The world has only understood the importance of financial technology in the wake of this pandemic. Businesses, governments, and financial institutions have realized that sustainability and continuity are hard to achieve without embracing the digital revolution. While financial technologies (fintech) were rapidly evolving in the past years, the pandemic has skyrocketed the adoption rates, with many fintech providers expanding their services and offering tailored solutions.
Both large corporations and emerging businesses have had to face challenges in performing business operations during the pandemic. However, since enterprises have more resources at their disposal, they can adapt more quickly to changing circumstances. On the other hand, small and medium-sized businesses find it challenging to overcome such obstacles because they receive limited support from financial institutions and since there aren’t many fintech providers that cater to their needs.
Digitizing stores, processing payments, digital disbursements, automated invoicing, and credit lending are some of the major problems that Indian (and global) SMEs have had to deal with over the past year. Moreover, frequent lockdowns halted cash flow and put a stop to their expansion plans. Thankfully, there are a few fintech providers who have come to the rescue of mid-sized businesses, helping them level up with personalized payment, loan, and digital finance solutions.
This review will focus on Easebuzz — a unique online payment solution designed for small and medium enterprises. Easebuzz offers core financial and ancillary services to help firms digitize their business transactions, collections, and settlements.
Through this review, we will cover the following points:
- Introduction to Easebuzz
- Key Features of Easebuzz
- Our Final Verdict
So let’s get started on what Easebuzz is and what it can do.
Introduction to Easebuzz
Easebuzz is a digital payment solution provider based in India that helps businesses collect and make payments online. Available both as a web and mobile application, Easebuzz is dedicated to creating APIs that help include fintech services within your existing software or ERP system. This novel application presently caters to over 50,000 businesses and merchants worldwide, helping them collect and disburse payments digitally to multiple vendors, customers, and accounts.
Easebuzz makes it extremely easy for any business to create their own virtual store, digitize their services, and transact online. The application allows you to add your product/service details, assign categories, and configure custom rules and refund policies. In addition, you can also enable search engine optimization (SEO) and analytics on your online store. There are also dedicated modules to track sales, orders and refunds.
Anyone with minimal IT experience and understanding can use Easebuzz to sell products, services, subscriptions, memberships, and event tickets, which can also be shared instantly on social media. The online store can be populated and set up in minutes and involves minimal documentation. Moreover, Easebuzz allows you to configure coupon codes and avail them for discounts.
Easebuzz allows you to create a payment link for any products/services you are selling and instantly share it with your customers for online payments. You can also integrate its payment API with your personal/business website for a seamless payment experience. Easebuzz also lets you create customized payment links. Your customers/vendors/partners can just enter an amount to make payments via Debit/Credit Cards, net banking, digital wallets, EMIs, UPIs, Ola Money, and SIMPL.
Unlike many contemporary payment portals, Easebuzz allows you to take your business online in minutes. All you have to do is sign up with your email and KYC documents to get started. From then on, you can enter your bank and your business details to initiate and monitor transactions.
Easebuzz is designed to help emerging businesses by embedding payments infrastructure within their existing business setup. This allows you to provide personalized financial services according to your needs and convenience. Here are a few functionalities of Easebuzz that help you digitize, automate and streamline your firm’s transactions:
- EasyCollect: Easebuzz makes payments collections easy and automated with its EasyCollect feature sends reminders based on due dates. This feature allows you to create links for vendors, customers, or loan collections with custom fields and information. In addition, you can choose link expiry dates, add messages from in-built templates and communicate via SMS, Whatsapp, email, or calls. Easebuzz can also auto-trigger calls based on the due dates and automatically determine the ideal calling time for a contact based on their payment history.
- WIRE: Easebuzz also lets you create beneficiaries and manage payouts from a single interface. You can upload the entire list of beneficiaries/vendors into the application for managing payouts, salaries, or refunds in bulk. The system informs you about the success or failure of each transaction with a reference number. What’s more, not only can you use multiple account numbers for making the payments, the payee can choose which account they want the money transferred to.
- Payment Gateway: With Easebuzz, you get payment APIs for your website to integrate any platform. This allows you to offer hosted and iframe-based checkouts for payments. Thus your users do not have to move to a separate page for payments and are directed to the bank page. This not only improves the customer experience but also improves your brand image.
- Bridgebuzz: This feature enables you to split and settle funds to vendors after each sale automatically without having a nodal account. This allows for easy vendor onboarding with proper compliances and KYC details.
