India's fastest growing financial technology ventures ftcash has launched its mPoS services for small and medium automobile service centers. Now over 500 auto centers across the country, which have adopted the ftcash technology, can easily receive payments with just a bank account and a feature phone.
ftcash will enable service centers to create digital invoices and send it to customers through an email and/or SMS which would include a payment link with the prefilled values of invoice number and amount.
The customer can then make the payment through credit/debit cards, digital wallets, UPI or net banking without having to visit the outlet. Once the customer makes the payment, the service center and the service advisor get a confirmation, following which the car is delivered to the customer.
"Following the demonetization drive in November last year, there has been a 40 percent month-on-month growth in demand for facilitating cashless payments from car service centers. Most small and medium service centers face problems like high rental charges of stand-alone PoS devices and the lack of alternate digital payment tools. On the other hand, customers want a quick, easy, and preferably mobile-based method of payment. ftcash's payment solution solves significant problems for both participants eliminating the need for the customer to make a physical transaction and enabling the merchant to receive timely payments," said co-founder ftcash, Vaibhav Lodha.
By facilitating swift and seamless financial transactions over a digital medium, ftcash has empowered over 5,000 small businesses and micro-merchants across India with the tools to transact online in a hassle-free manner.
The platform also assists MSMEs, home-based entrepreneurs, and mom-and-pop stores to secure working capital and small-ticket loans for day-to-day operations from financial institutions with its unique and proprietary transactional data.
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