Payment gateway service provider Paytm on Tuesday launched a same-day settlement facility for all kinds of fund transfers on its payment gateway to help businesses that depend on immediate availability of funds to pay down-stream partners.
This 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.
The 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 is ₹ 2 lakh in a single transfer request.
The merchants can define frequencies and the funds will transfer automatically. Frequencies can be once a day, twice a day or even three times a day.
“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,” said Paytm’s Vice President Saloni Malhotra.
“We will soon introduce merchant-facing application programming interfaces for triggering on-demand settlements and checking outstanding payable amounts,” she said in a statement.