Paynear: Offering Omni-channel Payment Solution to the Indian Retail Terrain

Date:   Friday , December 30, 2016

Today when long queues outside banks and ATMs are a common site almost everywhere across the country following demonetization, Dhansal in Maharashtra and Akodara in Gujrat have realised the dream of a cashless economy, with everyone in the village opting for cashless transactions. Acting as an inspiration for other cities and villages in the country, they have proved that going cashless is a matter of finger snap. But with just 11 percent of total India\'s population and seven percent of merchant population using cashless modes of transactions, the country needs to go a long way to achieving the goal of being cashless. Although India has 650 billion active credit and debit cards, the number of devices accepting those cards is not even a million, with even a RBI report stating that India needs more 20-25 million acceptance devices in the coming years to be able to completely serve cashless modes of transactions.

Witnessing this huge growth, there are several POS solution providers that have mushroomed out, but merchants only process physical card. But with Paynear, you get a low-cost Omni-channel payment solution that goes beyond the normal POS solution and takes care of online payments along with value added services like mobile recharges, domestic money transfer, mini ATM and several others, which allows the merchant to earn extra income.

Gaining Momentum

This three years old Hyderabad-based start-up faced turmoil in the initial days as merchant community was skeptic of using transaction solutions from private organizations, which historically were offered only by banks. Understanding that this dark cloud could be cleared only through enlightenment, it started educating merchants about its OMNI Channel products which was completely secure and complaint. Moving forward, the company puts its creative and innovative mind to use to empower merchants by simplifying payments acceptance and providing enhanced value addition for better business growth. \"Right from day one, we knew that we are here for long haul, so we have been fully prepared in going behind the right amount of merchants, educating them, justifying to them and being clear about the charges that they are paying, building solutions at the price point where the merchant is convinced to pay rather than we going behind every merchant for free services,\" explains Priti Shah, CEO, Paynear. For instance, two years ago, a customer was not convinced for card payment solution is now more than happy to accept card payment solution as he understand the value of going digital in eco system. Paynear is the only payment service provider who offers Omni channel solution on a single platform. We facilitate digital payment from a vegetable vendor to an enterprise client.

Innovative & Unique Services

Today Paynear has developed cutting-edge POS products that are par above anyone in the industry. Its \'Paynear ONE\', an Omni-channel payment transaction solution, is just a download away. Available in app store and play store, anyone on installing can become a merchant within minutes and start transacting with Paynear. The solution enables business owners to accept multiple payment options (card, wallet, net banking and EMI) and earn extra income through value-added services, whilst giving complete control over their business using inbuilt business tools such as order management, customer management, e-receipts and detailed report. Paynear takes care of the transaction which enables merchants to transact in peace while observe and understand payment processing in a language they understand. With the help of Paynear ONE, business owners can now accept payments from their customers right in their store, at customer\'s place or even online. Its e-invoice feature enables business owners to send payment link via SMS/Email to their customers anytime, anywhere within the country and collect payments online. Providing over 60+ payment options to clients, the company integrates its solutions with every new payment mode available in the market.

Paynear also provides White Label mPOS solution, a ready to deploy mPOS solution for Acquirers, Banks, Payment Service Providers (PSP) & Independent Service Providers (ISP) to acquire merchants. This mPOS solution includes certified card reader, Smartphone or tablet app and merchant dashboard which are certified and complaint systems. Apart from these, Paynear also offers merchant on boarding, reconciliation & settlement, transaction & technical support, and risk management services. Security being a huge concern in the POS domain, Paynear mPOS solutions comes with various security certifications such as PCI PTS V3.0, EMV Level I & Level II, PCI DSS, MPOS self-certified solution with Master Card and many more, which disables external sources to hack and use Paynear\'s solutions.

The company\'s Intrepid Solutions seamlessly connect its invoice and payment gateway with its existing systems for an enterprise merchant. Apart from that, the company also offers domestic money transfer, and other value additions in separate packs as a White label or Brown label solutions, which provide a statistic of customer footfalls and purchasing numbers. \"Rather than calling it a POS solution, ours is a payment and customer management solution. We don\'t restrict our self to physical payment, which is a big advantage to the merchant. Once he ties up with us, we allow him/her to accept payments both physically and digitally,\" says Priti. This feature also enables clients to customize their results and offers in the app itself whilst automatically informing their customers through mails or SMS.

The Way Ahead

Paynear has a strong workforce of over 200 employees present in around 20 Indian cities and is growing strongly at 400 percent revenue per year. Believing in flat culture, the company brings in lot of innovations instead of relying on someone with higher experience. Paynear currently aims to reach one million merchants (which currently stand at 12,000) in the coming years, and for this, it needs to constantly keep educating merchants about the benefits of POS solutions and cashless transactions.

Key Management:

Priti Shah, CEO
Priti Shah is co-founder and Chief Executive Officer of Paynear Solutions Pvt. Ltd. A commerce graduate by education, Priti has earned diplomas in Travel Management & Administration, and a Doctorate in Management from the National Institute of Management Studies, Mumbai.

Offices: Hyderabad (Headquarter), Mumbai, Delhi, Kolkata, Pune & Bengaluru