Startup Circle: Paycorp.io, a refined processing platform for all recurring payments

Paycorp.io is a platform that modernises payment collection for businesses. It offers the most sophisticated digital platform for processing recurring payments in the B2B2B and B2B2C segments. With Paycorp.io instant and assured B2B recurring auto-debit solutions, the payment gets completed the same day as against the time taking procedures with standard industry solutions. Paycorp.io guarantees a 95% success rate in payment instruction setup as against 65% in traditional modes, thereby enabling customers to increase their annual revenue by more than 2%. Paycorp.io also makes customer onboarding a zero-error proposition and the resultant cost saving can directly add to the bottom line of the corporate.

At CIOL, Balaji Jagannathan, Co-founder & Director, of Paycorp.io has shared his views on how Paycorp.io is enabling customers to increase their annual revenue by more than 2%. Paycorp.io also makes customer onboarding a zero-error proposition and the resultant cost saving can directly add to the bottom line of the corporate.

Can you please explain what Paycorp.io is all about?

Paycorp.io is a platform that modernizes payment collection for businesses and offers the foremost unique digital platform for processing recurring payments within the B2B2B and B2B2C segments. With our instant and warranted B2B recurring auto-debit solutions, the payment gets completed on the same day as against the time taking procedures with standard industry solutions.

What are the services that Paycorp is providing? Tell us about the team

Paycorp.io takes the sting overpayment mandate registration success rate, which is 95%, as against 65% in traditional modes, which increases the annual revenue to their customers by more than 2%. Furthermore, the payment gets completed on the same day as against the time taking procedures with standard industry solutions. The recurring auto-debit solution provider is provided with varied payment options, like ACH, UPI, cards, etc., and creates multiple digital touchpoints like WhatsApp, link push, and portal for easy access. Moreover, we have the privilege of a direct interface with eight banks in the country. Paycorp.io was co-founded in August 2020 by a group of 5 entrepreneurs i.e., Anish Thomas, Balaji Jagannathan, Ivan Fernandes, Karthik Thenkarai, and Prashant Maroli. Currently, we've got a team size of 10 people.

How did the company come into existence?

The co-founders of Paycorp.io have an extensive cumulative experience in the payments space. We observed that the B2C payments segment goes through rapid digitisation. The B2B segment has been lagging behind for over a decade now. All businesses suffer today due to limited visibility towards the guaranteed collection of receivables. Therefore, by digitising a collection of recurring payments, we can deliver predictable cash flows to businesses. The cash flow predictability will fuel their confidence to grow their business aggressively. We've been a major catalyst to the business growth of all our customers.

Tell us about your business model

Paycorp works on both in-house and cloud models. We work closely with our large customers, actively speeding up their new customer onboarding and transaction processing through our in-house model. We also empower corporates to onboard directly to our platform in our cloud model and start processing mandates and payments rapidly.

How has technology made payments and collection easy for businesses

The immediate benefit of digitising payments is the elimination of manual processes from the workflow. While digitisation of payments prevents errors right up front, it delivers savings in the cost of labor and prevents the cost of failure. The cost of failure could be a direct financial cost as well as cost due to delays. The cost of delay is both high as well as more difficult to measure as it involves delayed revenue, lost revenue, and lost customer delight. Therefore, preventing manual errors by digitisation delivers very high value to businesses. Predictability of cashflows is another important value that digitisation of payments delivers. When businesses can predict their daily, weekly, monthly, and quarterly cash inflows with confidence, they can plan and implement their business strategy emphatically.

How is your company tapping market trends for growth?

In the post COVID era, consumers and corporates alike have realised the importance of cash in hand and consistency in income. Customer retention and improved customer lifetime value has become the key metric for all businesses. Recurring payments, split payments, Buy-Now-Pay-Later, and salary advances are all the resultant products of this metric. Paycorp.io works to streamline digitisation in this segment with our segment-specific automation and consistent refinement of the flow of payments.

What sets you apart from your competitors?

We are driven by innovation and focused on a variety of industry firsts to make sure an unparallel experience for all stakeholders, including customers. As an example, the corporate enables ‘Do It Yourself’ onboarding for quick customer acquisition, along with Predictive Analytics to maximise collection. The other USP includes tailored, totally automated business solutions for EMI payments, Rentals, and Insurance claims, among others.

Also, the payment mandate registration success rate, which is 95%, is against 65% in traditional modes, which increases the annual revenue to their customers by over 2%. Furthermore, the payment gets completed on the same day as against the time taking procedures with standard industry solutions.

What are your further plans and how are you going to expand your startup?

Paycorp.io has been envisioned as an industry leader in the still-nascent payment space, especially in India. We aim to establish market leadership within the B2B recurring payments space with a 50% market share in rentals, fees payments, and insurance disbursals in India, Dubai, and Abu Dhabi while expanding recurring payments collection business into Oman, Saudi Arabia, and the USA. Our comprehensive growth plan further encompasses identifying new industry segments for recurring payments and offering automated processing services. We look at expanding operations to the Far East market as well.