{"id":195,"date":"2017-10-24T09:15:13","date_gmt":"2017-10-24T03:45:13","guid":{"rendered":"http:\/\/wp.razorpay.in\/?p=195"},"modified":"2024-10-15T14:31:36","modified_gmt":"2024-10-15T09:01:36","slug":"supercharge-your-bank-transfers-using-razorpay-smart-collect","status":"publish","type":"post","link":"https:\/\/razorpay.com\/blog\/supercharge-your-bank-transfers-using-razorpay-smart-collect\/","title":{"rendered":"Supercharge Your Bank Transfers Using Razorpay Smart Collect"},"content":{"rendered":"
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Bank transfer modes like NEFT<\/a> (National Electronic Funds Transfer) and RTGS (Real Time Gross Settlement)<\/a> have been used for online and offline transactions<\/a> for more than a decade now.<\/p>\n

Although new online payment methods have emerged since, many customers and businesses still rely on bank transfers for payments. Typically such businesses handle sales of large ticket sizes and prefer to accept payments via bank transfers to save on the percentage paid towards processing payments.<\/p>\n

In such cases where bank transfers are used, while functionality of the payment mode is achieved, it can prove to be an efficiency drain for businesses. The manual effort needed to manage bank transfers in terms of verifying the source of payment, validating the payment value, reconciling account receivables etc., can be a major hassle for businesses.<\/p>\n

Keeping tabs on customers who have made the payment and the ones who have not is both tedious and time consuming. The physical effort of reconciliation while being complex is still manageable if you process only a handful of bank transfers in a day.<\/p>\n

But imagine the situation if your business were to manage many hundreds of bank transfers in one day – dedicated human resources will need to be hired to simply do the job of reconciliation manually.<\/p>\n

And, if the your sales were to translate into thousands of transactions a day a large reconciliation team will need to be instituted, leading to a colossal waste of time and resources.<\/p>\n

When businesses receive large volumes of bank transfers, they also typically require additional systems or software to manage the reconciliation process. This reconciliation process is quite complicated as it is not directly linked to the collection process which is still handled by banks.<\/p>\n

Mapping a transaction against a specific payment would still not be simple and straightforward, given the need for two completely different systems to interact with each other.<\/p>\n

All this leads to poor cash flow management and problems with effectively managing accounts receivables thereby restricting businesses from scaling and growing.<\/p>\n

Being in the business of processing payments, we realized that this was a real bottleneck for businesses and decided to tackle the problem. We are delighted to introduce Razorpay Smart Collect<\/a>, the simplest way to automate bank transfers and payment reconciliation<\/a>.<\/p>\n

How Smart Collect keeps you ahead ?<\/h3>\n

Razorpay Smart Collect automates the entire process by allowing businesses to easily generate Customer Identifier<\/span>s to collect payments via RTGS, NEFT and IMPS. This makes reconciliation easy, convenient and quick, all while saving businesses from massive resource drain in terms of man hours and dollars.<\/p>\n

Here is how Razorpay Smart Collect seamlessly automates bank transfers through four simple steps:<\/p>\n