How are companies easing payment processes for businesses

Modern problems need modern solutions. We no longer have to stand in the queue to deposit or withdraw money. Infact, one can keep track of their bank details, debit and credit money from anywhere, without the need to go to the bank, all thanks to fintech companies.

Gone are the days of endless wait to initialize or process a payment, as it’s now done instantly. While it has made life easier for the all, entrepreneurs in particular are a relieved lot, as they usually need multiple transactions daily.

Technology has also enabled them to move from cash to digital modes of payment, as it is safe and secure. Here are some ways by which fintechs are ensuring easy payment processes, revolutionizing the traditional banking systems.

Secure online payment

The first and foremost requirement for any business is safe and secure payment option. In the age of cyber crime and cyber frauds, one must definitely be wary of giving their bank details as they can be misused. Payoda Technology Inc is one such company that provides its services to the banks. It was founded in 2005 and is known for solutions that use cutting edge technology.

AppViewX, their web application is especially designed to sync different bank branches and offer cohesive solutions at one place. Using innovative engineering methods, the customized services include robotic process automation, solutions based on Internet of Things and unique experience design. As it lays the foundation for smooth functioning of banks, entrepreneurs can easily do faster transactions between different banks, without any time delay.

Recurring payment

Any business needs to make timely payments to vendors, employees, pay bills, failing which itmight have to bear consequences like late fee. While some businesses have an employee dedicated to this job, banks today can do this job automatically. Paycorp offers such B2B2B and B2B2C recurring auto debit solutions that can make all these payments automatically, without the need for human interference.

It is a boon for startups where more employees mean more capital needed, thus by utilizing these services, the business ends up saving money. Paycorp.io has direct interface with at least eight banks, which enables faster payments. Most importantly, it supports payments through different gateways be it ACH, cards, UPI and also through digital touchpoints like WhatsApp, portal, link push.

Instant loans

There is always a need for capital at different points in a business. And every entrepreneur who has tried to take a loan from traditional banks would understand that it is a long drawn process. It can take anything between one week to one month. LendingKart has made this simple as one can now get loan approvals by getting their credit eligibility assessed with the help of technology, thereby reducing paperwork, and saving precious time.

As a non-deposit NBFC, LendingKart enables the borrower to get loan approved on the basis of their previous payment history, especially if they have been duly paid. Analysed on a data point chart using AI, this is the ideal hassle free way to get instant working capital on finance.

D2C payment

An e-commerce company needs a safe and secure payment gateway to accept payments from consumers. Razorpay is the answer for precisely this need. This Indian-founded company enables businesses to receive payments from clients, handle the transaction, and automate payment to vendors and staff.

This ensures that the cash flow is always positive and the company never runs out of working capital. It is also a great way to keep scammers away and safeguard the interests of both consumers and business.

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