Digital payment solution provider Easebuzz has offered a new way to simplify payments for smaller businesses’ online payments, called EasyCollect, a press release from the company stated on Tuesday (Aug. 31).
Easebuzz has launched the new application programming interface program as a way to safely execute transactions.
EasyCollect offers numerous features such as creating and sharing payment links on the go, automating payment reminders, sending auto-generated invoices, reducing the need for manual follow-ups, customizing emails and reminders, and split payments, auto payments and bulk payments.
Rohit Prasad, managing director of Easebuzz, stated, “with the EasyCollect APIs, you can automate reminders that will help you increase the number of paid invoices; reduce costs and manual effort required to collect payments and simultaneously, reduce the number of days taken by your customer to make the payment.”
He added that setting up payment reminders “also improves your capital and reduces the need for additional day-to-day working capital,” according to the release.
The release noted that Easebuzz is enabling businesses to digitally transform themselves in the FinTech space while providing seamless experiences for smaller companies.
In India, PYMNTS writes that digital payments are rising, with hundreds of millions of Indians coming online in the last decade. Some startups like Khatabook have been working on bringing more inclusion to small businesses, helping them to gain more resilience.
Khatabook Co-founder and CEO Ravish Naresh told PYMNTS earlier this year that India’s small business space was ready for innovation. While shopkeepers, tailors, hairdressers, cattle traders and other types of small businesses account for more than 30% of India’s gross domestic product (GDP), most of these companies still rely on paper-based formats.
“The physical ledger notebook entries in India are maintained only by the seller, and customers often don’t remember the transaction that took place on a specific date in the past,” Naresh explained, per PYMNTS. He said that merchants could add customers to the app so that transactions are visible to both parties in real time, which reduces effort as the need for maintaining physical ledgers is eliminated and builds trust with customers who otherwise may not have access to a receipt.