Cashfree, Shipway Team on instant refunds
Without money, which enables businesses in India to accept payments and make payments, collaborates with e-commerce automation company Shipway to expedite the processing of CODs, according to an announcement on Tuesday, May 25, emailed to PYMNTS.
The integration will significantly speed up the COD refund workflow. This will lead to a “transparent and fast” COD reimbursement process as well as “an improved customer experience, operational efficiency and reduced costs,” according to the announcement.
Shipway merchants now have the ability to process one-click refunds through the Cashfree payment platform with the collaboration. The refunded amount will then be credited to the end customer’s preferred payment method – be it a credit card, debit card, wallet, UPI ID or bank account, according to the ad.
Payouts, Cashfree’s bulk dispersal product, debuted in 2016. As it stands, over 5,000 companies in India are leveraging payments for vendor payments through marketplaces, e-commerce refunds, supplier payments through procurement, loan disbursements, salary payments, expense reimbursements, insurance claims, salary and rewards.
Co-founder of Cashfree Reeju Datta said in the announcement that Cashfree has enabled businesses in different industries to reduce the turnaround time for their payments through the collection of company products. Datta noted that COD refunds have always been a concern for e-commerce retailers because they are time consuming and historically heavy.
“Through this partnership, we aim to solve this problem for both merchants and Shipway customers and help improve the overall customer experience,” Datta said in the announcement.
The news comes as Cashfree has raised tens of millions of new funds to help fuel its expansion.
UK based private equity investor Apis Partners injects $ 35 million into the company in exchange for a minority stake in the company.
Apis invested through its Apis Growth Fund II and said in an announcement that it was attracted by “the strong growth and profitability of the company as well as the innovation of its products”.