Cashfree Payments, one of India’s leading payments and API banking solutions company has partnered with PharmEasy, one of India’s leading digital healthcare platforms, to facilitate convenient payment settlements to its retail partners.
This partnership will leverage Cashfree Payments’ Payouts solution to automate transactions for the retail network, according to reports.
Cashfree Payments’ Payouts solution allows merchants to instantly pay vendors, process customer refunds, and disburse loans, among other transactions. The solution is highly reliable, delivering a 99.98 per cent payout success rate.
“We are delighted to partner with PharmEasy and extend our Payouts solution. Payouts help PharmEasy to automate their payment settlements to the retailers and vendor payouts reconciliation, thus creating a superior transaction experience for the company’s partners. We look forward to helping the company automate the entire payments process and contributing to its bid to make quality healthcare accessible to the masses,” said Reeju Datta, Co-Founder, Cashfree Payments.
PharmEasy, in its capacity of a marketplace/intermediary, facilitates and enables the sale of pharmaceutical and healthcare products and services across various categories through its third-party retail partners which are spread across the country; and the payments for the sale and purchase transactions which are undertaken between consumers and retail partners.
A customer can place an order on PharmEasy’s website or mobile app and can either pay online or opt for COD (cash on delivery). Once the payment is made by the customer, PharmEasy then compiles all the payments to be made to the retailer partners and disburses them on a daily basis.
“The partnership with Cashfree Payments is a crucial one, in our bid to use technology to enhance the reach of quality healthcare. Our processes have now been greatly automated, thus improving customer experience as well as reducing the time utilized in payment reconciliation and settlements. This has also boosted the productivity of our team, as the time saved is used in other significant tasks. We aim to automate the entire payments process in the time to come and the association with Cashfree Payments will play a major role in the same,” said a spokesperson from PharmEasy.
The report further explained that with Cashfree Payments’ ‘Payouts’ API integration, PharmEasy will now be able to automate this process and facilitate settlement to retail partners within 48 hours of payments received from customers, without any manual intervention. This process has reduced human intervention significantly, in turn saving payment settlement time.
Through this partnership, Cashfree Payments has also helped PharmEasy in tracking and processing bounced/failed payout transactions. With Cashfree Payments ‘Payouts’, PharmEasy has automated this process and is now able to reconcile bounced/failed transactions within 24 hours and take action, leading to accurate payouts in time and enhanced partner satisfaction.