In sync with the digital and cashless economy worldwide, Zipgrid facilitates cashless payments. The existing practise consists of collection of funds via cash, cheque, RTGS/ NEFT modes. These records are then required to be mailed to the office bearers. The manual practise of sending cheque numbers and UTR numbers are prone to errors and plagued by irregularities, thereby reconciliation goes for a toss.
Keeping this in mind, Zipgrid introduces cashless payment gateway partnering with IDFC. This model gives an option of making nodal accounts for all the members with individual Id & password. So whenever a member makes a payment via NEFT/RTGS or cheque, the bank recognizes it and gives an auto reconciled MIS making the entire reconciliation process really easy.
On the payment side, the existing practise is of preparing the vouchers and verifying them by the mandatory signatories post which the cheques are prepared. The next step is to obtain signatures of all the mandatory office bearers. This can be a long and tedious process due to unavailability of certain signatories because of which the payments often get delayed. This scenario can be avoided with Zipgrid’s integration with IDFC as it helps the signatories approve these vouchers online and further to the approval, a NEFT file is uploaded and on the set date the payments are released.
Zipgrid cashless payment gateway makes life easier for all the stakeholders like residents, office bearers and the service providers. Thus, making payments an hassle-free experience at any given point of time.