Indian financial services company Freecharge has launched a range of brand new features for its online payment platform to assist small and medium-sized businesses.
Freecharge began operations in August 2010 and is headquartered in Gurugram, Haryana in India. The company specializes in financial services, particularly with regards to savings, insurance, investment, loans, and payments.
The company gained a foothold in the competitive Indian financial services market by providing a platform that allowed customers to pay for utility bills and recharge mobile and broadband internet data quickly through its platform, which is far easier than going into the bank or a supermarket to do so.
Freecharge’s latest innovations are aimed at small and medium-sized businesses and make it easier for them to conduct their financial affairs on its digital payment platform. Among the new features to be launched are Paisa Plus, payment links, dynamic QR codes, a digital Khata book, and on-demand account settlement.
Paisa Plus is a handy feature for small and medium-sized enterprises (SMEs) because it allows companies on Freecharge’s platform to issue digital gift cards to customers. These can be in the form of a discount offer or reward to regular customers.
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Payment links are also becoming increasingly important in a world full of social distancing, and many people are spending far more time at home than they used to. This function allows companies to send an SMS, e-mail, or Whatsapp to a client with a link to their outstanding bill. On clicking through to the link, the account can then be paid by using a unified payments interface (UPI), credit or debit cards, or even internet banking.
“In the present scenario when social distancing has set the precedence, such secured modes of payments are eliminating the need for in-person transactions and aiding small businesses continue during uncertain times,” explained Freecharge CEO Siddharth Mehta.
Freecharge’s digital Khata functionality allows its payment platform to play the role of the good old company Khata record book. Still, the information is more secure because it is safely stored beyond reach on Freecharge’s servers and backed up so it cannot be lost easily. For those unfamiliar, a Khata is traditionally used by merchants to store all the company’s financial transactions.
The great thing about a digitized Khata book is that customers can be added or removed quickly; it is far easier to sort through accounts and keep track of everything. On top of that, many functions can be automated. For example, reminders can be sent to customers with outstanding accounts, or you can flag customers that regularly pay on time and reward them.
“We are focused on offering unique and smart solutions that not only help in increasing digital transactions but also offer value to businesses and customers, thereby aid in quicker adoption of the payment platform. We are hopeful that our customers and merchants would continue to have an impeccable experience on the app which would strengthen the merchant and customer relationship. Customer-centricity lies at the core of all what we do at Freecharge and we would continue to explore ways of furthering customer delight,” added Mehta.
Freecharge is a subsidiary of Axis Bank and is 100% owned by the financial services institution.
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