Smart Collect Use Cases

Razorpay Smart Collect seamlessly integrates into various business models, providing unparalleled efficiency, security, and user satisfaction. From financial services optimising loan repayments to Ecommerce businesses, Smart Collect adapts to the unique needs of each industry.

Smart Collect can transform payment processing for companies by minimising manual efforts, reducing errors, and ensuring a seamless journey for businesses and their customers.

Financial Services

Acme Loans is a financial services company that provides personal loans to individuals. Acme uses Smart Collect to optimise the loan repayment process and reduce operational complexities.

Here is how Smart Collect helps Acme:

Easy Payment Collection

Acme can integrate Smart Collect to automate the loan repayment process. Borrowers receive customer identifiers created by Razorpay with details such as Account Number, IFSC and Name based on their repayment schedules.

Diverse Payment Avenues

Smart Collect supports NEFT, RTGS and IMPS, allowing borrowers to choose the payment method that suits them best.

Automated Reconciliation

Smart Collect automates the reconciliation process, providing real-time updates on payment statuses and reducing the chances of errors in financial reporting.

Multiple Loan Repayments on Single Identifier

Smart Collect allows Acme to accept multiple loan instalments from a borrower using a single customer identifier. Acme creates a customer identifier and shares the details with a borrower to make multiple payments to the same identifier.

Ecommerce

Acme SuperMart is a thriving Ecommerce platform that sources products from various suppliers. Acme SuperMart uses Smart Collect to enhance operational efficiency and simplify the supplier payment process.

Here is how Smart Collect helps Acme:

Campaign or Event-based Payment

Acme can use Smart Collect to create a unique Customer Identifier for each marketing campaign and receive notifications for each payment made to those ids. This eliminates the need to identify the source of each payment.

Effortless Financial Accuracy

With Smart Collect's automatic reconciliation, Acme SuperMart can avoid manual errors and enjoy real-time updates on payment statuses. They can streamline payment processes for enhanced accuracy, efficiency, and a seamless financial experience.

Real-time Notifications

With Smart Collect, Acme gets real-time notifications on payments via webhooks, ensuring prompt updates for seamless financial management.

IT and Software

For example, Acme Solutions is a rapidly growing IT firm offering various software development services. To enhance its invoicing processes, Acme can integrate Smart Collect into its operations.

Here is how Smart Collect helps Acme:

Regular Payments of Large Volume

If Acme wants to send clients regular invoices for payments of large volumes, they can create a Customer Identifier and share the details. The client can add the bank account as a beneficiary on their preferred netbanking portal and transfer money using NEFT, RTGS or IMPS.

Smart Updates on Payments

Acme gets alerts on every transaction with Smart Collect's real-time payment notifications via webhooks, ensuring swift and informed decision-making.

Account-level Visibility and Automatic Reconciliation

Smart Collect lets Acme view and manage every payment received from customers and eliminates the difficulty of manual reconciliation by automating it.

Education

For example, AcmeHorizon School, a reputable educational institution, is dedicated to providing quality education. To optimise its fee collection processes and improve overall efficiency, AcmeHorizon can integrate Smart Collect into its operations.

Here is how Smart Collect helps AcmeHorizon:

Collect Large One-time Fees

Smart Collect allows AcmeHorizon to accept large one-time payments as fees via NEFT, RTGS or IMPS by generating a Customer Identifier and sharing the details. Razorpay will notify AcmeHorizon of payment, and the account can be closed.

Accuracy in Financial Reporting

Smart Collect's automated reconciliation ensures accurate financial reporting, providing AcmeHorizon real-time insights into its financial health.

Real-time Updates on Payments

With Smart Collect AcmeHorizon gets seamless real-time notifications on fees via webhooks, revolutionising their data flow and decision-making processes.

Operational Efficiency

Automating fee collection through Razorpay Smart Collect significantly reduces the time and effort involved in manual processes, allowing AcmeHorizon to focus on providing quality education.