom payment processing solution
Our business intelligence services provide a holistic view of your complete portfolio
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Frequently Asked Questions
The advantage of Easebuzz InstaCollect is that it not only collects UPI payments or incoming bank transfers, but also tracks and reconciles payments automatically. This is done by using virtual UPI IDs and bank accounts, a facility that is not provided by banks.
A virtual account can be defined as a pass-through account that is linked to a real bank account. With businesses receiving payments from different sources over a period of time, tracking becomes extremely difficult. Virtual accounts help in these as they improve payment reconciliations, increasing ease and efficiency.
Customers can make payments to the bank account or UPI ID that they receive through simple IMPS, RTGS, NEFT or a preferred bank portal. While the payment is done to a virtual account, the payment process is just as seamless as the regular account.
Customers can make offline payments through NEFT or RTGS, but cash payments cannot be processed by virtual accounts.
If the virtual account is closed, Easebuzz will automatically refund the payment to the source within 1 business day.