Chennai-based SaaS major Zoho announced at the Global Fintech Fest 2024 in Mumbai its entry into the payments sector with the launch of Zoho Payments, a unified payment solution to help businesses accept money online from their customers.
Zoho Payments is an RBI-authorized payment aggregator and a Bharat Bill Payment Operating Unit (BBPOU) under NPCI Bharat BillPay Limited (NBBL).
It is designed to streamline B2B transactions through the Bharat Bill Payment System (BBPS), offering a unified platform that simplifies invoice management and payments.
Full payment features
Zoho Payments offers businesses a secure and seamless way to accept online payments, supporting multiple modes like UPI, 35+ online banking options, and card payments.
The solution is PCI-DSS Level 1 compliant, ensuring high security standards. It also improves the payment experience for end customers by reducing shopping cart abandonment rates, helping businesses minimize revenue loss.
The platform offers robust features such as fraud management, transaction insights and dispute handling, making it a powerful tool for streamlining financial operations.
Integration with Zoho Financial Suite
One of the standout features of Zoho Payments is its deep integration with Zoho’s suite of financial applications, including Zoho Books, Zoho Billing, and Zoho Invoice.
The integration allows businesses to start accepting online payments quickly without the need for third-party payment gateways.
“At Zoho, we strongly believe that enterprise finance, banking and payments need to work together,” said Sivaramakrishnan Iswaran, Global Head of Finance and Operations for Zoho’s business unit.
“In pursuit of this vision, we launched our ‘Connected Banking’ solution across all our financial applications, integrating them with all major banks. With the launch of Zoho Payments today, along with B2B payment capabilities, we are able to achieve our goal. NBBL’s BBPS standardizes bill presentment and payment, providing multiple payment modes, instant payment confirmations, invoice financing, and a unified platform for invoice transmission and reconciliation. This marks a major advancement in the fintech domain. As a result, we are now able to offer a more comprehensive financial management solution for businesses.”
Streamlining B2B payments with BBPS
Zoho Payments integration with the BBPS network enables businesses to streamline their B2B payment processes.
As a registered BBPOU, Zoho can integrate buyers and sellers into the BBPS network, facilitating seamless invoice submission and payments.
Standardization offers multiple payment modes, instant payment confirmations and a unified platform for invoice transmission and reconciliation.
Invoices sent through Zoho Books on the BBPS platform are automatically recorded in the buyer or seller’s accounting software, reducing manual intervention and ensuring accuracy in financial records, the release note said.
Similarly, invoices submitted by your vendor will be automatically recorded in Zoho Books. The company said businesses can also get financing for their unpaid invoices from lenders on the TReDS platform through the BBPS network.
Offering flexible payment options
Zoho Payments enables businesses to accept and send payments through multiple modes such as NEFT, RTGS, IMPS, UPI, Cards, and Netbanking.
Once payments are received, relevant information will be automatically updated and reconciled with the corresponding invoice, reducing the need for manual intervention.
Businesses will also have the option to make bulk payments for multiple invoices, eliminating the cumbersome process of exporting invoices to process payments through the bank, the company said.
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