Here is our FAQs section to help you to better understand all about our product.
UPI AutoPay is a new-age service that allows businesses to collect recurring payments. The best part of UPI AutoPay is that no customer intervention is needed. Customer authorization is required only once at the time of setting up an automated payment. Moreover, the UPI AutoPay facility isn’t restricted to the UPI application. With UPI AutoPay, businesses can collect recurring payments via any UPI-integrated application. For recurring payments, companies can ask customers to select auto-debit via UPI AutoPay. Once they choose auto-debit, the specified amount will automatically be deducted from their bank account/wallet. FidyPay offers a UPI AutoPay solution for businesses and merchants across the country.
Many businesses can rely on the UPI AutoPay solution offered by FidyPay. Any company that has to collect recurring payments from customers can depend on the UPI Autopay Features. Some Reasons for using the UPI Autopay facility are as follows:
- Banks and NBFCs can use the UPI AutoPay feature to collect loan EMIs and insurance premiums.
- Entertainment platforms can use the UPI AutoPay features to collect subscription fees from customers every month.
- Financial providers can use the UPI AutoPay facility to collect mutual fund deposits.
- UPI AutoPay feature can be used by providers to collect utility bill payments.
- Educational institutions can rely on the UPI AutoPay feature to collect a monthly fee from students.
With FidyPay, setting up UPI automated payments has never been easier. The process to set up and receive payments via the UPI autopay feature are as follows:
- Register on UPI AutoPay with FidyPay.
- After registration, share the UPI AutoPay mandate with respective customers.
- Customers will open the UPI AutoPay mandate via a UPI-enabled application.
- Customers will enter their unique UPI PIN and activate the auto-debit feature.
- Once the customer has activated the auto-debit feature, you don’t have to worry about anything.
- Customers will receive a notification for recurring payments, and the specified amount will be automatically debited.
With the UPI AutoPay feature, businesses don’t have to rely on physical receipts. Companies don’t have to send their employees to customers’ houses for collecting cash. Also, there is no need to generate additional receipts for collecting recurring payments.
Everything can be done online with the help of UPI AutoPay. The feature is beneficial for both parties, customers, and businesses. Apart from slashing payment collecting costs, companies also save time with the UPI Autopay feature. Once the customer has authorized auto-debit, you don’t have to worry about anything else.
Businesses often have to deal with failed or pending payments from customers. With the UPI Autopay feature, businesses will worry less about failed/pending charges. It is proven that auto-payments have a better success rate than other forms of payment. One can rely on the UPI AutoPay solution offered by FidyPay to boost payment collection.