Using a solution from Cashfree Payments called Payouts, retailers can immediately pay vendors, process customer refunds, disburse loans and more. The solution has a 99.98% payouts success rate, according to a Tuesday (Aug. 23) press release.
With Payouts’ API integration, PharmEasy can automate the process and hasten settlement to merchant partners within 48 hours of payments received from customers. Since no manual processes are needed, human intervention is reduced, as is payment settlement time.
A marketplace and intermediary, PharmEasy facilitates the sale of pharmaceutical and healthcare products and services across various categories through its third-party retail partners. The company also assists in the speed and processing of payments for transactions between consumers and retail partners.
PharmEasy’s partnership with Cashfree Payments has also helped the company track and process failed payout transactions. With Payouts, PharmEasy can reconcile failed or bounced transactions within 24 hours, per the 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,” said Reeju Datta, co-founder, Cashfree Payments. “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.”
Cashfree Payments said it has over 50% of the market share among payment processors and leads the way in bulk disbursals in India with Payouts, according to the release. The company is integrated with major platforms such as Shopify, Wix, PayPal, Amazon Pay, Paytm and Google Pay, and operates in India, U.S., Canada and the United Arab Emirates.
The company also collaborates with leading financial institutions to build the core payments and banking infrastructure that powers its products.