Top 5 Digital Payment Solution Providers in 2022 by The Enterprise World

WWW.THEENTERPRISEWORLD.COM | APAC EDITION | APRIL 2022

Top 5

Digital Payment Solution Providers in 2022

Naveen Doda, Co-Founder

Parveen Wadhwa, Founder

Your Personal Business Portal

From Editor’s Desk W

ith the onset of technology, and technologically driven automated services, there have been major advances and shifts in the way the consumer behaves online, there have been changes in the government policies and regulations, where even the ecommerce environment has shown immense growth. This global proliferation of the connected devices have led to a significant revolution in digital payments. This continual rise of various FinTech’s show us the shift in how the customers choose their financial services. In this issue of Top 5 Digital Payment Solution Providers in 2022 (APAC Edition), The Enterprise World features the stories of some such companies that with their innovative services are bringing a revolution in digital payments. For the cover story read aboutPayBingo, your personal business portal. The seeds of this company were sown when Mr. Parveen and his business partner Mr. Naveen Doda visited Kolkata for some work and one of their friends said that we should do something of our own in the same domain. Then, the duo started taking steps towards this direction. Mr. Parveen was in this domain since 2010 when Nokia started this in India with Union Bank. So, he with his partner laid the foundation of PayBingo in 2015. Its operations started in 2016. “In this beautiful journey, we have added close to 50,000 Merchants with us along with more than 3500 distributors with us. The team size also reached 150 as of now.” PayBingo is a concept to equip small business owners with the right tools to expand their revenue without any extra efforts. PayBingo serves as a companion to facilitate various online services backed by trusted servers and qualified team. PayBingo is committed to adequate training and development of it’s business partners. Digital India is happening and PayBingo heartily supports Digital India initiative and is committed towards bringing transparency and opportunities to the fellow countrymen. India’s leading indigenous payment technology company Electronic Payment and Services Pvt Ltd (EPS) was founded in 2011 with a profound vision of emerging as a leading provider of payment technology solutions to banking and financial institutes. In the last ten years of journey, it has truly emerged as a payment technology services company that provides full-spectrum solutions across the payments value chain, with a footprint of 11,000 ATMs across India and. Its solutions include end-to-end ATM outsourcing services, ATM managed service, transaction processing across RBI as well as NPCIbacked payment systems, reconciliation, and fraud risk management. In a talk with Mani Mamallan, Founder, Chairman & Managing Director of Electronic Payment & Services Pvt Ltd (EPS), find out more about the journey of the company. In an interview with Ketan Patel (CEO) and Manish Patel (Founder & MD), know more about the Mswipe. Mswipe is a pioneer in providing EDC machines that are safe and secure and accepts all debit & credit cards. Mswipe is the largest nonbank EDC Provider with over half a million merchants on its platform. It has secured funding of over USD 100 mn from some of the leading technology and fintech-focused VCs in India such as Matrix Partners, Falcon Edge, B Capital, Epiq Capital, etc. As of the year ended 31st March 2021, Mswipe recorded gross revenue of INR 220 Cr. Mswipe Technologies Pvt Ltd established in 2011 is known as a leader in digital payments and offers POS solutions for all types of payment acceptance – cards, wallets, mobile payment apps and bank apps, contactless and QR payments.

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For Editorial Concerns: editor@theentetpriseworld.com For Sales & Branding Enquiries: sales@theenterpriseworld.com For Subscription: info@theenterpriseworld.com Publisher The Enterprise World Creative Content Editor Shalmali W. | Adeeb Marketing Coordinator(APAC) Meera B. PR & Marketing Coordinator James H. Business Development Executive Suchita P. Creative Design Head: Sushant K. Social Media Manager Narendra S. Digital Circulation Manager Amanda V.

This list is NOT a ranking. The companies on listed in magazine serve different aspects of the market, making ranking them in any order except revenue impossible and unfair. We try to bring a perfect platform for business organization to showcase their valued products/ services. Copyrights © The Enterprise World | 2019. All Rights Reserved. The images and content included in this magazine should not be copied, transferred or reproduced in any form or by any means, electronics, mechanical, photocopying, recording, otherwise, without proper permission from The Enterprise World. The Enterprise World solely owns all the reprint rights.

