Cashfree Payments, India’s leading payments and API banking solutions company, is assisting the subscription-based furniture rental company Furlenco, in creating a fastest security deposit refund experience for its customers, through its Payouts link solution ‘Cashgram’.
The furniture rental company collects security deposits at the start of the subscription plan. Once the subscription ends, Furlenco teams pick up the furniture from the customer site and the security deposit is credited back to the customer's preferred account using a Cashgram link.
As soon as the Furlenco system identifies that the return is completed, the system auto-generates a Cashgram link using Cashfree Payments’ Cashgram API with the registered phone number or email id of the customer and refund amount. The customer receives the link over Whatsapp/SMS/email and can open the link, enter preferred bank account details or UPI ID or other wallet details where the customer would like to receive the refund money. This helps customers get the refund credited without having to share their sensitive bank account details.
This payout system takes care of all the backend activities and automates the refund process for the business. The end customers can also claim refunds instantly even during bank holidays and weekends.
Founded in 2012, Furlenco provides furniture and home decor on rent along with relocation services. Prior to integrating Cashgram, Furlenco’s payout process was majorly manual and highly procedural in nature, which made it tedious, time-consuming and prone to errors and delays. The Cashfree Payments - Furlenco partnership is of high significance as the collections and refund process is an essential part of the rental business.
Reeju Datta, Co-Founder, Cashfree Payments said, “We are delighted to extend our payout services Cashgram to Furlenco and its users. Cashfree Payments has always strived to undertake innovative approaches to address industry problems. Through Cashgram, we have been helping Furlenco in making the entire process of Payouts simple, stable and seamless. We will continue our efforts of providing consumer-centric products, which will generate greater functional efficiency and convenience for businesses and customers alike.”
Varun Krishnakumar, Director of Products, Furlenco said, “We are happy to partner with Cashfree Payments for Payouts so as to serve our customers with a seamless experience. Prior to this partnership, our refund process was tedious, prone to errors and time consuming owing to system-induced delays. The partnership with Cashfree Payments has allowed us to render fast, secure and user-friendly settlements, thereby enhancing the overall customer journey. Also, from the automation and scalable point, Cashgram has been phenomenal. The time saved, in turn, has allowed us to interact more with the customers in devising more effective and innovative procedures, thus creating a better value proposition.”
With over 50% market share among payment processors, Cashfree Payments today leads the way in bulk disbursals in India with its product Payouts. Recently, India’s largest lender, SBI invested in Cashfree Payments underscoring the company’s role in building a robust payments ecosystem. Cashfree Payments works closely with all leading banks to build the core payments and banking infrastructure that powers the company’s products and is also integrated with major platforms such as Shopify, Wix, Paypal, Amazon Pay, Paytm and Google Pay. Apart from India, Cashfree Payments products are used in eight other countries including the USA, Canada and UAE.
About Cashfree Payments
Cashfree Payments is a leading payment and API banking solutions company. It provides full-stack payments solutions enabling businesses in India to collect payments and make payouts via all available methods with simple integration. Cashfree Payments’ offerings include an advanced and easy way to integrate payment gateways, a split payment solution for marketplaces, bank account verification API and Auto Collect -- a virtual account solution to match inbound payments to customers. Founded by IIIT Hyderabad alumnus Akash Sinha and IIT Kharagpur graduate Reeju Datta, www.cashfree.com is among the leading payment service providers in India processing transactions worth USD 20 Billion annually. It has leveraged technology to lead payment disbursals in India with more than 50% market share among payment processors. Cashfree Payments enables more than 1,00,000 businesses with payment collections, vendor payouts, wage payouts, bulk refunds, expense reimbursements, loyalty and rewards. Apart from India, Cashfree Payments products are used in eight other countries including the USA, Canada and UAE. Cashfree Payments is backed by Silicon Valley investor Y Combinator, Apis Partners, State Bank of India (SBI) and was incubated by PayPal.