Recently, we interacted with Mr. Hemant Vishnoi, Co-founder, EnKash – Asia’s 1st and Smartest Spend Management Platform that offer services like Account Payable, Accounts Receivable, Expense Management and more.
Here are the interview highlights:
- Brief us on EnKash. The company’s journey since its inception.
Naveen Bindal, Yadvendra Tyargi, and I founded EnKash together in 2018. Since its inception, we have been at the forefront of the fintech sector, pioneering Asia’s first and smartest Spend Management Platform. Small and Medium Businesses (SMBs) have relied on our platform for a frictionless payment experience.
Being one of the fastest-growing platforms in the B2B space has allowed us to aid 2,00,000+ businesses in digitizing and decentralizing their payments.
Up to this point, we have successfully raised USD 23 million. In the last round, we raised USD 20 million, led by Ascent Capital alongside Baring India, White Ventures, and existing investors.
- Why is there a need to digitize payments process for B2B?
In today’s day and age, digitization has become extremely important, especially for businesses. Manual payment processing can be time-consuming and prone to errors, particularly when there are large volumes of payments to be made. By digitizing the process, payments can be made more quickly and accurately, helping businesses save time and reduce costs. Moreover, digitizing the payments process for businesses will help them enhance efficiency, improve cash flow and security.
In addition to this, digital payments are more secure and can provide businesses with better visibility into their payment transactions.
- How is EnKash enhancing bill payments process for businesses?
EnKash provides a digital payment platform for businesses to enhance their bill payment processes via the ‘Bill Pay’ product. Through this product, businesses can streamline the process and manage their bills and payments in one place. The product easily integrates with accounting software/ ERPs making it easy for two-way sync as soon as the bill is generated, and payment is made.
With EnKash, businesses can manage branches in both centralized and decentralized ways. The product offers businesses to add billers, get reminders and initiate a single payment for all office bills with a single click. Additionally, the platform provides multiple users with a customized approval matrix with different layers, including Maker, Checker, and Approver, enabling businesses to manage their spending more effectively and in a transparent way.
- Through the ‘Bill Pay’ product how are you making payments easy and efficient?
Earlier to pay utility bills, businesses had to manually fetch bills from the headquarters and wait for approval at various levels to initiate the payment process. However, EnKash’s ‘Bill Pay’ product is designed to make payments easy and efficient for businesses. We are achieving this by-
- Providing convenience and efficiency manage and pay bills online from a central location, eliminating the need to visit various payment centres or mail payments
- Online payment options save time by eliminating the need to write cheques, fill out payment forms, etc.;
- Reducing administrative costs for managing and processing paper bills and payments
- Setting up automatic payments, helps businesses to avoid late fees and penalties by ensuring timely payments
- Detailed billing information, including payment history, billing statements, and usage reports is available on a single dashboard
EnKash enabling digital automation is streamlining utility payments for businesses. Please elaborate.
EnKash’s digital automation capabilities are streamlining utility payments for businesses in several ways. Here are a few examples:
- Automated payments: EnKash enables businesses to automate their utility payments, which saves time and reduces the risk of errors. The platform also allows businesses to set up recurring payments for utilities like electricity, water, and gas, so that bills are paid automatically each month without manual intervention;
- Multiple payment options: EnKash offers multiple payment options for utility payments, including connecting banking, net banking, corporate card or the auto-debit feature
- Real-time tracking and reporting: EnKash provides real-time tracking and reporting of utility payments, allowing businesses to monitor their payment transactions and identify any issues or discrepancies.
- Enhanced security: EnKash provides enhanced security features, including two-factor authentication and SSL encryption, to protect businesses from fraud and unauthorized access.
- How is this product allowing businesses to avail discounts?
Discounts are available only on early payments. These are usually available as cashback and rewards and basis the vendor partnerships.
- How does digital automation ensure transparency and real-time visibility?
EnKash’s digital automation ensures transparency and real-time visibility by providing businesses with a centralized platform to manage their payments and bills. To achieves this, EnKash:
- provides real-time tracking and monitoring of payments
- Sends automated notifications to businesses when payments are made or received, providing transparency and visibility into the payment process
- Provides customizable dashboards, which allows them to track their payments and bills
- What are the payment methods one can avail?
EnKash allows businesses to make payments through, connected banking, net banking, any card or using the auto-debit feature. .