Neobank FloBiz today announced its foray into banking services for SMBs with the launch of Smart Collect - part of the Smart Banking module - on its flagship GST invoicing and accounting product myBillBook.
With Smart Collect, businesses can now collect payments from their customers instantaneously via UPI & bank transfers and automatically reconcile them against pending invoices.
The Smart Collect feature has already been rolled out to an exclusive set of current myBillBook users both on mobile and desktop applications. FloBiz plans to extend the rollout in the coming few weeks to a wider user base who meet certain eligibility criteria, the company said in a press statement.
Smart Collect has an intuitive design, which is easy to enable and begin using. In addition to existing capabilities, myBillBook also launched its Point-of-Sale (POS) invoicing interface in December last year for organised retail and franchise businesses, thereby making Smart Collect a powerful payments solution for both non-retail and retail SMBs on myBillBook, the statement added.
Rahul Raj, co-founder and CEO of FloBiz said, “In January 2022, the total monthly trade recorded by the 1M+ active SMBs on myBillBook stood at $1.5B and continues to grow steadily. We’re extremely excited about the launch of Smart Collect, which is our first step towards the neobanking roadmap. The broader Smart Banking module will allow SMBs to collect payments from customers and make outward transactions towards suppliers, vendors and day-to-day business expenses. It will also bring Current Account management capabilities directly on myBillBook, making it a one-stop solution for all invoicing, accounting, inventory management, business reporting and banking needs for businesses.”
Siddharth Seth, VP - Products, FloBiz shared, “We’ve a comprehensive KYC process that requires GSTN or PAN validation before a customer can begin using Smart Collect. We use the highest assurance SSL certificates to ensure that no unauthorised person can access users’ sensitive payments data. We’ve also built strong anti-fraud infrastructure and algorithms to scan through each transaction on dozens of variables to detect, prevent and deter suspicious activities. We’re educating our users about the benefits of Smart Collect through product marketing and iteratively improving the experience based on direct customer feedback.”
