Overview

The E-Collect offering by Decentro provides a streamlined solution for businesses looking to manage fund movements in virtual accounts efficiently. This guide outlines the key benefits and use cases of the E-Collect stack.

The E-Collect API facilitates the creation and management of virtual accounts, enabling businesses to collect payments seamlessly. It supports various transaction methods, including NEFT, RTGS, and IMPS, allowing payers to transfer funds easily through their net banking portals.

Key benefits

1. Enhanced Cash Flow Management: By utilizing virtual accounts, businesses can streamline their payment collection processes, leading to improved cash flow management.
2. Multi bank support: Multi-bank support with no changes across bank partners to reduce effort on new partner integrations and migrations.
3. Customizable Solutions: The ability to customize virtual account numbers allows businesses to create a more personalized experience for their customers.
4. Real-time Transaction Updates: With callbacks triggered by Decentro for transaction statuses, businesses receive immediate updates on payment success or failure, enabling timely follow-ups.
5. Operational Efficiency: Automating the creation and management of virtual accounts reduces manual processes, minimizes errors, and saves time.

Use cases

1. Aggregator/E-commerce Platforms: Online retailers/marketplace platforms can use the E-Collect stack to create virtual accounts for each customer, simplifying the payment process and enhancing customer experience.
2. Service Providers: Businesses offering subscription/custom services can utilize virtual accounts to manage recurring and one-time payments efficiently.
3. Financial Institutions: Banks and fintech companies can integrate the E-Collect API to offer their clients advanced payment collection solutions.

Link to API documentation