LotusPay provides a NACH Debit platform that enables businesses in India to automate the collection of recurring payments directly from customers' bank accounts using eMandates. This solution streamlines payment management, reduces transaction fees, and ensures timely cash flow without requiring customer authorization for each payment.
Funding
Funding not disclosed
Founders
Product
Problem
Many businesses in India face challenges in efficiently collecting recurring payments from customers, often relying on manual processes or expensive payment gateways. These methods can lead to delays in cash flow, increased transaction fees, and the need for repeated customer authorization for each payment.
Solution
LotusPay offers a NACH (National Automated Clearing House) debit platform that automates the collection of recurring payments directly from customer bank accounts using eMandates. The platform provides a dashboard and API for managing customers, plans, subscriptions, mandates, payments, and settlements. Customers authorize NACH debit eMandates digitally, enabling direct debit of their bank accounts. LotusPay securely processes mandates through banking channels, activates them, and automatically debits customer accounts according to subscription schedules or presented instructions, ensuring timely and predictable cash flow for businesses.
Target Audience
LotusPay primarily targets businesses in India that require efficient and automated solutions for collecting recurring payments, including loan providers, membership organizations, subscription services, and educational institutions.
Features
- Automated recurring payment collection via NACH debit eMandates.
- Customer authorization through a branded, secure digital portal.
- Comprehensive dashboard and API for managing customers, plans, and subscriptions.
- Support for both fixed and variable payment amounts.
- Integration with leading sponsor banks including Axis Bank, ICICI Bank, IndusInd Bank, HDFC Bank, Kotak Mahindra Bank and Yes Bank.
- Real-time notifications for new mandates, payments, and settlements.
- Military-grade data security.