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?