Bangalore, October 13: Paytm has started same-day settlement facility for all kinds of fund transfers on its payment gateway, the company said in a press note today. This settlement feature will help businesses that depend upon immediate availability of funds for their business. It includes e-commerce companies, government institutions, and all businesses involving inventories.
The feature can be accessed from Paytm Merchant Dashboard or Paytm for Business app. The minimum amount that can be transferred is Rs 50, and the maximum amount is Rs 2 lakhs in a single transfer request. The merchants will be able to define the frequencies and the funds will get transferred automatically. Frequencies can be once a day, twice a day or even three times a day.
As a norm digital payments made to a merchant is usually not settled on the same day. According to industry standard, the settlement happens after one day or two days, depending on the specific day of the week. However, payment startups have been innovating on same day settlements to encourage small merchants who need cash in their bank account daily to start accepting digital payments.