RocketPay facilitates automated recurring payment collection directly from customer bank accounts using mandates. The platform leverages NACH and UPI 2.0 Autopay infrastructure for secure, scheduled transaction processing. This service enables businesses to receive funds on due dates without manual follow-up or reminders.
Funding
$770K raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Many businesses, especially small and medium-sized enterprises (SMEs), face challenges in collecting payments and managing credit from customers, often relying on manual follow-ups and reminders. This can lead to delayed payments, strained customer relationships, and increased administrative overhead.
Solution
RocketPay is a mobile application designed to automate credit and payment collection for businesses by leveraging NACH (National Automated Clearing House) and UPI (Unified Payments Interface) 2.0 Autopay. The platform enables merchants to set up e-mandates for customers, allowing for direct transfers from customer bank accounts to merchant accounts on a predetermined schedule. By automating the collection process, RocketPay eliminates the need for manual reminders and follow-ups, resulting in faster payments and improved cash flow. The app provides a secure and streamlined solution for managing receivables, reducing administrative burdens and improving overall efficiency.
Target Audience
RocketPay primarily targets small and medium-sized businesses (SMBs) and retailers that extend credit to customers and seek to automate their payment collection processes.
Features
- Automated e-mandate creation for customers using NACH and UPI 2.0 Autopay.
- Direct debit from customer's bank account to merchant's account on a scheduled basis.
- Secure platform built on NPCI infrastructure with multi-layered security.
- Real-time tracking of payment history and upcoming collections.
- Customer payment options via UPI, Netbanking, or debit card.
- Mobile app available on the Google Play Store.