Bengaluru-based payments and banking technology company, Cashfree, has launched its payments toolkit for ecommerce stores and marketplaces in India. With a host of specific solutions, this product suite enables ecommerce businesses to collect payments on the website, mobile app or any social media channel using the Cashfree’s payment gateway, and to process partial or full refunds, facilitate seller payouts, split payments with multiple sellers and affiliate partners, and more.
Through Cashfree’s ecommerce suite, businesses can tailor-make their own payments infrastructure as per their needs. This includes facilitating payment collection on websites, mobile apps, for retail ventures on social media (Facebook, Instagram, Twitter, WhatsApp) and other multi-seller platforms.
Currently, Cashfree’s solutions are used by over 10,000 ecommerce platforms including Nykaa, Furlenco, EaseMyTrip, Wakefit, VeroModa among others. In 2020, Cashfree processed more than 2 crore transactions from ecommerce orders and expects to onboard 5000 ecommerce companies by the end of the year.
Cashfree CEO and Co-founder Akash Sinha said, “As the first digital payments platform in India to enable customer payment collection, refunds and disbursals, we want to help ecommerce stores and online marketplaces grow their businesses. Cashfree’s all-new ecommerce payments suite will not only help businesses digitise their cash transactions, but also provide customised and convenient payments experiences to customers, improving satisfaction scores while significantly reducing transaction failures and cart abandonments.”
A recent RedSeer report noted that the share of CoD orders in India’s ecommerce shipments has reduced to 28% for August and September 2020, as compared to 41% during pre-Covid months. Cashfree’s ecommerce suite allows businesses to accept customer payments on their website, mobile app, social media channels or via payment link, offering 100+ payment options including UPI, wallets, EMI and Pay Later methods, among others.
It includes Cashfree’s seamless payment gateway for websites and mobile apps, with a wide range of web and mobile checkout integrations. Businesses can also send their customers link-based payments where links are used to collect payments on WhatsApp or other social media channels.
“In 2020, we saw ecommerce transactions on our platforms drop by nearly half during the lockdown in March as compared to January. The subsequent months saw a steady uptick of transactions, peaking in July 2020 with 7x growth as compared to March 2020,” said Akash Sinha.
Businesses can integrate Cashfree’s ecommerce suite directly with their existing online stores and marketplaces, and avail advanced payment gateway features such as instant settlements, pre-authorisation on card payments etc. Additionally, Cashfree’s ecommerce suite helps split payments with multiple sellers and affiliate partners, thereby simplifying third-party management. The company also offers offline transactions and payments settlements using APIs, providing flawless customer experience with enhanced reliability and user satisfaction.
Recently, Cashfree also launched Global Payouts, a cross-border payments solution that helps global businesses send money to their partner sellers and service providers in India directly to their local bank account in India. While on the beneficiary side it helps exporters and professionals in India expand their horizon to new geographies and increase revenue while getting faster access to their funds.
A pioneer in digital payments solutions for businesses, Cashfree had previously launched its Instant Settlement feature, helping businesses access funds within 15 minutes of payment capture via its payment gateway. The feature helps online businesses with increased working capital availability and has reportedly seen rapid adoption. With this, the startup is in the works of launching e-mandates via UPI, to further fine-tune the payments infrastructure for businesses and end customers.