For a B2B wholesaler, a high-value payment is useful only when the finance team can match it to the right customer. Razorpay Smart Collect supports incoming NEFT, RTGS and IMPS transfers with customer-specific identifiers, automated reconciliation and payment notifications. It is a strong fit for wholesale businesses whose customers pay through bank transfers and whose teams want to spend less time matching payment screenshots.
Smart Collect 2.0 also supports Virtual UPI IDs. Choose the collection rails that fit your customer payment mix, then confirm activation, transaction limits, pricing and the required current or escrow account arrangement. This workflow handles incoming customer collections; assess vendor payouts separately.
How can wholesalers collect and reconcile high-value bank transfers?
For a wholesaler, receiving a large bank transfer is only part of the job; the finance team also needs to know which customer paid. Razorpay Smart Collect addresses both needs with customer-specific payment identifiers, automated reconciliation and payment notifications. It supports incoming NEFT, RTGS and IMPS payments, while Smart Collect 2.0 adds UPI through Virtual UPI IDs. This gives the team a clearer collection record and reduces its reliance on manually matching transfer screenshots.
Choose Smart Collect when the priority is receiving and reconciling high-value customer payments. The documented collection workflow is distinct from sending vendor payouts, which is why its suitability and pricing should be assessed against incoming collections. Smart Collect 2.0 requires activation and the appropriate current or escrow account arrangement. Confirm the supported limits and quote for your payment mix before rollout.
What is Smart Collect 2.0?
Razorpay Smart Collect 2.0 helps businesses receive and reconcile incoming NEFT, RTGS, IMPS and UPI payments using Customer Identifiers and Virtual UPI IDs linked to a current or escrow account.
Customer Identifiers help associate incoming payments with the relevant payer. Payment notifications and transaction-level information support reconciliation. Use this workflow to organise incoming customer collections and reconcile them with your records.
The current documentation distinguishes Smart Collect 2.0’s direct, real-time collections from the earlier Smart Collect settlement flow. Confirm the version and banking setup enabled for your account.
Key Features and Benefits
Smart Collect 2.0 is packed with features that make it a game-changer for businesses:
- Automated Reconciliation: By assigning unique identifiers to each customer, the product automates the reconciliation process, saving merchants over 60 man-hours per week.
- Real-Time Notifications: Instant webhook notifications ensure that merchants are immediately aware of incoming payments, allowing them to send timely confirmations to customers.
- Third-Party Verification (TPV): This feature allows merchants to restrict payments to verified bank accounts, adding an extra layer of security.
- API and Dashboard Integration: Merchants can create and manage identifiers effortlessly through APIs or a user-friendly dashboard. The dashboard also provides transaction-level insights, helping businesses track performance and make data-driven decisions.
- One-click Refunds: In cases where payments fail or identifiers are closed, Smart Collect 2.0 enables seamless refunds, ensuring a hassle-free experience for both merchants and customers.
Use Cases Across Industries
Smart Collect 2.0 is versatile and caters to a wide range of industries:
- Financial Services: Broking companies, AIFs, and B2B marketplaces benefit from instant notifications and automated reconciliation for high-value transactions.
- Healthcare and Education: Hospitals, schools, and universities can track department-wise collections seamlessly, improving transparency and accountability.
- Retail and Franchises: Restaurants, travel agencies, and retail chains can monitor branch-wise sales in real-time, enabling better resource allocation and decision-making.
Prepare your business for activation
Smart Collect 2.0 combines bank-transfer collection with identifiers, notifications and reconciliation information. Activation requires a current or escrow account and account enablement. Smart Collect 2.0 is available for supported business categories; the Individuals merchant category is excluded.
Review the prerequisites and version comparison, explore Smart Collect 2.0, and obtain the commercial terms for your specific collection flow before rollout.
