Instant payment collection & reconciliation

InstaCollect enables you to accept payments via IMPS/NEFT/RTGS/UPI which you can settle to your bank account instantly. Instant webhooks will help you automatically reconcile each transaction without any extra effort.

Unlimited free virtual accounts

Create unlimited virtual accounts free of cost for better reconciliation of each payment. Virtual accounts consist of Account Number, IFSC & UPI handle.

Custom brand prefix for VPAs

VPA can be created with a custom brand prefix which will help your customer recognize your brand better. This will create an additional trust factor while making payments.

Deactivation of virtual accounts

Deactivate virtual account as per your need. Any inward transaction to deactivated virtual account would get rejected automatically.

Third party validation

Accept payments only via authorized remitters. Payments from unauthorized accounts will get automatically rejected.

Multiple payment modes

Accept payments via multiple payment modes - IMPS/NEFT/RTGS & UPI.

Faster Reconciliation

Reconciliation would be much faster as you would know who made the payment and when.

Instant settlements & refunds

You can take money in your bank account as soon as you receive it from your customer. Use a dashboard or API to instantly transfer money to your bank account or refund back the transaction to your customer’s account.

Collection Flow

The InstaCollect Mechanism

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    Once the Insta Collection feature is enabled for a merchant, a master account will be created for them.
    As a part of Extended Banking, master account is linked with merchant's current account which is KYC approved and registered with Easebuzz.

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    Under a master account, merchants will be allowed to create Virtual Account assigned with a unique Virtual Account Number & VPA.

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    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.

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    Merchants can raise refunds to source accounts against these transactions.

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    Collection amount can be settled into the merchant's verified bank account. It can be auto-settled everyday or the merchant can withdraw their collection manually.

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    Details of outward transactions like settlement transactions and refunds to customers can be seen in the Settlements Refunds section.

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    Account Statement of the master account will be available to merchants to track all debit and credit transactions.

Developers Friendly

  • InstaCollect comes with easy to integrate powerful APIs that your developers will have fun integrating. Each of the insta-collect features are accessible over API.

  • Easy to understand & integrate.

  • Faster response time.

  • All the important actions are available over API Virtual account creation Activate/Deactivate virtual account Initiate settlement Initiate refund

  • Webhook functionality will help you get real-time updates on transaction status updates.

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.