Streamlining Payments: A Guide To Understanding e-NACH And How It Works

1. e-NACH SOLUTION BY FIDYPAY www.fidypay.com

2. FIDYPAY FidyPay is a mission-oriented Banking as a Service Platform working towards the vision of a cash-less to cash-free economy. www.fidypay.com

3. INTRODUCTION Electronic National Automated Clearing House, popularly known as e-NACH, assists banks, governmental bodies, and other financial institutions electronically so that they are able to provide or discharge payment services that are automated. www.fidypay.com

4. E-NACH is an updated version of the former NACH, whereby it is not necessary to undergo a number of steps to activate automated payment services. Under NACH, after a user provided his approval by signing the form of NACH, the bank or any other concerned authority can now deduct the concerned amount from the customer’s bank account at a fixed date. In this article, we will provide an insight into e-NACH and its various facets as listed below: www.fidypay.com

5. WHY E-NACH? e-Nach has replaced the NACH that required a lot of manual paperwork. e- NACH has been the most helpful for all types of B2B and SaaS businesses. Recurring payments were becoming a risk for such companies. There are also a number of e-NACH solution companies in India. These e-NACH companies facilitate and help banks and other top financial institutions collect recurring payments from their customers. PAY www.fidypay.com

6. With these companies, businesses are able to debit monthly/yearly payments from their customer's accounts in a safe, secure, and quick manner. e-NACH services companies include mainly IoT services, insurance companies, banks for repayment of loans, etc. www.fidypay.com

7. PROCESS OF REGISTRATION Previously under NACH, banks were supposed to collect a signed form from the customer implying that the customer has now approved the bank to deduct a certain amount from its account at a fixed date of the month. The bank then sends the signed form to the NPCI, following which a UMRN or Unique Mandate Reference is generated. Once the mandate is accepted, the concerned authority will debit the amount. This would take about 7-14 working days. However, the updated e-NACH mandate registration process is much simpler. The updated process is much less time-consuming since it involves minimal logistical dependency and human interaction. e-NACH mandate charges are free of cost. www.fidypay.com

8. ADVANTAGES OF E-NACH FOR BUSINESSES Flexibility in billing Managing failures Multi-currency support Payments can get canceled or fail at any transaction phase. eNACH can thereby automatically inform the customers about the transaction, thus contributing to a better and enhanced experience. If a company wants support from global customers, it must also think of supporting all local currencies. Customers are more comfortable with their local currencies as they are accustomed to them and find it easier. e-NACH makes it even easier. Businesses that make bills on a recurring basis need an efficient model under which they can receive, alter, and consider any billing-related queries. Customers can decide whether to change or update plans, and the institution must make these changes on the go. www.fidypay.com

9. BOTTOM LINE Recurring payments in partnership with e-Mandates and e-NACH have opened a new economic doorway for India. With its help, internet banking and debit cards can pay for recurring payments for the first time until now. It is becoming easier for Indian industries to improve their customer experiences. They can provide them with a unique experience. Recurring billing comes with numerous benefits for different businesses, such as growth prediction, cash flow prediction, affordable services, and enhanced customer experiences. www.fidypay.com

10. E-Mail - care@fidypay.com Call - 06232082424 Website - www.fidypay.com