Leaders in Spotlight For the cover story readPayBingo, your personal business portal. The seeds of this company were sown when Mr. Parveen and his business partner Mr. Naveen Doda visited Kolkata for some work and one of their friends said that we should do something of our own in the same domain. Then, the duo started taking steps towards this direction. Mr. Parveen was in this domain since 2010 when Nokia started this in India with Union Bank. So, he with his partner laid the foundation of PayBingo in 2015. Its operations started in 2016. “In this beautiful journey, we have added close to 50,000 Merchants with us along with more than 3500 distributors with us. The team size also reached 150 as of now.” PayBingo is a concept to equip small business owners with the right tools to expand their revenue without any extra efforts. PayBingo serves as a companion to facilitate various online services backed by trusted servers and qualified team. PayBingo is committed to adequate training and development of it’s business partners. Digital India is happening and PayBingo heartily supports Digital India initiative and is committed towards bringing transparency and opportunities to the fellow countrymen. India’s leading indigenous payment technology company Electronic Payment and Services Pvt Ltd (EPS) was founded in 2011 with a profound vision of emerging as a leading provider of payment technology solutions to banking and financial institutes. In the last ten years of journey, it has truly emerged as a payment technology services company that provides

full-spectrum solutions across the payments value chain, with a footprint of 11,000 ATMs across India and. Its solutions include end-to-end ATM outsourcing services, ATM managed service, transaction processing across RBI as well as NPCIbacked payment systems, reconciliation, and fraud risk management. Headquartered in Mumbai, Electronic Payment and Services Pvt Ltd was launched to bridge the gap in demand for efficient, secure, and technology-driven products and services for the banking industry. Electronic Payment and Services Pvt Ltd is backed by prolific investors from the financial services and payments space with having an eminent board of directors and advisors including top executives of RBI, NPCI, and PSU banks. In a talk with Mani Mamallan, Founder, Chairman & Managing Director of Electronic Payment & Services Pvt Ltd (EPS), find out more about the journey of the company. In an interview with Ketan Patel (CEO) and Manish Patel (Founder & MD), know more about the Mswipe. Mswipe is a pioneer in providing EDC machines that are safe and secure and accepts all debit & credit cards. Mswipe is the largest non-bank EDC Provider with over half a million merchants on its platform. It has secured funding of over USD 100 mn from some of the leading technology and fintech-focused VCs in India such as Matrix Partners, Falcon Edge, B Capital, Epiq Capital, etc. As of the year ended 31st March 2021, Mswipe recorded gross revenue of INR 220 Cr. Mswipe Technologies Pvt Ltd established in 2011 is known as a leader in digital payments and offers POS solutions for all types of payment acceptance – cards, wallets, mobile payment apps and bank apps, contactless and QR payments.

12. PayBingo

S T N E T

24. Electronic Payment and services Pvt Ltd

34. Mswipe

22. HOW IS MY BUSINESS CREDIT SCORE CALCULATED? 30. 4 PAYMENT METHODS Small Businesses Must Support

Your Personal Business Portal

Parveen Wadhwa, Founder 12

APRIL 2022

COVER STORY

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igitization has brought the world closer and made it into an eﬃcient work environment for people. Back when technology was not so evolved, much of the manpower and energy went into taking care of certain small things. Now with those things at the tap of your hand, it certainly has become easier and one can focus their energies onto other more important things.

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Featuring for the Cover Story of The Enterprise World's this issue of Top 5 Digital Payment Solution Providers in 2022, is PayBingo, your personal business portal. The CompanyThe seeds of this company were sown when Mr. Parveen and his business partner Mr. Naveen Doda visited Kolkata for some work and one of their

friends said that we should do something of our own in the same domain. Then, the duo started taking steps towards this direction. Mr. Parveen was in this domain since 2010 when Nokia started this in India with Union Bank. So, he with his partner laid the foundation of PayBingo in 2015. Its operations started in 2016.

COVER STORY

“In this beautiful journey, we have added close to 50,000 Merchants with us along with more than 3500 distributors with us. The team size also reached 150 as of now.”

Cutting Through the ComplexitiesThere were lot of challenges in starting this company. When PayBingo came into this space, there were lot of companies in market and to create a space in the competitive market was a big challenge. Parveen had started working in this domain as a retailer and post that a distributor. He had also worked as a sales guy.

