Cashfree, which lets businesses in India to accept payments and make payouts, is collaborating with eCommerce automation company Shipway to expedite the handling of cash on delivery (COD) order refunds, according to a Tuesday (May 25) announcement emailed to PYMNTS.
The integration will significantly accelerate the COD refund workflow. This will lead to a “seamless and quick” COD refund process as well as “an enhanced customer experience, operational efficiency and lower costs,” according to the announcement.
Shipway’s merchants now have the ability to process refunds in one click by the way of Cashfree’s Payout platform with the collaboration. The reimbursed amount will then be credited to the end client’s preferred payment method — whether that be a credit card, debit card, wallet, UPI ID or bank account, according to the announcement.
Payouts, Cashfree’s bulk dispersal product, made its debut in 2016. As it stands, more than 5,000 firms in India harness Payouts for vendor payouts by marketplaces, eCommerce refunds, supplier payouts by marketplaces, loan disbursement, wage payouts, expense reimbursements, insurance claims processing and reward payouts.
Cashfree Co-Founder Reeju Datta said in the announcement that Cashfree has let companies in different industries decrease the turnaround time for their payouts by the way of the firm’s product collection. Datta noted that COD refunds have traditionally been an area of concern for eCommerce retailer as they take a lot of time and have been historically burdensome.
“Through this partnership, we aim to resolve this issue for Shipway’s merchants and customers and help to enhance the overall customer experience,” Datta said in the announcement.
The news comes as Cashfree raised tens of millions in new funding to help power its expansion.
United Kingdom-based private equity investor Apis Partners is pumping $35 million into the company in exchange for a minority equity position in the firm.
Apis invested via its Apis Growth Fund II and said in an announcement that it was attracted by the company’s “strong growth and profitability as well as its product innovation.”