During the Global Fintech Fest 2024 in Mumbai, Zoho announced its foray into the payments industry. The company has launched Zoho Payments, a single payment solution designed to assist businesses in accepting online payments from their clientele. Under NPCI Bharat BillPay Limited (NBBL), Zoho Payments is a Bharat Bill Payment Operating Unit (BBPOU) and a payment aggregator regulated by the RBI.
With the use of the Bharat Bill Payment System (BBPS), it is intended to expedite business-to-business interactions by providing a centralised platform that makes managing and paying invoices easier.
Deep integration with Zoho's range of financial apps, which includes Zoho Books, Zoho Billing, and Zoho Invoice, is one of Zoho Payments' most notable features.
The connection enables companies to begin receiving online payments right away without requiring outside payment gateways.
By integrating Zoho Payments with the BBPS network, companies may simplify their business-to-business payment procedures.
Zoho can integrate buyers and sellers onto the BBPS network as a registered BBPOU, enabling smooth invoice presentation and payments.
Multiple payment options, immediate payment confirmations, and a single platform for invoice transmission and reconciliation are all provided by the standardisation.
According to the announcement, invoices issued via the BBPS platform's Zoho Books are immediately entered into the accounting software of the buyer or seller, eliminating the need for manual intervention and guaranteeing the correctness of financial records.
In a similar vein, Zoho Books will automatically record any bills that its merchant sends. According to the company, companies may also use the BBPS network to connect with lenders on the TReDS platform to get funding for their outstanding bills.
Businesses may receive and transfer payments using a variety of methods with Zoho Payments, including cards, Netbanking, RTGS, IMPS, UPI, and NEFT.
There will be less need for manual intervention because the pertinent data will be immediately updated and reconciled with the associated invoice as soon as payments are received.
According to the corporation, businesses will also be able to pay several invoices in bulk, doing away with the laborious procedure of exporting bills and then processing payments through the bank.