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!
Launching Instamojo NEFT/Direct Bank Transfer
You will soon be able to collect payments via NEFT on Instamojo.
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.
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.
7760881756 – 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.
Don’t want to use NEFT? No problem! 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.