CHENNAI: Software as a service (SaaS) firm Zoho has entered the payments sector with the launch of Zoho Payments, designed to facilitate business-to-business (B2B) transactions.
This innovative offering allows businesses to receive payments via various methods, including UPI, net banking, and cards. By integrating Zoho Payments with their existing finance and operations applications, such as Zoho Books, Zoho Billing and Zoho Invoice, businesses can streamline their payment processes and enhance overall efficiency, the company said in a statement at the sidelines of the global fintech fest.
“Since Zoho Payments is tightly integrated with Zoho Books, businesses using the accounting software can exchange invoices and transactions with their buyers and sellers effortlessly through the BBPS network.Invoices sent through Zoho Books on the BBPS platform will automatically be recorded in the buyer’s ERP or accounting app. Similarly, bills sent by their seller will be recorded automatically in Zoho Books. Businesses can also obtain financing for their unpaid invoices from lenders on the TReDS platform through the BBPS network,” it said.
The payment solution will drastically reduce cart abandonment rate and curb revenue leakage, additionally offer insights on transactions, refunds, payment failures, it added. Zoho Payments as a payment aggregator has been registered as a Bharat Bill Payment Operating Unit (BBPOU) with the NBBL.
Sivaramakrishnan Iswaran, global head of finance and operations at Zoho said, “NBBL’s BBPS standardises invoice presentment and payments, providing multiple payment modes, instant payment confirmations, invoice financing, and a unified platform for invoice transmission and reconciliation. This marks a major advancement in the fintech domain. As a result, we can now offer a more holistic financial management solution for businesses.”