For both, banks and enterprises, collecting EMIs is a major task. Banks have to collect EMIs on the loans that they lend, whereas enterprises have to collect EMIs from people who buy products and choose the monthly payment option instead of paying for the product right away. Without technology, the process of collecting EMIs is bound to be tedious to manage well, given that both banks and businesses would have clientele spread across a wide geography. Collections of EMIs today happens through paper based mandate setup. A good portion of such mandate setup is now being converted to eMandates. At paycorp.io, we specialize in creating solutions to help in collecting EMIs without the need for manual intervention.
What paycorp.io offers you is an automated process for efficient setup of electronic mandates to collect any payment which is of recurring nature. Not only does our system significantly simplify the task of collecting such recurring payments, it also provides multiple other functionalities which makes it simple as well as versatile. Both corporates and banks can easily set up e-mandates using our system for receiving monthly payments.
The paycorp.io technology offers eMandates of all types, such as API-based e-mandates, e-Sign Mandates, destination bank mandate processing, and sponsor bank mandate processing. Our system also offers mechanisms to convert mandates set up through paper mandate into electronic mandates thus significantly reducing cost of processing mandates to the corporates and banks.
By automating the collection process through the setting up of an e-mandate, what the client can be assured of is automatic, secure, and error-free payment collection ahead of the date of collection. Therefore, the corporates don’t need to have their own setup to initiate collections. Moreover, our system provides a comprehensive reminder service to alert the customers to maintain sufficient balance in their debit account well in advance to ensure that the e-mandate payment collection goes through.
The above information describes how the technology solutions offered by paycorp.io facilitate accelerated EMI collections in an easy and hassle-free manner. Not only would you have to incur lesser costs in collecting EMIs, but they would also be collected on the exact desired date through automated, highly secure, electronic transactions. We are also upgrading our system incorporate an AI-based model to predict potential collection failures. The upgraded system will also incorporate additional measures to prevent such failures and maximise the success of collection process. Whether you are a bank or a corporate organization looking to set up a system to receive periodic payments, we would love to help in setting it up for you.