generalize
This payment solution allows software platforms to facilitate direct payments between businesses and their end users
The company claims that the solution will allow the platform to offer over 120 payment modes to customers without the need for any redirects and external interfaces
End users can initiate payments and funds will be transferred to the business’s designated account within the platform environment
Fintech platform Cashfree Payments has launched a new software platform payment solution to facilitate a seamless payment experience for businesses.
Payment solutions Embedded payments support software platforms such as enterprise resource planning (ERP), customer relationship management (CRM), SaaS or billing platforms to facilitate direct payments between businesses and users.
With the solution, platforms can integrate payments as part of their business, the company said in a statement, adding that the solution involves seamless integration of financial transactions into digital platforms or applications.
Additionally, end users can initiate payments and transfer funds to a business’s designated account—all within the platform environment.
It’s worth noting that getting a business to use a new solution requires two steps. The platform first needs to use the Cashfree merchant membership API on the platform to create a new merchant account. They then need to embed an onboarding link into the platform so merchants can complete KYC without leaving the interface.
The company claims that the solution will allow the platform to offer over 120 payment modes to customers without any redirections and external interfaces provided by traditional payment gateways. In addition, the platform allows users to become merchants and manage payments, refunds, settlements and other post-payment workflows through simple integrations.
“Innovation is the driving force behind everything we do at Cashfree Payments… We have built cutting-edge solutions for the platform to make these integrations simple and provide seamless Solutions that make it easy for businesses to onboard and manage their accounts and payments. ”
Founded in 2015 by Sinha and Reeju Datta, Cashfree operates a full-end digital payment solutions platform. It enables businesses to collect payments and provides API banking solutions. The startup generates most of its revenue from the sale of services, with commissions accounting for the majority. Companies like Zoho, Nimbbl, Edchemy, Xpresslane and others are among the company’s clients.
This fintech company sees its network Losses expanded 46 times to INR 133.1 Cr Financial year 2022-23 (FY23) up from INR 2.9 in the previous year.
In the reported fiscal year, its operating income increased from INR 349.9 in FY22 to INR 613.8, an increase of 75.4%, or 1.7 times.
In December last year, the fintech company received permission from the Reserve Bank of India (RBI) to operate as a payments aggregator.At that time, I was told that as long as I got approval, it would be fine. Drive exponential growth and add new customers.
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