NEFT is undoubtedly the most popular method to collect payments in India. We aren’t saying it – this report by Capital Minds is! The report claims NEFT transaction volume went up 200,000 CR in just a year (2016-17). Given its popularity, we thought we’d bring the ease of NEFT to your business via Instamojo. Introducing Instamojo NEFT!
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Launching Instamojo NEFT/Direct Bank Transfer
You will now be able to collect payments via NEFT on Instamojo for NO COST to your business!
No more 2%+Rs.3 on your transactions if customers pay you with Instamojo NEFT.
Instamojo NEFT / Direct Bank Transfer, takes regular NEFT to another level. This allows you to do one thing that your regular NEFT doesn’t – Track, Manage and Reconcile Your Payments.
Features of Instamojo NEFT
- No need to share your bank account details
- Track who paid you
- Track the purpose of the payment
- Download NEFT sales details from Instamojo dashboard
- Recieve timely payments according to your regular payout cycle.
- Enable or disable NEFT from your payment link any time you want!
How Instamojo NEFT Works
Instamojo NEFT allows you to do all that by simply generating a Virtual Account Number (VAN) – a 20-digit number that allows you to easily track and reconcile payments at your end.
Here’s an example of a VAN:
466656 – The first 6 digits help a bank identify this as an Instamojo payment.
1477 – The next 4 digits are a set of unique numbers that change with every order.
The last 10 digits are the Buyer Mobile Number (taken from the payment form).
How will this help?
Using the unique number and mobile number, you can track exactly who paid you and the purpose of the payment. Here is how it will look on your dashboard:
Do more with Instamojo NEFT
There are several different ways you can use Instamojo. Here are just a few:
- No-Hassles Sharing: Just share the payment link instead of sending your entire bank details!
- Partial Payments: You can use the NEFT option to collect partial payments. This works best for freelancers that collect payments in halves (before and after the project). You can allow your clients/customers to pay you just a portion of the entire amount.
- Recurring Payments?: Looking for recurring payments? NEFT can be a good alternative. The buyer can pay you on the same NEFT details at regular intervals.
- Give your Customers More: Sharing your payment link allows your customer to look at all the other options they can pay with. Gift them the choice to pay you via Debit/Credit Cards, UPI, Netbanking and also NEFT with just one payment link.
See how customers can pay you with NEFT:
Instamojo offers several more payment options. More than 300,000 sellers use Instamojo to collect payments for their business. You can too! Get started in under 2-minutes.
10 comments
Is it still active after YES Bank Crisis? Does it get affected of it? Because this one service is linked with YES Bank, right?
Hi Saravanan
Yes, it is active now, you can receive your payouts. For more updates, please do follow us on social media.
No response still,
I have sent an email regarding intregration of a specific box for Code in my Instamojo Links. But no one has answered. including Monica and Satabdi_c in customer support team. (support@instamojo.com)
Hello Rapti – for NEFT payment, the customers still need to register the VAN as payee in their bank, right? There is no escape, unlike UPI or Credit/Debit cards – is this correct?
If yes, that’s where the procrastination/payments delays are. If not, it seems wonderful and I’d take InstaMojo.
That’s correct. However, in normal NEFT, the reconciliation process is manual and you’d need an accountant to go through it. In Instamojo NEFT, the process is super easy.
Hi I have done that, now looking forward to her call.
Quick Queries:
1. When is this launching?
2. Will API’s be available like they are for normal credit or debit payments?
1. If you’ve already filled in the form, we enable the feature for you in a day or two.
2. Yes. It’s an additional payment mode being offered. Nothing changes in the APIs.
Hi for my upcoming site I’m taking instamojo convience feature which gets me full money what i charge, since you’re having neft feature this is my query.
My buisness model involves sending unlimited numbers of payment via neft, it could be easily few hundred, thousand and lakhs and more in future.
I intend to make this payments monthly on a specific day, now the banks offer me a service where I need to upload all details in a excel file and they process it.
Can instamojo do the same? Does my member need to sign up here and take the number from you.
What would the charges be and can I pass it back on to them. Please let me know urgently.
hello Siddhesh,
Please drop in your phone number to monica@instamojo.com and we’ll be most happy to answer your queries.
Thank you.