Digital payment startup TranServ innovates to reach out to SMEs.
Pune, India | Red Newswire | ET Bureau | 17 Nov, 2015 10:52 PM IST.
Digital payment startup TranServ Pvt Ltd is widening its small and medium enterprises (SME) client base by integrating payment options on Facebook and WhatsApp, platforms that are often used by casual sellers and home-based businesses.
TranServ has boosted its transaction volumes by 30% after introducing these solutions three months ago. Currently, the company processes around 1 lakh transactions a day on an average.
TranServ first introduced link-based payments, which merchants can message or email to their customers to enable a digital payment option, in April this year.
“We realised then that a large number of casual sellers and home-based businesses, especially run by women sellers, run on Facebook. Similarly, in areas such as textiles, majority of the merchants engage in B2B transactions through WhatsApp. Hence, we innovated with payment options for these merchants,” said Aditya Gupta, co-founder of TranServ.
He said with these solutions, merchants will see a boost in their business too as someone liking a product sold on Facebook can instantly choose to buy it rather than contact the seller for payment options. While TranServ’s link-based payment options are being used by 2,500 merchants, around 1,500 merchants use the Facebook and WhatsApp payment options.
“We are currently signing up 1,000 merchants a month for these solutions, and expect to sign up 5,000 merchants every month by the end of this quarter,” said Gupta.
The company is further innovating payments for SMEs such as same-day payments and missed call payments.
“For many smaller merchants selling on online market places, cash on delivery is a big hassle, which ties up their working capital. We have introduced a payment option through which the cash settlement takes place on the same day, and merchants have working capital in the bank for next day,” said Gupta, adding that the solution was launched this month. He expects transactions to double as it gets adopted by more merchants.