Digital Payments are becoming more popular as businesses continue to develop. They allow businesses to receive payments from several beneficiaries in a single account. Generally, businesses used bank accounts to receive these payments from their customers and vendors. But the challenge persists as some of these bank accounts may be plagued with technical issues. Making seamless bulk payments in IT companies using payout APIs is also a helpful method. In this blog, you get to learn about how you can use UPI AutoPay for receiving bulk payments from your vendors and customers.
What is UPI AutoPay?
UPI AutoPay for businesses is a way to collect payments based on frequency (weekly, monthly, quarterly, yearly). They can raise a mandate and share it with the customer or vendor and once they accept the same, then on a set date the set amount gets deducted from the vendor’s bank account.
It is always a hassle to follow up with customers for recurring payments. But UPI AutoPay comes to the rescue by allowing businesses to collect automated bill payments via scheduling a predetermined date.
This method can be used for electricity bill payments, EMIs, subscriptions, and other facilities. These automated bill payments are also helpful to receive accurate payments without any inconvenience. So, you are always safe, stress-free, and in the right helping hand.
Where Can You Use UPI Autopay For Recurring Payments?
- School And Membership Fees
Customers no longer have to worry about carrying out their school fees and membership fees with difficulty. They can pay both school and membership fees with flexibility and ease. Customized packages for users can also be made set up by the clients.
- Premium Collection For Mutual Funds and Insurance
For most mutual fund and insurance companies, the idea of collecting payments from diverse customers is a hassling experience. But with Open’s UPI Autopay, it no longer seems to be a daunting job. Now, they can collect premiums every month, making it an affordable experience for the end customer.
- Receiving NGO Donations
Converting one-time payments to monthly donations with UPI Autopay is a hassle-free process. If the donors have the option for consistent and assured contribution, the NGO donations can be simplified and be right on time. It also allows the NGOs to set up recurring payments from several donors to render flexibility and ease of experience.
- EMI Collection for E-commerce Brands
E-commerce markets can improve their payment methods and simplify them for their customers by using UPI Autopay. From big e-commerce companies like Amazon and Flipkart to the more niche ones, all companies can benefit with the help of UPI Autopay.
- Subscription fees
Recurring payments for Netflix and other subscription fees is made easy with UPI Autopay. Now, one can collect payments relating to all types of subscriptions right on time, without any hassle. You can set it up to monthly, quarterly or annually, depending on your preference. This helps the companies to automate their subscription fee collections in no time.
The Bottom Line
Open’s UPI Autopay is fast-paced, and if you do not want to be lagging in your timely payments, do not forget to indulge in it right away. We promise; you won’t be disappointed.