Yes, E-Nach simplifies your recurring payment process through automation. Before we dive deep into the details, let’s do a quick look at
The e-NACH (Electronic National Automated Clearing House) is one of India’s most recent electronic payment systems, established by the National Payments Corporation of India (NPCI). Anybody with a net bank/ debit card access for a bank account can use e-NACH to automate payments that are recurring and frequent.
E-NACH is an electronic system that assists banks, investment firms, and government agencies in providing automated payment services.
When a user signs the E-NACH or electronic NACH form, they authorise the authorities concerned to debit the specified amount from their bank on an opted frequency (weekly, monthly, quarterly, half-yearly, as and when approved).
eNACH achieves its goals by utilising NPCI’s National Automated Clearing House (NACH) service.
They’re two different services that accomplish the same thing: automating recurring payments. The National Payments Corporation of India (NPCI) regulates E-NACH and it covers more than 40 banks. On the contrary, individual banks control their own e-Mandate processes and it is now available in only 4-5 banks.
A recurring payment is a payment model wherein customers authorise their merchant to automatically withdraw funds from their accounts at periodic intervals for products and services supplied to them on a continuing basis.
So, now that we have a basic idea, let’s see how we can automate recurring payments with E-NACH.
We assure you that it’s a simple process to automate your recurring payment.
Here is everything you need to know.
The debit card/Net banking allowed E-NACH is a simplified procedure and little to no human participation. Using NPCI’s APIs, a merchant can ask their customers to sign an E-Mandate with their debit card or net banking information and submit it straight to NPCI.
Finally, NPCI verifies and communicates this information with the sponsor and destination banks to set up the E-NACH payment instantly.
With CAMSPay’s E-NACH, we assure you of security and ease.
The E-NACH system is designed to combine a variety of high-volume, recurring payments made by financial businesses in India.
With E-NACH based on debit cards or net banking and with a growing number of lending firms, automating payments with nearly no human or paper interaction is becoming easier.
Customers can use the E-NACH system to issue and approve mandates using alternative routes to paper-based mandates.
The process is set up so that the destination bank moves the mandate to the sponsor bank after verification, or from the organization to the sponsor bank and from there to the destination bank.
Also, here’s a simple guide on E-Nach. Read it at leisure and learn it the right way!« Back