If you are a startup/SME and in the business of selling products, your biggest pain point is cash collection.
In India, close to 90% of transactions happen via cash and if your product needs to be sold to a common man, Internet payment gateways are not the obvious solution.
One needs offline cash collection system without spending time/money in building one.
Payin2, is a newly launched service that enables businesses with a ready to use electronic distribution and cash collection service. Payin2’s parent company, Paytronic Network is a distributor of prepaid mobile vouchers in India and has tie ups with all the major operators. The company runs over run 30,000 “Recharge Points” – these are shops where customers can go to and put money into their prepaid accounts.
Payin2 service leverages Paytronic’s distribution network and enables companies to collect cash from any of these 30,000 outlets.
How Payin2 Works
Once you register, you can start by registering few unique keywords with the site (is used when collecting payments). The customer visits nearest Recharge Point outlet and makes a cash payment to merchant. The merchant is informed about the syntax and keyword for the SMS. Merchant sends SMS to the local paytronic number (which is known to the merchant) in the specified format. The request then comes to Payin2 Server which in turn communicates to the client server with the customer details.
Watch this demo video:
The company charges anywhere between 7% to 25% depending on the relationship (exclusive or not) and the transaction volume.
Frankly, if the service delivers what it promises – I see a huge opportunity in the SME sector – right from startups to independent developers to small scale businesses would love to avail a service like this.
What’s your opinion on this service? Got any questions for them?
How does this compare to EasyBill ?
We believe our network of 30,000 merchants is much more superior and our objective is to reach 100,000 merchants by the end of this year which will give us unrivalled reach throughout the country. Also ours is also an electronic distribution network and not just cash collection network. Our focus is mainly on startups, individual developers and companies.
Hi
We are looking for a cash/cheque pick up service. Please call me at 9820825614.
rgds
gautam
This is no competition to Easybill as these are 2 entirely different platforms. Easybill works on an offline POS machine, while Paytronic is Online which operates through Mobile and Web.
Its definetly a good service to outsource payment collection.
But,7% is 25% is too steep considering the margins one could in this competitive world.
7% to 25%, this rate is too high?
Did i miss something?
My understanding is, For a sale price is Rs.100 I have to spend Rs.16( on average) just for my payment collection alone.
Add to this production,distribution,marketing,wages etc.. I am wondering if i will make a profit.
If you look at the website, you will see that the rates are still not finalised. We are looking for feedback before we finalise on the rates.
Few points to be kept in mind for the service charge discussion.
*Online payment gateways charge between 4-7% approximately
*We have to keep the rates attractive for the merchant who is collecting cash from the customers otherwise he will simply ignore cash collection for that particular service from the customers.
*And its not just a cash collection service, its also an electronic distribution network. Companies can use it to sell their products also.
prithvi
i have registered for the service but havent got a response yet. culd someone call me at 9820825614? would love to know more.
Dear Gautam,
We are providing cash and cheque pick up facility to clients.
You are absolutely right Ashish. This is a huge opportunity.
Payin2 guys, you are solving a real big pain point. Way to go! I hope the commission will come down over time.
hi guys, this is Prithvi from payin2. Firstly i would like to thank Ashish for giving us a chance to explain abt our new exciting service (payin2).
As i gather from the comments, the main contention point is the margin. I would like to say that the margins are not yet finalised and if u visit our website u will see that we are looking for feedback to arrive at a final commission structure that is beneficial to all participants – merchants, businesses and paytronic (company behind payin2). we would love to see this discussion being carried to the forums on http://www.payin2.com, where u will get more prompt replies.
Thanks
Prithvi.
Prithvi
I suggest you reply to the questions here itself (why would you want ppl to go to the forum/create new registration and then ask the same qn).
Website looks pretty good.
Very interesting… thanks.
Very good idea pls inform me in details on my mail or call me on my Mob.No.9011685151
Dear Gautam,
We are providing cash and cheque pick facility to clints.
Dear Arvind, Do you provide a different service than paytronics?
Hi Sanjay,
We are providing cash cheque pick up services on behalf of com. Like easy bill paytronics.
have any further query pls revert
Arvind, I wish to know the charges for the cheque pick-up and cash collection. Pls contact me on sanjaydahar at gmail dot com