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19/01/2022 02:46pm

PayU introduces Priority Settlement feature for SMEs to access funds in 30 mins

image PayU introduces Priority Settlement feature for SMEs to access funds in 30 mins

New Delhi, 19 Jan (KNN) To solve cash flow related challenges of small businesses, PayU has come up with multiple solutions to ease credit related problems of the micro, small and medium enterprises (MSME) sector.

Approximately, 3.5 lakh SME merchants will get better cash flow management and enhanced liquidity. 

This will be provided through three new products Marketplace Early settlement, Priority Settlement, and Merchant Lending.

The eligibility of offering credit to the merchant will be based on their transaction history which would range from Rs 25,000 to several crores with repayment cycles from 1 week to 1 year. 

Hemang Dattani, Head, Growth Businesses at PayU called SMBs as the growth drivers for the country, accounting for a third of India’s GDP. 

Further, he pointed out the bottlenecks in terms of access to credit has been a significant challenge. 

“Through our analysis on payments and expertise of Indian SMBs, credits products of various sizes, categories, supporting online financial inclusivity, which will be our focus this year,” he added. 

The scheduled settlement cycles is set for every 15 minutes, hourly or in three daily batches, which merchants can choose between receiving funds through their Priority Settlement feature.

From the time a transaction is made, merchants can access the funds in less than 30 minutes.

PayU provides payment gateway solutions to online businesses and has stated to be the preferred payments partner for nearly 60 per cent of the e-commerce merchants.

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