“The problems faced by anyone at various stages were in our mind while building this ecosystem.” The team learnt from the mistakes of others and tried to reduce market concerns. The company has focused more on Skill Development of people, Better UI and Best User Experience. Imagine this: People sitting in Kurukshetra are generating best numbers of industry from ﬁnancial

capital of India and that too without burning funds. What played a huge role in the growth of the company was learning from mistakes and not repeating them, providing better environment for Merchants, Distributors and lowest downtime in industry created a path of growth for our organization.

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As a company, the team still visits their market in diﬀerent parts of country to take feedback from retailers and make changes in the system for betterment of ecosystem, this is also one of the most important keys of growth. Besides this, PayBingo is proud that they are the trend setters in the industry. “We at PayBingo believe that there should be lowest TAT for providing electronic funds to merchants after receipt of funds in our bank account. Currently we have a TAT of less than 12 minutes to provide fund load.”

The Growth QuotientThere is no secret of success. If your intent is clear, vision is to provide best services to all your associates whether it is merchant/distributor or employee. If you take care of them, they will take care of your end customer. If the end customer is happy, then everyone is happy. With this win-win situation you start climbing stairs of success. You can understand the thumb rule of PayBingo in a simple manner: The company has reduced their costs from day one of its operations. They have their Head Oﬃce at Kurukshetra,

Here are a few growth charts

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which is not a Metro city. They have started their operations from a very small oﬃce and limited amount of manpower. Most companies believe that for good business, you should have a business premises in Business Parks/ Metro Cities, but the company has practically proven that talent is there in small cities, and they need an opportunity to show their skills. The Products and ServicesPayBingo is a concept to equip small business owners with the right tools to expand their revenue without any extra eﬀorts. PayBingo serves as a

COVER STORY

companion to facilitate various online services backed by trusted servers and qualiﬁed team. PayBingo is committed to adequate training and development of it's business partners. Digital India is happening and PayBingo heartily supports Digital India initiative and is committed towards bringing transparency and opportunities to the fellow countrymen. “Our team at PayBingo keeps updating themselves constantly to provide quality services at lowest possible costs.” Domestic Money Remittance, Aadhar Enabled Payment System, Bharat Bill Payment System, IRCTC, Flight Booking, Recharges, Bill Payments,

Indo-Nepal Payments, Aadhar Pay, Micro ATM, QR Code are the host of services PayBingo caters to their channel partners via Web and App.

Fastest Servers Backend of PayBingo is completely based on cloud technology installed on fastest servers in the world.

In short, PayBingo is enabling every small shop near you it might be of Mobile Recharge Shop, Grocery Store, Kirana Merchant, Pan Shop, Chemist into a Small Financial Institution which is covering your most of banking needs. “We have named these shops as Meri Dukaan, Aapka Bank.”

Eco-Minded At PayBingo the team has taken special care to minimise the carbon footprint, they do not waste a single bit of resources. Safe Money Guaranteed

Factors that Set PayBingo a Step Apart-

Your money is safe with PayBingo, the company follows all the security and accounting compliance to ensure maximum security.

Quality Guaranteed

The Road Ahead-

PayBingo's in-house technical team ensures non-stop delivery of services. You do not have to worry about it anymore.

Technology is the king today. If you check any modern business everyone is occupied with technical background.

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Zomato/Ola/Fintech Companies like us/Bharat Pe/Google Pay everyone's back bone is only Technology. You cannot imagine business without technology today. We have to realise that bringing more products in one's portfolio is a gradual process. We believe that requirement of products as per market vibes. There should be sustainable margins in product to maintain cash management cost and sustainable business model. Recently the company has introduced a product under PM Wani's Digital India Scheme. In this, they would be placing Public Data Offices (PDOs). Public Data Office would allow a private internet connection holder to sub-let his internet connection under government norms. This is very exciting and future oriented. Day by day data is getting costlier and this solution will provide data in very economical pricing. Apart from this this will create further business revenues to untapped markets. Mr. Parveen Wadhwa- An Entrepreneur of AmbitionThere are lot of responsibilities of an entrepreneur. You have to think on an idea which should be sustainable in market. To believe in that idea, infusing funds, winning confidence of your partners/associates before going live, to tackle business competition and establishment in market is not an easy task. When you start your entrepreneurship journey, you need to be very selective to keep your close aids. Moving ahead, you need to understand about leakage in system before making it big system. The smoothness should be there in every department. You will have to pay special attention towards your employees as they would be taking care of your clients in future. So, end

