About Smart Collect 2.0
Create Customer Identifiers on-demand to instantly reconcile bank transfers and UPI payments from your customers made directly to your bank account.
When you accept payments directly to your bank account from your customers, reconciliation becomes challenging, and is highly prone to errors. You must manually verify the payment received from customers in order to proceed. This degrades the customer experience.
Smart Collect 2.0 enables you to create multiple Customer Identifiers (on top your existing or new Current/Escrow account) and share them with your customers to:
- Receive payment confirmations from your customers in real-time using webhooks(if enabled).
- Customise your customer identifiers/virtual UPI ids per your brand and accept payments to your dedicated virtual UPI ids.
- Create unlimited on-demand customer identifiers and virtual UPI ids.
- Differentiate between incoming payments from various modes such as RTGS, IMPS, UPI and NEFT.
- Offers compliant, transaction-level breakup of all payments collected in the customer identifiers.
- Automatically reconcile the payments and eliminate errors
Customer identifier is a customisable virtual bank account (with customer identifier number and IFSC) created on top of your current/escrow account.
You can share the customer identifier information with your customers/merchants and collect payments.
Smart Collect and Smart Collect 2.0 use the same APIs to create and maintain Customer Identifiers (CIs).
However, Smart Collect 2.0 offers business benefits on top of the existing Smart Collect product in the following ways:
Following are some use cases where Smart Collect 2.0 solves the payment reconciliation.
Smart Collect 2.0 is best suited for your business if you run a franchise or operate multiple branches across various locations.
- You can customise customer identifiers for specific branches. Smart Collect 2.0 enables you to create branded, easily identifiable and shareable ids.
- Payments received from a branch to a dedicated customer identifier simplifies the reconciliation.
- Automate reconciliation and reduce errors. Smart Collect 2.0's automatic transaction-level breakup enables you to understand your cashflows seamlessly.
Handy Tips
In addition to customer identifiers, we also support Virtual UPI IDs as well as direct payments to your bank account via PSPs (such as PhonePe, Google Pay, Paytm and more).
You can create Customer Identifiers and Virtual UPI ids using Smart Collect 2.0. Know more about
.Refer to the following prerequisites to use Smart Collect 2.0.
- You must open a /. We enable you in this process.
- Ensure you do not fall under the
Individualscategory in the Merchant Category Code (MCC). - Keep the readily available.
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