What Benefits Come From Utilizing eNACH Solutions? (1)

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eNACH
SOLUTIONS
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FIDYPAY
FidyPay is a mission-oriented Banking as a
Service Platform working towards the vision of a
cash-less to cash-free economy.
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E-NACH MANDATE OVERCOME THE CHALLENGES OF
RECURRING PAYMENT
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INTRODUCTION
Electronic National Automated Clearing House
(e-NACH) is an acronym for Electronic National
Automated Clearing House. It's a new easier
method to automate manage all recurring billing
using a bank account, such as phone bills,
insurance rates, utility payments, SIPs, and even
school fees.
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Suppose you activate an eNACH requirement for
power bill payments, for example. In that case,
all consecutive bill payments will be arranged
for auto reimbursement using your bank account,
rather than maintaining track making individual
payments manually.
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B2B AND SAAS
Recurring payments were a key obstacle for SaaS
and B2B enterprises in India. Any eNach
Solutions company in India will be needed
to gather upfront fees for its services or risk
fines or payment delays.
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The only option for collecting recurring
payments was to hire a team of field agents to go
door-to-door or use the ECS mandate, which
required the firm to approve recurrent
collection by filling out a form and submit it
to the bank neither of which was a feasible
choice for software companies.
Because collecting future billing is so
important to SaaS enterprises, many of the
world's most successful SaaS companies are
established in nations that allow them to do so.
While it allows such enterprises to quickly reach
huge markets such as the United States, it has
stifled the growth of SaaS companies operating In
India and SaaS businesses focused on
India-specific products like accountancy.
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Here are a few challenges that recurring
payments for SaaS enterprises in India can
tackle with the arrival of e-mandates
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FLEXIBLE BILLING
Companies that use usage-based recurrent payments
invoicing need a model that allows them to
efficiently receive, alter, and reconcile billing
queries. Consumers can choose to improve or
transfer to a current proposal or quit using the
service in the middle of a plan, and these
demands should be accommodated on the fly.
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FAILURE MANAGEMENT
Payments can fail during the billing cycle thus,
having a mechanism to automatically notify
clients of such a fraudulent transaction will
improve customer satisfaction.
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MULTI-CURRENCY SUPPORT
If you expect clients to sign up for your service
worldwide, you should consider supporting
multiple local currencies. Users like to pay in
currencies they are accustomed to, such as their
own currency.
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INTEGRATIONS PAYMENT OPTIONS
Besides enach mandate registration, having the
greatest range of payment alternatives, Credit
Cards Paypal is a development enabler. It's
also crucial to link the recurring payment option
to the accounting software.
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Insurance premiums, wealth development, and loan
repayments are all examples of financial services
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Renewal of insurance, selection of monthly SIPs
(Regular Investment Plans), loan repayment
collection is three of the most difficult
difficulties for health insurers, wealth
management firms, and lenders. Financial
institutions currently rely on the Enach Services
Company to obtain prompt payments, which
necessitates installing a customer service
field team to collect timely payments.
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As a result, eNACH mandate charges can be
time-consuming and costly, impeding the expansion
of technology-driven financial services
offerings. Digitalization for recurring revenue
collections can drastically cut operating
expenses and open up new product development
opportunities.
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CONTACT US
062320 82424
care_at_fidypay.com
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