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to end monitoring is required and mandatory to run any business properly. Mr. Parveen has had his share of challenges to reach the stage he has reached today. His early days were very hard. He was once a newspaper delivery boy at the age of 14. Over the years, he tried lot of things in small business. In year 2010, he started my first official job in Money on Mobile as a sales guy. Moving ahead he worked for a company as a Sales head which was also in same Industry. “2016 was the year when the journey of dreams started.” Unique TeamAt PayBingo, they provide our employees a better workplace, friendly environment and brining smiles on their faces while working is only achievement which they have earn in retaining the team. “Our Team is our strength.” There are lot of companies which tried their best to break this team by poaching their employees, but, winning hearts is not easy for everyone. An Experience to RememberAround five to six years ago, there were lot of people who earned Rs 25000 to Rs 30000 per month from multiple service providers. PayBingo promised them that they will bring a change in their livelihood. Now, these people are earning 150000200000/monthly. This is what the company has changed. In COVID-19 times, PayBingo provided additional financial & moral support to their channel partners which has changed their perspective towards PayBingo.

COVER STORY

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HOW IS MY BUSINESS CRE A

s simple as it can be, a credit score tells lenders whether a borrower is a good candidate or not. And to your surprise, a credit score is not only for individual consumers but for businesses too. Although there are no federal regulations that govern business credit score reports, it is still widely used for credit purposes. In many ways, a credit score is the same for businesses and consumers. For both, the higher the score, the better. However, the scoring models vary for both and also depend upon the referring agency.

Ideally, ﬁnancial experts suggest keeping the credit utilization ratio as low as possible. Against your credit utilization, you can see options here and ﬁnd a sound credit card for your business. The lower your credit utilization, the better deals you can get on your business credit card. It is worth mentioning here that keeping your credit utilization to zero is also not recommended. Contrary to common belief, low credit utilization can damage your business credit score. Business Size

For instance, consumer credit score ranges between 300 to 850, where 850 is the best. On the other hand, for businesses, some models consider a score between 1 to 100. In contrast, others may consider it between 101 to 662, or some may also consider between 0 to 300. The credit scores for businesses are calculated a little diﬀerently. Keep reading to know more about how your business credit score is calculated.

Another critical factor that most agencies and lenders consider when calculating your business credit score is the size of your company. The business size not only refers to the number of working heads but also refers to ﬁnancial behavior. In other words, the more money your business deals with regularly, the better are the chances to score higher.

Payment History

Credit Mix

The ﬁrst and the foremost thing that most credit score agencies consider when calculating your business credit score is your company’s payment history. It means they would consider how much you pay in dues and bills. And also, when you pay them.

Last but not least is the mix of credits that your business uses. The credit score agencies usually refer to the types of loans, mortgages, or any other credit that your company uses. Besides, the amount of debts are also included in the credit mix.

For example, suppose your monthly utility bills range between $1,000 to $1,200. You make payments as soon as your invoice is generated. In that case, your credit score will likely be better. There could be other similar bills that may come into play when calculating your business credit score.

As the leading market experts explain, a diversiﬁed credit mix is more likely to give a boost to your business credit score. And therefore, improve your chances of securing a loan.

Credit Utilization The second thing that most credit score agencies consider is “credit utilization”. In simple terms, it is the ratio of the amount of credit that you use against the credit you have available for your business.

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As already mentioned, a business credit score is similar to consumer scores in many ways. But at the same time, it is also diﬀerent in some ways. For a better understanding of your business credit score, we recommend you talk with your banking institute.

EDIT SCORE CALCULATED?

