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Looking back at 2020, the outbreak of the COVID-19 pandemic has significantly affected how businesses operate today. From an increase in online sales to the use of digital modes of payment, the country witnessed many dramatic changes.
In fact, according to the National Payments Corporation of India (NPCI), India saw a 110% increase in the overall value of online transactions and a 71% increase in the volume of UPI transactions between December 2019 and December 2020.
However, despite the constant increase in digital transactions, cash-on-deliveries (CODs) still dominate the Indian retail market, especially the eCommerce segment.
Why Is COD Still A Preferred Mode of Payment in India?
Today, more and more people are opting for digital modes of payments.
However, nearly one-fourth of eCommerce customers still prefer COD as a payment option.
Here are a couple of reasons why customer still prefer cash:
- They have online payment security concerns and fraud
- They lack the knowledge around how to securely share bank details to make online payments
- Cash provides ease of transaction
One can easily empathise with the Indian market’s hesitancy.
However, this trait of being better safe than sorry often comes at the cost of increased frustration and delayed processes.
Refunds is another concern that’s keeping most customers from using online modes of payment.
If a customer doesn’t want the ordered product anymore, they can simply reject the delivery. The cash stays in the pocket and the hassle of refund can be evaded.
However, the same is not applicable in the case of prepaid orders.
So, what can online merchants do to instill trust in customers, especially when it comes to refunds?
Address Refund Issues With Cashgram by Cashfree Payments
Slow refunds is one of the biggest sources for customer support queries.
They end up devoting at least 50% of their time to resolving refund-related queries.
Businesses spend a lot of resources and time trying to capture the accurate bank details of customers. This usually entails endless back and forth communication and very often ends up in incorrect transfers. If only there was a way to transfer funds to your customer when you don’t know their bank details?
Well, there is one now.
Introducing Cashgram by Cashfree Payments.
Cashgram is one of Cashfree Payments’ flagship products that helps online merchants process refunds faster in case of both CODs and prepaid purchases.
It’s a payout link that allows merchants to pay their customers even when only their phone numbers or email addresses are known.
Merchants can process refunds in 3 simple steps.
As visible in the image above, Cashfree Payments allows merchants to pay their vendors, partners, and even customers by generating a simple Cashgram link.
Each of these links has pre-filled information along with the amount due to receive.
A beneficiary can simply click on the link, add in their details such as bank account number, UPI ID, debit card number, or wallet details like Paytm or AmazonPay and receive money in any of their preferred accounts.
In fact, with Cashgram, merchants can also process payments in bulk. Simply upload a bulk list to Cashgram using Cashfree’s APIs and process payments in one go.
This means,
- Faster payment process
- Lower customer queries
- Higher customer satisfaction rate
Merchants can additionally notify their customers via their WhatsApp business account. They can also customise their Payout links with their logo and brand colour thereby improving the open rate of the message.
Collect Accurate Beneficiary Details With Cashgram
Collecting accurate bank details of your beneficiary is a highly cumbersome process.
However, with features like “Beneficiary Name Verification (BNV) and Maker-Checker flow, merchants can verify beneficiary details and ensure that,
- funds reach the intended beneficiary only
- no misuse of funds or malpractice takes place in the case of bulk Cashgram
Cashgram also adds an extra layer of security to ensure every transaction processed is safe and secure.
Looking at our data, we’ve noticed that when given a choice, most customers prefer one of the three modes of refunds over other options.
- 35% of the surveyed consumers prefer IMPS transactions
- 7% of customers prefer Amazon Pay reverts
- 43% of customers prefer UPI-based refunds.
Why Choose Cashgram?
Cashgram isn’t like any other payout link. It’s highly sophisticated in nature and promises secured transactions, faster refunds, and a higher customer satisfaction rate.
Built for Scale
- Do bulk payouts using excel upload or API
- Optimised for transaction load balancing
- Highly customizable API & UX/UI
- Generate comprehensive MIS reports
Secure
- In-built Beneficiary Account Verification (BAV) feature [Premium]
- Highly secure with OTP validation
- Maker-Checker flow [Premium]
- Ability to set a link expiry time
User Friendly
- Notify using a WhatsApp business account [New]
- Multiple payout modes supported including UPI
- Interactive dashboard for monitoring status
Reduced ops cost
- Zero operational cost
- End-to-end customer information security
- Negligible incorrect transfers
Solution exclusivity
- Uniqueness and innovation
- Exclusive partnership with Paytm and Amazon Pay wallet
- Link-based notification through WhatsApp business account
- Bulk link creation through a simple file upload
How Do Different Businesses Across Various Industries Use Cashgram?
At present, thousands of merchants across various Indian industries are using Cashgram to process vendor, partner, and customer payments.
Here’s a list of a few of the use cases.
- E-commerce – Refund COD orders instantly
- Online Gaming – Distribute prize money
- Rental Business – Refund security deposit
- NGOs and Political Organisations – Reimburse field agents and volunteers
- Corporates – Pay marketing affiliates and disburse reimbursements to employees
- Retail – Pay vendors and process refunds instantly
- BFSI – Settle insurance claims and pay DSA incentives
- Healthcare – Pay incentives to merchants and process reimbursements
- Travel and Hospitality – Pay commissions to vendors, handle reimbursements, and process refunds
Your customers, vendors, partners, etc. have waited long enough. Sign up for Cashgram today!
