Announces an integration that will enable businesses to make Direct Tax payments as well using Visa commercial cards by end of March 2021.
Mumbai, March 9, 2021: PayMate, the market leader in B2B payments, today announced that its full-stack payment automation platform has processed over $130 million GST payments monthly during the pandemic year through bank-issued Visa commercial cards. These transactions are projected to grow over $250 million being processed every month in the upcoming fiscal year ending March 2022.
PayMate’s GST payment automation feature allows businesses to make bulk payments towards challans generated on the GST portal across multiple GSTINs. The challans are fetched onto the PayMate platform in a single step, followed by a digital approval process on the platform; thereby eliminating manual efforts and saving considerable time.
During the pandemic, over 80% of businesses have faced difficulty in managing their cashflows , as they were delayed and unpredictable; in turn making it difficult for them to make their statutory payments such as GST on time. In such a scenario, the availability of funds on credit via a commercial card proved to be a boon.
Additionally, by end of March 2021; businesses will be able to make their Direct Tax payments such as TDS, Advance Tax, Self-Assessment Tax among others on the PayMate platform. To do so, businesses have to select the challans, enter the amount to be paid and proceed to pay in bulk or adhoc. Moreover, large enterprises can choose to make all their Direct Tax payments using a single login for their subsidiary companies instead of multiple logins; making this enablement one of its kind.
Tax payments can also be made along with other supplier payables in bulk using commercial credit cards, thereby giving a single-window with automated payment and reconciliation, detailed reports, and clear visibility into cash-flows. Further, using the PayMate platform to the best of its abilities eliminates the need for using multiple software tools and traditional book-keeping records; thereby making businesses more efficient, and gain greater control and transparency over their finances.
Speaking on this announcement, Ajay Adiseshann, Founder & CEO, PayMate says, “Usually, statutory payments such as GST and Direct Taxes are paid using EFT. However, the exceptional capability of enabling businesses to use commercial cards for these payments has proved to be extremely fruitful as we are providing additional avenues to businesses for using their commercial credit cards on our platform. And we are sure that this will attract more small, medium, and large businesses to adopt PayMate.”
Large conglomerates such as Marico and Redington India have been using the PayMate platform extensively for GST payments. Pawan Agrawal, CFO, Marico Limited says, “In addition to our vendor payments, we have now started making GST payment via PayMate’s automated and API-based GST payment feature which comes with Bank issued VISA commercial card enablement. It has been a seamless experience for our team to execute pan-India GST transactions in a hassle-free and timely manner”.
Varun Varada, Treasury Head, Redington India further adds, “PayMate has eased up the process of GST approvals and payment for all REDIL branches located across India (28 states) by integrating their portal with GST website, thereby with single click we were able to approve all the GST payments of 28 states in single shot. Time and energy were saved.”
PayMate enhanced its platform during the COVID-19 year and introduced a unique invoice discounting marketplace that allows suppliers to get working capital funds simply by offering a discount on unpaid invoices. This new addition has already won the Business Today – Money Today Award 2021 for ‘Best Fintech in Payments’, making it our second successive win. Sharing his thoughts on the win, Ajay further adds, “We are thrilled to have won the award for the second consecutive time and are determined to continue enhancing our holistic, full-stack platform to large, medium, and small businesses for end-to-end payables and receivables automation. We’ve already geared up to double our overall customer count from the existing 58,000 and achieve a run rate of USD 10-15B on gross processing volumes on the card rail by March 2022.”
PayMate is also gearing up to offer its B2B payments platform into Central Europe, the Middle East, and Africa (CEMEA) region in partnership with Visa, starting with the GCC region. The platform is already live in the UAE and is in process of going live soon in the Kingdom of Saudi Arabia and targeted to go live in Oman by end of 2021.
PayMate works closely with Visa and leading local banks to enable businesses with digital payments, faster access to credit, and more efficient ways to manage cash-flow.