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Mani Mamallan, Founder, Chairman & Managing Director 24

APRIL 2022

India's leading indigenous payment technology company

lectronic Payment and Services Pvt Ltd (EPS) was founded in 2011 with a profound vision of emerging as a leading provider of payment technology solutions to banking and financial institutes. In the last ten years of journey, it has truly emerged as a payment technology services company that provides fullspectrum solutions across the payments value chain, with a footprint of 11,000 ATMs across India and. Its solutions include end-to-end ATM outsourcing services, ATM managed service, transaction processing across RBI as well as NPCI-backed payment systems, reconciliation, and fraud risk management. Headquartered in Mumbai, EPS was launched to bridge the gap in demand for efficient, secure, and technology-driven products and services for the banking industry. EPS is backed by prolific investors from the financial services and payments space with having an eminent board of directors and advisors including top executives of RBI, NPCI, and PSU banks. In a talk with Mani Mamallan, Founder, Chairman & Managing Director of Electronic Payment & Services Pvt Ltd (EPS), let's discover more about the company and its journey since its inception. What were the initial challenges you faced? The major challenge was – Initial capital, timely completion of project with safe and secure technology advancements, having the right people in the team, and gaining trust factor in the ecosystem. After bagging to set up around 5,500 ATMs in the country in 2011, we faced the

biggest challenge of raising funds to fulfil the projects. However, I managed it through withdrawing his life's savings combined with pawning my wife's jewellery and borrowing from friends. My wife stood strong with me in all my efforts to make EPS a niche in payment technology domain. We quintessentially did every possible thing to raise funds and managed to get a small shop of 6 x 6 ft that got converted into an office. Initially, I and my wife Vidya spent sleepless nights planning the first project execution. Along with funding, it was a concern for EPS on how to scale up the operations and achieve a license and services model to provide value-added services. That got settled with inducting payments technology professionals like – Manohar Bhoi, who set up the technical processes in helping to deploy all ATMs in record time. The trust came with timely submission and seamless technical support. After the first 6-8 months, when the entire setup was ready, and it was completely ready to deploy more ATMs for banks. Things started falling in line and then it could deploy more ATMs on the ground and earn more revenue and the trend continued till now. Today, our portfolio of offerings has expanded beyond ATM Services and includes solutions in the space of digital payments. Which was that point that triggered the growth of the company? Despite being a start-up, EPS turned out to be one of the top performers of the Ministry of Finance project of setting up ATMs across the country. Within a year after bagging the project in 2011, EPS was the first one to deploy the live

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ATM among all the vendors and set a record for deploying 1,000 ATMs in 60 days. The total number of ATMs deployed shoot up by 10 times from 460 in FY 2013 to 4842 ATMs in FY 16. That helped the revenues jumped from Rs 8 Cr to Rs 170 Cr in three financial years. What is the reason behind your company's longstanding success? It's our people, who are constantly steering ahead of the performance, which is led by experienced leadership and largely fuelled the customer trust. Fair business practices, maintaining transparency and sustained governance, strong compliance, professional enhancement, and caring for the society stand firm for EPS since its foundation. At EPS, we aim to accomplish the stature of an organization that people can trust. What are the products/services the company focuses on? How are your services different from those in the market? EPS is India's leading indigenous payment technology company and since its inception, it has serviced almost all leading Public Sector Banks. In the last 10 years, EPS has been established a leadership position as an ATM transaction processor. EPS has automated the ATM service delivery to drive operations excellence and predictability through the EPSTAR suite of solutions. The solutions help to automate key areas of ATM Management such as incident management, cash management, reconciliation management, and Electronic Journal pulling etc. Financial inclusion is one of the driving forces. Soon, we plan to enter the business of deploying white label ATMs and micro-ATMs in the semi-urban and rural areas to address the need for cash in such areas. This apart, we have digital payments service Ÿ

EFT Switching: Acquire, process, clear and settle credit and debit card payment transactions from ATM, POS, and e-Commerce across any network in real-time.

Transaction switching: NPCI backed channels such as UPI, IMPS, NETC, BPPS and RBI backed channels such as NEFT and RTGS

Enterprise Fraud Risk Management: Reduces risks across all payment channels due to ever-increasing fraud sophistication.

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Enterprise Reconciliation Management: Reduces ﬁnancial slippages due to deﬁcient reconciliation across all payment channels.

