Smart Collect Use Cases
Explore the diverse use cases of Smart Collect and Smart Collect 2.0, a robust payment collection solution for businesses.
Both Smart Collect and Smart Collect 2.0 are powerful payment collection solutions by Razorpay that help businesses automate reconciliation of direct bank transfers. While they share core functionality, Smart Collect 2.0 introduces enhanced features and additional use cases that make it superior for modern businesses.
- For businesses already using Smart Collect: Upgrade to Smart Collect 2.0 for UPI support, instant settlements, and enhanced features.
- For new businesses: Start directly with Smart Collect 2.0 for maximum functionality.
Industry: NBFC, Banks, Lending Companies
Example: Acme Loans
How Smart Collect Helps:
- Automates loan repayment process with Customer Identifiers
- Supports NEFT, RTGS, and IMPS payment methods
- Provides real-time updates on payment statuses
- Reduces manual reconciliation errors in financial reporting
- Borrowers receive unique account details based on repayment schedules
Industry: E-commerce, Marketplaces
Example: Acme SuperMart
How Smart Collect Helps:
- Creates unique Customer Identifiers for different marketing campaigns
- Eliminates need to manually identify payment sources
- Provides automatic reconciliation with real-time status updates
- Streamlines payment processes for enhanced accuracy and efficiency
Industry: Software Development, IT Services
Example: Acme Solutions
How Smart Collect Helps:
- Handles large volume invoice payments efficiently
- Clients can add bank accounts as beneficiaries in netbanking portals
- Supports NEFT, RTGS, and IMPS transfers
- Provides real-time payment notifications via webhooks
- Ensures swift and informed decision-making
Industry: Schools, Universities, Educational Services
Example: AcmeHorizon School
How Smart Collect Helps:
- Accepts large one-time fee payments
- Generates unique Customer Identifiers for each student/fee cycle
- Provides automated reconciliation for accurate financial reporting
- Offers real-time insights into institutional financial health
- Seamless webhook notifications revolutionise data flow
Industry: All sectors requiring UPI collections
How Smart Collect 2.0 Helps:
- Creates Virtual UPI IDs (VPAs) in addition to Customer Identifiers
- Enables UPI payments alongside traditional bank transfers
- Customers can pay using any UPI app with branded VPAs
- 99.99% success rate for UPI transactions
Industry: Restaurants, Retail Chains, QSRs, Pharmacies, Theatres
Examples: Restaurant chains, Jewellery showrooms, Travel agencies
How Smart Collect 2.0 Helps:
- Creates branch-specific or franchise-specific Customer Identifiers
- Tracks branch-wise sales and partner-wise collections in real-time
- Customises Identifiers with company branding for better trust
- Provides transaction-level breakup for each branch/franchise
- Simplifies multi-location reconciliation
Industry: Hospitals, Large Corporations, Service Centers
Examples: Multi-department hospitals, Universities with various faculties
How Smart Collect 2.0 Helps:
- Tracks internal department-wise collections seamlessly
- Creates separate Identifiers for different departments/services
- Provides detailed reporting at identifier level
- Enables better cost center management
Industry: E-commerce, Online Services
How Smart Collect 2.0 Helps:
- Customer Identifiers displayed on Payment Gateway checkout
- Generates new unique Identifiers for each transaction
- Customers can choose between gateway and direct bank transfer
- Seamless integration with existing payment flows
Industry: Real Estate, Broking, Financial Services, B2B Marketplaces
Examples: Cars24, Real Estate Builders, AIFs
How Smart Collect 2.0 Helps:
- Instant settlements eliminate cash flow challenges (vs T+2 in traditional methods)
- 99.99% success rate for high-value transactions
- Customer preference for netbanking over gateways for large amounts
- Third Party Verification (TPV) for enhanced security
Industry: Fintech, Gaming, Digital Services
Examples: Digital wallets, Gaming platforms, Service providers
How Smart Collect 2.0 Helps:
- Instant notifications for IMPS and UPI payments
- Real-time wallet crediting improves customer experience
- Supports both traditional bank transfers and UPI methods
- Automated refunds for closed identifiers or failed TPV
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