Here is our FAQs section to help you to better understand all about our product.
eNach (Electronic National Automated Clearing House) is a payment system that allows people to collect automated payments. A bank account holder can collect recurring payments from different banks with eNach. It is an improved version of NACH that doesn’t require customer intervention. You don’t need customer authorisation for recurring payments with the eNach mandate. Businesses rely on eNach solution providers to simplify recurring payments. With FidyPay, one can complete the eNach mandate registration and start receiving automated payments. Created by NPCI, eNach automates payment collection from customers via debit card or internet banking.
With eNach, a finance provider or bank can allow customers to choose auto-debit amounts via their media device. Without moving an inch, customers can select an automated payment with eNach. Usually, customers choose auto-debit at the beginning of a subscription or billing cycle. Once the customer selects automatic payment via eNach, no more action is needed. Setting up the eNach automated payment is quick and straightforward. Since organisations receive their dues without any customer intervention, they save time. There is no need to send a notice to the customer or wait for customer authorisation.
Banks and financial providers often lend subscriptions to customers. They have a hard time tracking all the subscriptions and collecting customer payments. Along with an eNach solution, FidyPay also offers APIs and dashboards. With simple APIs or the intuitive dashboard, one can keep a tab on subscription. The digital interface will also showcase plans, customer payments and settlements. One can access the record of automated payments anytime. Geographical boundaries don’t restrict you from checking the automatic payment history.
With the eNach solution offered by FidyPay, one can easily set up recurring payments. The steps to set up automated payments with eNach are as follows:
- A customer will register for eNach payment via debit card or internet banking.
- A customer can also register for eNach payment directly via their bank account.
- You can send payment links to customers via SMS/mail if needed.
- Once customers are registered on the e-mandate, automated payments start.
- You will receive your payments on the pre-decided data without any customer intervention.
Many businesses want to use payment collection systems with 2FA (2 Factor Authentication). Since eNach does not use 2FA, companies get a little sceptical. Well, you don’t have to worry because eNach automated payment does not start without the customer’s consent. With high-grade data security, eNach protects sensitive info during payments.