Our end-to-end offerings, combined with flexible engagement models, helped us stand out in the eyes of our long-standing customers. How do you decide to take the company a step further in terms of your products/services? EPS recognizes that conventional banking business models are becoming obsolete due to the accelerated adoption of new-age technologies, changing demographics, and entry of fintech. Banks, therefore, need to have an agile and open architecture that supports new business models such as banking-as-a-service, banking as a platform, etc. Keeping this in mind EPS has designed a framework for a new-age payments platform, which supports open standards, open-source technologies and is ready for open innovation. The framework is compatible with the Banks evolving architecture and supports emerging business models. It aims to integrate all the customer-facing channels as well as back-office applications such as Core Banking System, Enterprise Reconciliation System, Fraud Risk Management. Deploying the unified payments platform will help Banks to deliver a superior payments experience, on account of real-time reconciliation, improved transaction velocity, lesser customer disputes and reduced fraud risk. Digital financial inclusion is one of the driving forces. Soon, we plan to enter the business of deploying white label ATMs and micro-ATMs in the semi-urban and rural areas to address the need for cash in such areas. How has the technology transformed traditional way of business? Technology has made banking convenient, and the future of the banking sector seems to be going increasingly digital. Today's digital age and hyper-connected environment require banks to continuously reimagine their business. Digital technologies such as machine learning and AI, big data analytics, robotic process automation, blockchain, voice-activated chatbots, and internet of things, are becoming the business drivers. This has fostered the partnership between Banks and fintechs to introduce new business models that are focused on providing personalised services and superior customer experience.

How do you look after your employees? What makes your team unique? Last year, immediately after the complete lockdown announcement due to coronavirus, the ATM business like any other business was hit badly due to sluggish economic activity. But we have always believed that people are the single most important asset and implemented human-bound resources with immediate implementation including no salary cut for employees, no delay in salaries, and no workforce reduction. No stopping of payments to our vendors and partners. We had provided work-from-home arrangements for all employees, even a week before the first lockdown was announced. The topmost priority for us was to vaccinate employees plus their families with immediate effect and then with the help of organizing one of the biggest in-house vaccination camps, we had vaccinated our not only our employees and their families, but also the employees of our partners, vendors, and other EPS associates without taking any charges. We believe– “this too shall pass, but humankind needs to preserve with best efforts during these pandemic times”. Our team had created a corpus fund for employees who got infected of Corona or needed financial support over and above of their medical insurance. A special Covid in-house team was formed to take care of employees during the second wave who helped in providing oxygen cylinders, doctors, medical emergencies, medicines, or mental health experts to the needy employees. Daily, a dedicated team used to call our employees and their families to check on employee's/families' health and provide guidance and mental support. Our employees have contributed their best during this lockdown period, along with managing their homes and families. These challenging times have made all of us humbler, resilient, and organized towards humanity. EPS team has truly demonstrated how being together can make us stronger and agile. Know the leader Mani Mamallan is the Founder, Chairman & Managing Director of Electronic Payment & Services Pvt Ltd (EPS). With a vision 'to be the leading technology solutions provider across channels in the retail banking and payments system segment', he along with his wife Vidya Mamallan founded EPS in 2011. Before founding EPS, Mani spearheaded a set of crucial payment projects for the country, through his three-decade of rich experience gained in developing technologies and services around Payment

Systems, Retail Banking, Organization Development, Banking Outsourcing, and shared networks. His expertise in the digital payment industry led him to achieve benchmark projects. Since 1996, Mani has been associated with the ATM industry, when he deployed the first seven ATMs for UTI Bank. His achievements at UTI bank included setting up the bank's ATM Switch, IP Network, etc. In 1998, he switched his career from banking to non-banking and joined a company known as India Switch Company (ISC) as Chief Operating Officer (COO), which was then setting up an ATM network for all the banks together. Mani was highly instrumental in initiating and implementing Swadhan, the first shared payment network in India, promoted by Indian Banks' Association (IBA) for their member banks. During his stewardship, the company's network grew from 30 ATMs to 1,300 ATMs at a time when the country hardly had 2,000 ATMs in 2003.

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4PAYMENT

APRIL 2022

METHODS

Small Businesses Must Support

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mall business owners can boost sales by offering different payment methods to their customers. However, when it comes to selecting different payment methods, small businesses should consider transaction sizes, their accounting system, and who’s responsible for handling the payments. Let’s look at four payment methods that small businesses must support. 1) Check payments

