In order to reduce the payment settlement headaches of marketplaces and online aggregators in the country, PayUPaisa has announced the launch of its new offering – ‘All-in-One’ payment settlement solution. This solution addresses all the problems related to money settlement and help marketplaces achieve higher efficiency by providing 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 that happens on its website. However, the payment settlement happens through standard sources of payments like- cash, cheques, NEFT transfers etc.
This typically leads to tiring manual reconciliation of large data, tedious dispensing of accurate individual payments to sellers which often leads to delays and there is lack of transparency between both the parties. This creates serious problems for a marketplace when it comes to maintaining account history and running balance for a seller. These issues not only shoot up a company’s expenses on allocating more resources for payment settlement but also make it extremely difficult for a marketplace to have a proper control over fund disbursements to sellers.
Nitin Gupta, Co-founder & CEO, PayUPaisa, explains “Marketplaces and aggregators spend huge money on putting settlement and reconciliation systems in place and are yet unable to achieve efficiency and transparency. The reason being that while such players are expert in providing platforms for online selling and buying, it calls for a payment expert to solve issues related to payment processing, settlement and refunds.”
“We at PayU become a perfect fit here and hence 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 and we’re confident that it will be more in demand post its official launch. With, PayUPaisa’s ‘All-In-One’ Payment settlement solution, marketplaces can reduce the operational costs by 85% and add transparency into payment settlements.”
“We have recently associated with PayUPaisa to help process all customer and seller related transactions. With this association we hope to be worry free about these transactions and are confident that it will result in faster and accurate settlements. This can be a game changer in most marketplace models and will help build confidence amongst customers and sellers,” Ashish Goel, CEO & Co-founder, Urban Ladder.