India’s homegrown digital financial services platform Paytm today announced that its Enterprise Bill Payment System (EBPS), part of Paytm Payouts is set to cross Rs. 3,000 crores in transactions by the end of FY’21. EBPS enables businesses to manage and pay all their utility bills generated across a large number of business locations on a single unified platform. With Paytm Payouts, businesses can make bulk payments to bank accounts, UPI addresses, Paytm Wallets, Gift Vouchers and other employee benefits like Food Allowance instantly. It provides 24*7 payment options to transfer any amount and hence benefits companies and their finance department to manage their cash flows better and all kinds of payables including rent payments, vendor invoices, customer cashbacks and refunds, channel partner incentives, utility bill payments or employee reimbursements.
EBPS is the only integrated utility bill management service for businesses in India, enabling companies to monitor all the bills of their shops, offices, and warehouses. It comes with a hassle-free reconciliation system and automatically fetches new bills as they are generated. It also provides custom reports based on business locations, which can be easily integrated with the enterprise resource planning and financial reporting systems of businesses. It also provides various other options including the capability to set up custom approval workflows to make approvals and follow-ups from various business departments easier and configure bill payment reminders or automatic payment instructions. Paytm Payouts is partnering with major companies in sectors including retail, banking, logistics, among others to expand the service.
Manual processing of bills leads to companies often ending up missing payments. Businesses also must keep a retinue of staff engaged in the payment and reconciliation of bills. EBPS enables businesses to cut down on their administrative costs, increase operational efficiency and save on the bill amounts by avoiding penalties and unlocking early payment discounts. EBPS empowers companies to save on their bill by unlocking remunerations from electricity providers in the form of reward schemes for early and timely payment. The service automatically calculates the amount users must pay as well as the amount of money they save. It enables swift payments by allowing users to easily filter bills depending on the business location, due dates, bill providers etc. Companies can avail the service by submitting their details on the Paytm for Business Enterprise Bill Payments website.
Saloni Malhotra, Vice President – Paytm said, “We aim to empower companies large and small with 360-degree solutions that help them run their businesses more efficiently. Instead of spending their time and effort on the exercise of managing bill payments, EBPS offers companies the chance to cut costs and focus on their business growth. We expect this service to process Rs. 3,000 crore worth of utility bills paid by companies in the current financial year.”
Paytm Payouts is driven by a powerful API that can be integrated with any platform, thereby eliminating the need for companies to invest time & resources to build their platform. Businesses can also deposit money directly from any bank account to process any payment. The feature-rich and simple to use service is enabling several companies to pay salaries, food allowances, incentives, rewards to housekeeping & other contractual staff.