Checks are paper documents that authorize the issuing bank to transfer money from your customer’s bank account to your business bank account. A check documents the payment date and amount and the payer’s bank account number and signature that authorizes the payment to the recipient. The use of paper checks peaked in the 20th century. However, they’re not as popular due to the global adoption of electronic payment systems. However, checks are still common for small business owners that own rental properties or small utility companies. As a business, you just need to have a business account to accept check payments. What’s more, many senior citizens are not comfortable with digital payment methods. As a small business, it’s important for you to support the aging demographic and accept checks from them. What’s more, void checks are also helpful as they have information to verify your account and details of which bank holds your account. Some uses of void checks are to set up auto-pay or direct deposits with employers, automate your loan payments, and set up automatic electronic bill payments. You can get a voided check by visiting your local bank or requesting one online using check printing software

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2) Card payments 77% of US consumers prefer to make their payments with a card, according to the 2017 TSYS US consumer payment study. Plastic has become the primary way of payment by US consumers, whether they use a credit or a debit card. Payment with the help of cards is convenient and can lead to a smoother checkout process. As a result, most US customers have come to expect that businesses will accept at least one kind of card payment. Card payments will benefit you if you’re a small business owner as well, as they’ll increase your customer base and will legitimize your company as well. What’s more, card payments get deposited into your bank account promptly, which may help in better cash flow management for your business. However, one caveat of this payment method is that small businesses may incur an additional cost in terms of transaction fees. When it comes to transaction fees for debit cards, the Durbin Amendment sets the transaction fee for debit carts at 0.05% of the purchase amount, plus an additional 22 cents. On the other hand, transaction fees for credit card payments do not have any such cap and can significantly impact your bottom line if you do not pass the expense to your customers. Payment Methods Sub 3) Payments by Cash When it comes to cash payments, consumers pay with bills and coins. Typically, small business owners manage cash payments Method with the help of a point-of-sale system. Until recently, cash was the primary form of payment for most businesses.

However, other payment methods have risen in popularity. The main beneﬁt of cash payments is that businesses will receive the money immediately instead of waiting for transactions to clear. Payments by cash also reduce overhead costs since there are no extra fees for receiving cash from customers. If you’re a small business with slim proﬁt margins, you should consider whether credit card fees will be expensive for you. However, cash-only businesses run a high risk of mismanagement of money or even theft. You may also lose customers who prefer to pay only using cards or other payment methods.

Online payments are the primary payment methods for a business that operates online. However, even brick-and-mortar businesses can offer online payments with the help of digital wallets or mobile apps that store debit and credit card information. Online payments offer a faster and cheaper way for small businesses to get payment, and they offer consumers a lot of convenience at the time of check-out.

4) Online payments

What’s more, credit card or cash sales may require you to calculate the total cost of a product, including applicable taxes. However, usually online payment methods do this calculation automatically, saving time and reducing the chances of human error.

Online payments are transferred electronically. They use payment gateways to authorize and facilitate several payments, including credit cards, direct debit payments, and eChecks.

While you may have to pay fees to accept online payment, such fees are usually more aﬀordable than the fees that are charged in the case of credit card payments.

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Ketan Patel, CEO

APRIL 2022

Hassle-Free and Contactless Payments O

ver the years, cash payments have been the king of the retail market. It was a time when technology had not taken over and there was lesser penetration of digital payments, people were less trusting of the idea of cashless payment methods like cards and other modes. But with globalization and evolved technologies, diﬀerent modes and methods of payment came into being, and emerging as one of the most trusted payments were card payments. Featuring in The Enterprise World's this issue of The Best of 5 Recommended Digital Payment Solution Providers To Watch is Mswipe, a company providing hassle-free and contactless payments. In this interview with Ketan Patel (CEO) and Manish Patel (Founder & MD), let us know more about the company. Brief us about the company. Mswipe is a pioneer in providing EDC machines that are safe and secure and accepts all debit & credit cards. Mswipe is the largest non-bank EDC Provider with over half a million merchants on its platform. It has secured funding of over USD 100 mn from some of the leading technology and ﬁntech-focused VCs in India such as

