Leading digital payments and banking technology company, , today announced its partnership with Shipway, an eCommerce automation platform, for faster processing of Cash-on-Delivery (CoD) order refunds.
With this partnership, Shipway's merchants can now process refunds in a single click using Cashfree's platform. The refunded amount will be credited to the end customer's preferred mode of payment (Bank Account, UPI ID, Wallets, Debit/Credit card) instantly.
Processing CoD order refunds has always been slow and error-prone for online sellers as it involves multiple touchpoints including the customer's bank account, adding a payee and processing refund manually.
This integration will significantly speed up the CoD refund process for over 12,000+ merchants leading to not only a seamless and quick CoD refund process but also an enhanced customer experience, operational efficiency and lower costs.
The pandemic has increased the number of e-commerce brands as customers are increasingly moving to online shopping. Payments and refunds are critical components of the customer experience for e-commerce brands, especially CoD orders.
Commenting on this partnership, Reeju Datta, Co-founder, Cashfree, said, "Cashfree has successfully enabled businesses across sectors to reduce the turnaround time for their payouts using our product suite. However, CoD refunds have always been an area of concern for online retailers as they are time-consuming and traditionally cumbersome. Through this partnership, we aim to resolve this issue for Shipway's merchants and customers and help to enhance the overall customer experience."
Gaurav Gupta, Co-founder, Shipway, said, "Turning a long 15 days return cycle into a day can be a game-changer in the D2C space and can help brands retain their loyal customers. With Shipway and Cashfree integration, consumers are going to get a seamless CoD refund experience. An instant, hassle-free refund/exchange experience, combined with consistent and accurate communication to the customer is going to be a breakthrough and a way forward from all the future payment innovations."
Introduced in 2016, Cashfree's bulk disbursal product Payouts grew quickly to cross one lakh daily payouts within a year of launch. Currently, Cashfree leads payment disbursals with more than 30% market share among payment processors.
At present Payouts is being used by over 5000 companies in India for vendor payouts by marketplaces; e-commerce refunds, wage payouts; loan disbursement; insurance claims processing; expense reimbursements and reward payouts.
Cashfree also allows businesses to verify bank accounts during user onboarding as a part of their KYC process. Cashfree has also partnered with e-commerce companies such as Nykaa, Furlenco among others to elevate their customer's last mile experience.
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( With inputs from ANI )
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