Paytm Payment Gateway launches same-day bank settlement for businesses
Paytm says that the minimum amount that can be transferred is ₹50 and the maximum amount that users can transfer is ₹2 lakhs in a single transfer request.
Paytm Payment Gateway on Tuesday launched the same-day settlement facility for all kinds of fund transfers for businesses on its payment gateway.
Paytm's new same-day settlement feature will help businesses that depend upon immediate availability of funds to pay down-stream partners, which includes e-commerce companies, government institutions, and all businesses involving inventories, especially those involved in day to day trading who depend heavily on cash procurements.
Paytm says that its newly launched feature can be accessed from Paytm Merchant Dashboard or Paytm for Business app. The minimum amount that can be transferred is ₹50 and the maximum amount that users can transfer is ₹2 lakhs in a single transfer request. The merchants can also define frequencies and the funds will transfer automatically. The company further says that the frequencies can be once a day, twice a day or even three times a day.
“The launch of same-day settlement facility is in line with our aim of strengthening the Digital India mission by making high-frequency and high-value business transactions completely cashless...The feature is especially useful in this post lockdown period when businesses are getting ready for the upcoming festive season. Every single day reduced from their working capital cycle is a big relief for them,” Saloni Malhotra, Vice President - Paytm said on the occasion.
“We will soon introduce merchant-facing APIs for triggering on-demand settlements and checking outstanding payable amounts,” she added.