PayUPaisa launches ‘Automated Payment Settlement Solution’ for marketplaces and online aggregators
New Delhi, India, October 17, 2013: PayUPaisa has launched its ‘All-in-One’ payment settlement solution. ‘All-in-One’ payment settlement solution helps reduce the payment settlement hiccups of marketplaces and online aggregators. This solution addresses money settlement problems and help marketplaces achieve better efficiency through better control over fund disbursements mechanisms.
A marketplace or an aggregator sells to buyers from its website and in turn settle money to thousands of sellers for every transaction. The payment settlement usually happens through standard sources of payments like- cash, cheques, NEFT transfers etc. This results in tiring manual reconciliation of large data, tedious dispensing of accurate individual payments to sellers, leading to lack of transparency between both the parties.
How PayUPaisa helps
Once a buyer decides to buy various products from different sellers, he adds all the products to his shopping cart and proceeds to checkout. The buyer makes successful transaction on the payments page. A single order ID is generated for the buyer against this transaction and PayUPaisa reconciles the payments for the marketplace at this single order ID level.
PayUPaisa APIs helps to settle money into the marketplace and seller bank accounts. It helps segregate the marketplace’s share of transaction and then transfers it to marketplace’s bank account in T+2 days.
On the other hand, PayUPaisa calculates and reconciles the sellers’ share of transaction amount. PayUPaisa also deducts the refund amount for the sellers, who’re eligible for a refund. The final amount takes T+2 days to be settled into the seller bank accounts. The marketplace defines the value of ‘T’. ‘T’ could be the date of transaction, shipment date of order, delivery of order etc.
PayU India’s Co-founder & CEO Nitin Gupta said, “We have rolled out an automated settlement and reconciliation solution considering the pain points of marketplaces. This solution has already been implemented by Urban Ladder, India’s leading furniture marketplace. With, PayUPaisa’s ‘All-In-One’ Payment settlement solution, marketplaces can reduce the operational costs by 85% and add transparency into payment settlements.”
© Mouseworld Now News Service