Over the last decade, the banking system has been truly revolutionized mainly due to the advent of digital transition. Today, one can make payments, receive payments, get loans, and all kinds of banking work done right from the comfort of home through their mobile phone. Leveraging AI and innovative technology was the reason it all became a reality. There have been some interesting innovations, propelled by some companies based on brilliant ideas that have made payments easier. A money order that allows the bank to automatically debit a pre-determined amount from your bank account, which will be used for monthly bill payments, EMIs, and loan repayments. Here are some Indian companies that have made payment orders easier and more convenient.
Paycorp.io provides instant and assured B2B recurring direct debit solutions. This means that a business that signs up for it can make semi-monthly, monthly, quarterly or annual payments directly through the account, without human intervention. With the automated process, you don’t have to worry about late payment fees as payment is completed within 24 hours. This automated deduction can be for invoices, employee salaries, payment to suppliers. In the long run, this means that one can work with less labor because the majority of the accounting work is taken care of. The company has a direct interface with six banks which allows for zero waste. Payment options such as direct payment from bank account, WhatsApp, link push and portal also make work easier. Perfect for startups, SMEs, MSEs as well as enterprises, it ensures that recurring payments are one less worry for business owners.
Razorpay operates on a subscription-based model and is the answer for online businesses that need a safe and secure payment gateway solution. As the world has finally entered the digital age, more and more businesses are going online. In fact, traditional businesses are also connecting. This means that there is a need for a safe and secure payment gateway, offered by Razorpay. The personalized payment portal allows contractors to accept, process and disburse payments. Most importantly, the company keeps tabs on online scammers to provide the security an online business needs.
With PhonePe, customers can pay bills, send money to friends and family, buy gold or invest in gold stocks. Suitable for all kinds of payments and acceptable in most places, PhonePe allows instant payment without having to carry a huge amount of cash when shopping or on vacation or having to pay vendors. It is already very popular as it allows users to skip the queue and make payments anytime, anywhere.
CCAvenue is the solution when you face random payment failures. There are times when the money was deducted from your account but not received by the seller. This leads to chaos, as it is unclear how to get that money back or if he has to pay again. CCAvenue allows businesses to accept payment from different methods if payment has not worked out one way or another. The Fraud and Risk Identification System and Knowledge Base (FRISK) ensures no payment failures, providing an optimal transaction experience.
Paytm is one of the most popular UPI payment apps and allows users to go truly cashless. It also makes the buying process simpler and easier, less the inconvenience of having to carry cash and wait for the seller to give change. It helps to pay mobile phone bills, electricity bills, OTT subscription bill, etc. Allowing timely bill payment at any hour is the most important benefit. Also, it is readily acceptable at street vendors, traders, salons, etc., making it the preferred payment option.