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Matrix Partners, Falcon Edge, B Capital, Epiq Capital, etc. As of the year ended 31st March 2021, Mswipe recorded gross revenue of INR 220 Cr. Mswipe Technologies Pvt Ltd established in 2011 is known as a leader in digital payments and offers POS solutions for all types of payment acceptance - cards, wallets, mobile payment apps and bank apps, contactless and QR payments. What were the initial challenges you faced? In the initial years, Mswipe services were limited to selling POS terminals to Merchants. Being a one-trick pony company, specializing just in one form of credit/debit payment acceptance form, it made it very easy for merchants to move to other more lucrative POS options. Further, a highly competitive environment didn't make it easy with many more large capital players venturing into the digital payment business. Which was that point that triggered the growth of the company? The 2016 demonetization fuelled the demand for digital payments across India. What is the reason behind your company's long-standing success? Our constant focus on Product Excellence, Customer Satisfaction and Ruthless Execution across 800+ cities. Product and Services What are the products/services the company focuses on? How are your services different from those in the market? Mswipe provides products and services which help its MSME and SME merchants to manage their payments across all kinds of payment acceptance forms, value-added services which help merchants get more footfall and generate income via POS and working capital loans to grow their businesses. We have revolutionized payments with innovative technology. For instance, Mswipe is bank agnostic and merchants have a preference to settle their collections via any bank account of their choice. We are a one-stop-shop for merchants. We offer credit facilities to help merchants expand their business. New business owners can make use of our inhouse inventory & store management app as well as other business utility app offerings. Our well-placed brand and bank partnerships offer a variety of discounts and schemes.

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Merchants can even sell insurance via our payment apps. Our unique offering of ATM@POS facilitates good footfall. Our POS solutions are widely deployed in airlines, energy, entertainment, retail, e-commerce delivery platforms with a high level of customization and integration. How do you decide to take the company a step further in terms of your products/services? We have transformed from a single product point of offering to an array of multifaceted digital payment solutions. Fastpaced technology catering to customer needs drives our business. We have moved from not just a payment platform to selling insurance, offering loan and credit facilities, to even serving as a digital bank for small merchants. For the Merchant, 'the World is their oyster when it comes to using our services. Our vision is being met which is to transform the financial services landscape and continue to build Mswipe as a superior financial platform for MSMEs built on the tenants of accessibility and affordability. Is there any new addition to the list of products/services? Anything exciting you would like to share? The WisePOSGo This device is a compact, lightweight and user-friendly device, designed to keep in view the cost-centric requirements of MSME merchants. It is an exciting product as the merchant can also make calls using this android-based POS device. This device is an all-in-one swiping machine loaded with advanced features such as contactless payment, mobile phone, QR code, pay by link, magstripe, and barcode scanner. This on-the-go POS device will help merchants increase business revenue by providing a convenient and flexible way of purchase. Insurance at POS With the rising two-wheeler sales in India, it is estimated that close to 70% of vehicles haven't been insured. Mswipe with the help of merchants can reach the far corners of India and offer insurance against damages for such two-wheeler vehicles. The process is further made simpler by its digital approach wherein merchants would not have to provide any physical documentation for registration. It also benefits merchants as they would be able to earn extra income apart from their existing business or services. Another added benefit comes with the fact that SME's can also earn a good amount of commission with every insurance that they sell.

MicroATM This is a unique POS product that supports card sales and Micro ATM for cash withdrawal at the merchant locations. The product is bundled with UPI QR, Paybylink, and Moneyback card, thus combining all collection and payout needs of the merchants on a single platform. Further, this comes at Zero rental, handsome commission on cash withdrawals, and up to 1% cashback on card spending making ROI on POS highly attractive for small businesses who were wary of adopting POS transactions in view of the high cost of POS ownership. ATM Express helps more customers walk into the shop leading to higher sales for merchants.

How have the company graphs changed since the foundation? Can you share a few statistics?

Mcapital Mcapital which is the lending arm of Mswipe is a registered NBFC and aims to provide merchant financing and business loans to small merchants. Mcapital addresses the underserved segment of small merchants with quick and easy access to formal credit using technology. This is done by leveraging alternate payments data to underwrite the merchant more efficiently who otherwise may not get access to formal credit given the nature of business and other factors. Mcapital positions itself as a one-stop-shop for the merchant to meet both their payments and their lending requirements. Is there any special experience with your clients you would like to highlight? Our best example would be our enterprise client, Mumbai Traffic Police (MTP). We started in early 2017 and deployed our android-based smart POS with MTP. Today, the current scale of volume is 8 crores turnover per month. Our devices and POS solutions enable end-to-end integration and support on-the-spot e-challans, Optical Character Reading / OCR features ie reading vehicle name plate, integration with towing van systems make our POS solutions very viable. I would like to share that during Dussehra puja, our POS devices were also worshipped along with firearms by the Mumbai police team!