Simplify the process of registering mandates for borrowers or customers with FidyPay’s eNACH solutions, which are fast and easy to use.
Gone are the days when you had to send reminders to your customers for monthly payments. With the eNACH API concept by NPCI, you get a centralised system that automates periodic or repetitive payments digitally. With eNach mandate registration, the payments can be seamlessly processed without 2nd-factor authentication or customer intervention. The customers provide authorization with their preferred bank at the beginning of a billing cycle or subscription plan, and all the subsequent payments are made automatically thereon.
FidyPay, the best eNACH service company, provides the feasibility of implementing this solution for banks, government agencies, and NBFCs.
We assist with listing/registering your business for eNACH services, and completing all necessary formalities so you can collect recurring payments from customers.
Enroll customers for eNACH services by entering their information and processing requests through our dedicated central dashboard. Required documents will be processed to complete the eNACH request for monthly payments.
Analyze eNACH payments, including total payments and bounced payments, using the MIS collection dashboard. Set a monthly due date for eNACH auto-debit and track individual customer payment due dates on the dashboard.
Integrate CRM, ERP, and auto recollection software for unified information across platforms, eliminating the need for manual intervention.
With ECS or usual payment recollection methods, the settlement took around three to four days, which wasn’t much feasible for the businesses. With eNACH, the payment takes place instantly, which ensures easy credit of money for the firms or merchants, whereas seamless completion of the EMIs for the consumers.
Before eNACH, the lenders or merchants used to offer physical mandate services, the verification of which often gets delayed. Moreover, the process also seemed unsecured. Therefore, eNACH integration API came up with the Mandate Management System for maintaining a specific format and approach for speeding up the mandate process securely.
Earlier, the customers were requested to visit the banks or nearest recollection centres for depositing the recurring payments. Thus, it was an inconvenient approach which affected the experience of customers.
Finance and Insurance: eNACH can be used to automate monthly EMI payments for loans and insurance premiums, reducing the need for manual intervention and minimizing errors. This can help financial institutions and insurance companies streamline their payment collection process and improve customer satisfaction.
Utilities: Utility companies can use eNACH to automate recurring bill payments, reducing the need for invoicing every month and eliminating the risk of missed payments. This can improve cash flow and reduce operational expenses.
Subscription-based Services: eNACH is ideal for subscription-based businesses that offer custom plans based on service usage or periodic cycles. It enables businesses to set rules for auto-deduction of specified amounts through eMandate, reducing the need for manual intervention and improving the customer experience.
SaaS Businesses: SaaS businesses can use eNACH to automate payments for their software-as-a-service offerings, reducing operational expenses and improving the customer experience.
Corporate Payouts: eNACH can be used for fast and easy processing of corporate payouts, including bonuses, salaries, and stock dividends, improving the efficiency of the payout process and reducing operational expenses.
FidyPay brings you efficient eNACH API integration to help your business facilitate the transfer of large payments. We offer an utterly well-structured control system for resolving settlement and payment difficulties. We are extending the modern-day digital payment landscape and helping businesses take a leap toward streamlining their financial management.
We make sure that the data of all of your customers stays safe with us! You can get along with running your business seamlessly while we handle the payment recollection aspects for you.
As you are enabling one-time authentication from the customers to auto-debit their monthly payments, it becomes convenient for them to handle their repayments. As a result, they are more satisfied with your services!
We have made the process simple for your consumers, as all they need to authorise is their net banking or debit card details after clicking on your generated eMandate link. It takes a few minutes for your business to set eNACH payment collection!
The businesses have the flexibility to set the recollection tenure, frequency of auto-debits and other such features with the use of FidyPay eNACH API.
We provide continuous support to ensure that our clients receive quick and effective solutions to any issues or inquiries regarding our eNACH services. Contact us now to start integrating eNACH into your business.
It is the concept that allows authorisation of debiting or crediting money that the customer is supposed to give to a merchant, bank or corporate firm.
The lenders can use eNACH to link the borrower’s account to that of the loan account. In this way, the lenders can take the authorization of the borrower to make periodic withdrawals from their bank account.
It is an upgraded version of the traditional ECS mandate. Thus, it is completely safe as the initiative is proposed by NPCI and RBI.
The advantages of the eNACH mandate are as follows:
As a eNACH Solution Provider, the bank will be holding all of the authorities associated with eMandates of customers. So, if the customer intends to cancel it, then he/she has to connect with the bank for it.
So, if you heard about auto payment recollection methods in the past but didn’t find ECS as reliable and convenient as it seemed, eNACH is here as an upgrade! FidyPay is the best eNACH service provider, extending its quality services to help ease your financial management within the business. If you intend to learn anything more about FidyPay’s eNACH services, then get in touch with us today!
We at FidyPay have built the API stack which enables the business of Bharat to change the way consumers transact and create a more digitally aware society by deploying plug & play solution.
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