Cashfree Payments is a payment platform based in India. This is one of the leading facilities in the country equipped with a powerful API. The company provides services to more than a million companies. The platform serves different industries, so the use cases vary. The facility offers numerous products that alleviate the task of payment collection. Thus, it works to enable Indian companies to collect payments. It is possible to choose any method of payments at hand. There is an advanced and simple way of integration of payments along with such methods as BNPL, bank account verification API along with Auto Collect.
The platform unites more than 300K merchants. Annually, more than 40B USD is processed by the facility, which has served over 200 million bank accounts already. The solution can be used globally. It doesn’t address Indian customers only. For instance, it is popular in Canada, USA, and the United Arab Emirates. The project was initially incubated by PayPal that created excellent conditions for its growth. Other influential supporters of the project include SBI (State Bank of India), Apis Partners, and Y Combinator, Silicon Valley investor.
The system’s highlights
The platform offers the following features:
- Collects payments via payment link;
- Practices split payments;
- Offers SoftPOS;
- Uses recurring payments;
- Employs the payment gateway.
SoftPOS is an excellent solution that enables any mobile device into a POS machine. It is enough to provide UPI QR code on the smartphone. Instead, your clients can Tap and Pay with a card. The procedure of payment is also simplified due to the payment links, which are created by sellers and then shared with customers. It is possible to send them via mail, SMS, messengers or social media. The solution is perfect for small sized businesses, which don’t need to spend money on special equipment for collection of payments. Though merchants don’t use physical POS, they can still take advantage of other features such as centralization of all payments collected by enterprises including in-store payments. It makes the monitoring capability simple. Besides, companies can add numerous delivery agents to their accounts.
The easy split feature is of special interest for clients of the platform. It was specially designed for legal entities using complicated payment outflows. It refers, for instance, to marketplace aggregators that connect both parties (sellers and shoppers) on the platform, but charges them as well, so it is necessary to split payments between several service providers and, simultaneously, deduct the platform’s commission.
Easy split is liked by emerging businesses, but even successful and leading enterprises use the feature with pleasure. Marketers report about a higher success of this method, improving the conversion, and also state its efficient work during the checkout procedure and even calculated a 15% rise in revenue when the feature was used.
Benefits of the system
- Robust infrastructure;
- Flexibility of payments;
- Affordability of use.
The average system uptime reaches 99.99%. Take into account the capability to customize APIs to get the required payment flow. It is especially convenient for users to be notified about the transaction status due to the use of webhooks.
How to connect to the service
The fee is charged for the easy split feature. The company charges only 0.1% on order value for each split conducted through the platform. The management of vendor payments is conducted at low cost. It is possible to sell subscription plans conveniently and use periodic or on-demand future payments with one-time authentication. The platform welcomes all enterprises with high volumes that can easily connect to the service through its official website. They should contact the platform’s team for it.