- SmartBilling: Another major functionality of Easebuzz, SmartBilling helps you build your own recurring billing, subscription billing, and invoicing solution with facilities such as payment bifurcation, billing cycle configuration, and partial payments. This allows you to share payment links with customers via SMS, email, and Whatsapp, which they can use for a seamless checkout experience using just a single click. You can also set up upfront charges, shipping costs and customize billing cycles for your services.
- BuildBuzz: This lead management solution includes an online form builder and marketing automation feature. This is particularly useful for registrations and record management, where payments from a lot of users are involved.
- FeesBuzz: Easebuzz also offers a FREE fees portal for educational institutions with over a hundred payment options. Feesbuzz provides offline payment reconciliation on fees installments and allows you to check installments paid by each student for each semester/quarter/year via real-time records. You can also create multi-step forms with custom fields that users can provide their responses. You can also set up options for installments, penalties, and discounts based on start date, due dates, etc.
Now that we know what Easebuzz is and how it works, let us move towards some of its unique features.
Key Features of Easebuzz
Easebuzz offers several essential features that can help you bring digital transformation to your business. They are:
- Smart Dashboard: Easebuzz’s intelligent and user-friendly dashboard enables you to view a snapshot of your transactions, revenues, success rate, and earnings for a set period. You can filter all transactions based on their date, title, and subcategories and edit each entry before publishing it. In addition, all transaction records can be instantly shared with other users, downloaded, and embedded at the click of a button.
- Multi-user Payments & Collections: The InstaCollect functionality of Easebuzz helps you collect payments from various account numbers by creating a virtual account. You can create different accounts for different students, parties, partners, or vendors with separate UPI addresses, reconciled automatically.
Easebuzz also helps you create multiple users with individual permissions and logins based on their roles, which allows you to easily onboard merchants, earn commissions directly from transactions, and fix charges based on their UPIs, banks, locations, etc. Additionally, the application allows you to manually trigger payment reminders if a customer has not received your message.
- Invoice Reports: Easebuzz helps you create invoices and send them directly to users from your interface with a payment link. You can also view reports on the status of each invoice and filter them based on their unique invoicing number, customer’s name, date of issuance, status, or expiry date.
Easebuzz allows you to perform multiple actions on each invoice, such as sending reminders, extending expiry dates, invoice duplication, and recording offline payments. Moreover, Easebuzz helps you view and download reports for expected settlements, loan repayments, defaulter lists, settlement history, and GST-deducted invoices.
- Webhook Integration: With Easebuzz, you can send API requests on servers for easy integrations with their ERPs, CRMs, etc. The Easebuzz server notifies your server about each transfer. The records of every transaction made reflect directly on your ERP dashboard as both the systems become synchronized.
- In-built Templates: As mentioned above, Easebuzz offers in-built templates for better interactions with your clients and customers via emails, Whatsapp, and SMS. These templates are customizable and can be triggered automatically based on payment history and due dates. Communication with clients and vendors gets smooth owing to the application’s ability to create forms for payment collections.
- Custom Payment Forms: Easebuzz helps you configure detailed forms for payments and assign custom logic to them for payments. For example, the amount/percentage of money to be paid can be determined by the user’s location, bank account, qualifications, roll number, registration number, email ID, etc. In addition, the application allows you to add your company’s logo in the payment forms for better branding. You can also apply for a loan directly from the application and choose a lending partner for payments by providing your PAN card details.
- Robust Security: Since security is a significant concern in B2B payments, Easybuzz adheres to PCI DSS compliance measures and offers end-to-end encryptions. It also has a fraud prevention suite and uses 128-bit encryption to transmit data securely to banks for instant payment processing.
Apart from the above features, Easebuzz can also auto-convert currencies to INR based on current exchange rates. It also has a mobile app that you can use for making and receiving payments on the go. Moreover, it allows you to configure referral codes for additional bonuses on transactions.
Our Final Verdict
Easebuzz offers a gamut of unique features that can quickly bring digital transformation within a firm. It improves payment flexibility, communication, and visibility over transactions while providing users a smooth and seamless experience. Be it collecting, disbursing, organizing, or distributing payments, Easebuzz has come further than many of its competitors.
Easebuzz has a huge potential in helping SMEs, educational institutions, e-commerce merchants, and financial institutions improve their processes with minimal effort. Thus, it could help a significant number of businesses successfully recover from slowdowns and modernize their business transactions. Considering the massive potential of the software, its usefulness in the present era, and its innovative features, we are inclined to give Easebuzz a ‘Perfect Ten’ in our review, hoping that it would transform how finances are managed in the Indian subcontinent and beyond it.