Simpl launches merchant biz offering to reduce CoD settlement time

Simpl, a checkout network company, announced the launch of its business offering, ‘Early Settlement’, for direct-to-customer (D2C) orders.

The company said the product aims to reduce the settlement time for cash-on-delivery (CoD) orders by up to 90 per cent and improve daily sales by 40 per cent.

“This assumes significance as CoD orders, which constitute nearly 60 per cent of all online orders, typically take 15-20 days for settlement at the merchant’s end, thereby blocking cash flow and increasing merchants' working capital requirements,” the company stated in a release.

The Bengaluru-headquartered company said this offering settles prepaid orders with merchants, while providing merchants with the ability to improve their cash flows with same-day settlement of both CoD and prepaid orders.

To date, the company claims to have onboarded around 24 merchants for the service. These include businesses such as Wabi Sabi, Frido, and Italian Colony, among others.

The company said it is expanding its offerings for merchants with the launch of the aforementioned service. Its other merchant services include 1-Tap Checkout, Pay After Delivery, and Checkout Suite to improve conversions and reduce return to origin (RTO).

“As an organisation with a nuanced understanding of merchants’ pain points, the tardy pace of cash flow settlements from CoD transactions in India has been a persistent challenge for D2C merchants in India. With Simpl’s Early Settlement, merchants will be able to reduce their CoD order settlement time by as much as 90 per cent and improve their average daily sales by nearly 40 per cent,” said Khanaz K.A, CXO, Simpl.

Simpl claims to have over 26,000 merchants who use its services and enable it as their preferred checkout partner.