Bengaluru based leading digital payment and banking Technology Company, Cashfree decides to join hands with Shipway, an e-commerce automation platform. The main motive of the platform behind this partnership is to faster the processing of cash-on-delivery (COD) order refunds.
Shipway can now access the refunds on their platform with just a click of the mouse using Cashfree’s payouts platform. It is decided that the refund amount will be credited back to the customers using their preferred mode of payment (Bank Account, UPI ID, Wallets, and Debit/Credit Cards). Processing COD order refund usually takes a long time and is always an error-prone system for online sellers because it involves touchpoints such as a customer’s bank account and payee information.
This collaboration has allowed shipway’s more than 12000 connected merchants to process a refund through Cashfree’s platforms with a quick process. It also shows the enhanced customer experience, operational efficiency and lower cost.
Cashfree’s was introduced in 2015 by IIT Kharagpur graduate Reeju Datta and IIT Hyderabad graduate Akash Sinha. It was introduced to help companies to send instant payouts for wage payments, e-commerce refunds, loan disbursals, insurance claims processing, reward payouts and expense reimbursement.
The company’s official statement declares that within one of launching our services went on to cross 100000 daily disbursements. It also said that payout is currently being used by more than 5000 companies in India, with more than 30% market share among the payment processor. Besides the payouts Cashfree also allows businesses to verify the bank accounts during user boarding. Cashfree had recently partnered with the Global payments system PayPal, allowing businesses to make the Cashfree payment and add the new payment gateway as PayPal in their payment directory.
Gaurav Gupta, Co-Founder of shipway said, “Turning a long 15 days return cycle into a day can be a game changer in the D2C space and it can also help businesses to retain their loyal customers, with the integration of shipway and Cashfree consumers are going to get a seamless COD refund experience. An instant, hassle free refund or exchange system combined with consistent and accurate communication is going to be the way forward and breakthrough from all the future payment innovations.”