Marg Fintech is creating a business environment where distributors can work with ease, bring down their cost, improve efficiency and promote digital payments.
Manual Invoice processing involves more than 15 steps starting from the arrival of an invoice from the supplier to payment and a serious amount of time and money is spent to validate those invoices and check the invoice data against data captured e.g. supplier name, amount and PO number.
Marg Fintech automates all the repetitive and time-consuming processes involved from invoicing to payment. Thus, improve the accuracy of captured data, increase consistency, and reduce the operational spend.
A Distributor spends Rs.50 (approx) for collecting payment from a single retailer. Then the owner has to wait for 3-4 working days for a bank to clear that cheque which is more time consuming and a tedious task.
To speed up the transaction cycles, Suppliers can opt for any Digital payment option from a wide range, which is easy and more convenient to opt and provide customers with the flexibility to make payments from anywhere and at any time.
Keeping track of invoices you're owed and bills you need to pay is daunting for every businessman. Enjoy invoice level auto-reconciliation
Factoring is an easy and quick way to get money. When a distributor sends an invoice to the retailer on 30 days credit period. There can be two scenarios i.e.
Scenario 1: The distributor needs money earlier as can’t wait for 30 days. In this situation, the distributor can either provide a bill discount to the retailer or can provide them with a loan whose interest would be completely payable by the distributor himself.
Scenario 2: If the retailer needs money then he can visit the bank and can borrow money by providing them with an invoice which would be payable when money would be available with the retailer.
new way of automating the payments via E-Cheque. E-Cheque mandate is a new payment service that allows anyone with a bank account to easily automate recurring payments.
How it will work?
Distributors will ask their retailers to sign a mandate form via email. Once the user signs the E-Cheque mandate form, he gives permission to the concerned distributor to authorise the payment method for future transactions.
Once the retailer gets registered, the distributor will get a Unique Mandate Registration Number (UMRN) from the bank corresponding to each registered retailer which makes the process of receiving payments easier and faster.
There are 2 options for them:
✓ Reduced cost of collection
Marg Fintech has brought a new approach for automating the payments i.e. eCheque; a secured payment service that allow to pay directly into bank account and there is no need to send a collection agent to collect cheques resulting in reducing the chances of errors, prevent fraud against the banks and their customers, saves time & cost.
✓ Higher ROI on Capital & Profitability
Marg Fintech provides easy and convenient payment modes which results in higher ROI and increase overall profitability of the business.
✓ Reduced Days Sales Outstanding (DSO)
Marg Fintech offers multiple payment modes to collect the payments for the invoices which automatically reduces DSO and improve the cash flow of the company.
✓ Better Compliance: Faster Reconciliation
Marg Fintech sends faster GST compliant invoices, generate financial reports, do tax calculations and helps to easily file GST returns without any inconvenience.