Neobank FloBiz on Tuesday stated it has branched out into banking companies for Small and Micro Companies (SMBs) with the launch of Good Gather on its flagship GST invoicing and accounting product myBillBook. Good Gather is a part of the good banking module of the corporate.
With the function, companies will be capable of acquire funds from their clients instantaneously via UPI and financial institution transfers and mechanically reconcile them in opposition to pending invoices.
For starters, the Good Gather function has been rolled out to a set of present myBillBook customers each on cellular and desktop functions. The corporate plans to increase the rollout within the coming few weeks to a wider consumer base who meet sure eligibility standards. “Good Gather has an intuitive design, which is simple to allow and start utilizing,” FloBiz stated in its assertion.
“In January 2022, the full month-to-month commerce recorded by the 1M+ lively SMBs on myBillBook stood at $1.5B and continues to develop steadily. We’re extraordinarily excited concerning the launch of Good Gather, which is our first step in the direction of the neobanking roadmap. The broader Good Banking module will permit SMBs to gather funds from clients and make outward transactions in the direction of suppliers, distributors and day-to-day enterprise bills. It should additionally deliver Present Account administration capabilities immediately on myBillBook, making it a one-stop resolution for all invoicing, accounting, stock administration, enterprise reporting and banking wants for companies,” stated Rahul Raj, co-founder and CEO of FloBiz.
Good Gather helps a number of fee modes like UPI, NEFT, IMPS and RTGS, instantaneous settlements into vacation spot accounts for improved money circulation, automated reconciliations of transactions in opposition to customer-wise invoices, free to make use of with no extra prices on assortment transactions, fee hyperlinks and QR codes will be shared with clients immediately on WhatsApp and enticing cashbacks and rewards for myBillBook customers and their clients.
“We’ve all the time had a customer-first method to designing strong and scalable technological options. Good Gather can also be a product of the identical method the place we totally studied record-keeping and banking behaviours of SMBs in India to finally ship a particularly intuitive and simple to make use of funds resolution. We’ve a complete KYC course of that requires GSTN or PAN validation earlier than a buyer can start utilizing Good Gather. We use the very best assurance SSL certificates to make sure that no unauthorised individual can entry customers’ delicate funds knowledge. We’ve additionally constructed sturdy anti-fraud infrastructure and algorithms to scan via every transaction on dozens of variables to detect, forestall and deter suspicious actions. We’re educating our customers about the advantages of Good Gather via product advertising and iteratively enhancing the expertise based mostly on direct buyer suggestions,” stated Siddharth Seth, VP – Merchandise, FloBiz.
Supply: Live Mint