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India's leading digital payments solution extending interest free credit terms for a stipulated period ePaylater has announced its partnership with holistic micro digital payment service provider, FidyPay, to provide the latter's merchants with a simple way to recharge their float wallets without having to pay upfront.
By leveraging the credit-based transaction solution of ePaylater, FidyPay's merchants will now be able to recharge their wallets anytime and fulfill more transactions, while getting access to a repayment period of 28 days for the credit borrowed.
Earlier, merchants affiliated with FidyPay had to maintain a minimum wallet balance, which was utilized by them to fulfill recharge orders of customers. However, this largely inhibited their scale of business, and several business product cycles are such that it becomes difficult to maintain a uniform balance throughout.
In order to mitigate such a scenario, ePaylater's 'Buy now, Pay later' model will allow FidyPay's merchants to carry out more transactions, infuse enough capital to invest in business and help those merchants who were otherwise not able to undertake projects due to a paucity of working capital.
To avail this feature, merchants would need to fill out a short online application that would only take a couple of minutes. Using the information provided, ePaylater assesses an applicant's credibility by using sophisticated, cutting-edge algorithms.
Decision is taken instantly, and limit is sanctioned within seconds of approval, post which necessary documents need to be submitted.
Once the limit is disbursed, merchants can use the funds to recharge their FidyPay wallet.
"From catering to high order volumes to enhancing their transaction rate and saving essential working capital to invest in crucial production processes, this collaboration has had an immense positive impact on the day-to-day transactional ability of merchants affiliated with FidyPay. The repayment period of 28 days provided to the merchants has been offered considering merchants have to contemplate on a plethora of aspects while making their financial allocations. Such an arrangement allows merchants to rotate money multiple times to earn more revenue because of the compounding effect," said business manager - Strategic Alliances, Puneet Sharma.
Once the due amount is repaid, the credit limit is restored, which can then be used for future transactions. With the help of ePayLater, many businesses now have access to additional working capital, which is giving impetus to their top line growth.
This association will undoubtedly bring new hope and financial security for various self-employed and small business owners from rural and urban areas in India, who otherwise would have been denied the opportunity because of unavailability of funds from traditional sources.
"With the Introduction of Buy Now, Pay Later feature from ePayLater on our platform our customers and merchants will be able to transact more efficiently and frequently. We are confident that this will give boost to both the companies and will open new opportunity windows to for Rural and Semi Urban population of India" said co-founder and CEO, FidyPay, Manan Dixit.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)