It’s fascinating to think how Indian startups have managed to address real world problems using technological resources around them. Another example of such a startup is PayUmoney, who just launched an email invoice system to address the grievances of cloth merchants.
At operational level in Indian cloth market, traders make payments later but need the invoice immediately, as soon as the products are delivered. This invoice is often not received on time. Other issue faced by merchants during transactions is transferring the amount to trader, which takes subsequent time through normal banking channels since the amount is too large.
This drove Paritosh Sharma, the new business development officer of PayUmoney, and his team to work on the their email invoice project.
Gurjodh Pal Singh, vice-president & business head of PayUmoney SME Business, stated –
Once we validated the need and realised the massive potential, we quickly prototyped and improved upon the product to ensure that it solves the pain point for small offline merchants to take online payments via email.
Email invoice system works in two ways. The trader receiving the money logs on to his PayUmoney seller dashboard and sends an email invoice to the customer (other payee trader) with a fixed amount to be paid. Second, once the email reaches the customer with an inbuilt pay-now button, he can pay using his credit card, debit card or by net banking.
The payee doesn’t need to log in to any kind of portal other than his email. The inbuilt button then redirects to payment portal, which is fairly simple to operate and needs no training. This makes invoice delivery as well as payment a less tedious task and is done within seconds.
Singh further added –
Email invoices have existed since long. It’s not a western concept. You send a normal invoice (soft copy via email) and a hard copy via post. That’s what we have done. Instead of logging on to your email, attach an invoice and spend time in creating it, you can now do it all under 30 seconds via the PayUmoney Email Invoice.
PayUmoney’s attractive business solution has lured a large number of cloth merchants who now rely on email invoice system to make invoice delivers and payments.