PharmEasy will use Cashfree Payments’ Payouts application programming interface (API) integration to pay vendors, process customer refunds, disburse loans and handle other transactions, according to a press release emailed to PYMNTS.
“Our processes have now been greatly automated, thus improving customer experience as well as reducing the time utilized in payment reconciliation and settlements,” a spokesperson from PharmEasy said in the release. “This has also boosted the productivity of our team, as the time saved is used in other significant tasks.”
With Payouts, PharmEasy will be able to automate the process of compiling and disbursing payments to be made to its retail partners, facilitating settlement within 48 hours from the time payments are received from consumers who have purchased products on the platform, with no manual intervention, according to the press release.
“Payouts helps PharmEasy to automate their payment settlements to the retailers and vendor payouts reconciliation, thus creating a superior transaction experience for the company’s partners,” Cashfree Payments Co-Founder Reeju Datta said in the release. “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.”
Platforms like Cashfree Payments help client firms scale while also enabling them to collect payments and disburse funds, Cashfree Payments Senior Vice President of Engineering Ramkumar Venkatesan told PYMNTS in a July interview.
With low (or even no) code options, there are more solutions available to firms as they create new user experiences.
“These solutions can be used, even by non-programmers, with simple drag-and-drop user interfaces,” Venkatesan said.