#paydeck

We have over 100 of such email’s from the readers of FishAxis where they have enquired about Paydeck.in as a safe website or not.

In India whenever you are truncating on a website and if you are being asked for a OTP at the time of payment processing, either done through DEBIT Or a CREDIT CARD, the tool/platform/website is basically complying with the RBI’s 2 FACTOR rule.

What is RBI 2 FACTOR RULE:

In simple Words: RBI states that anyone making a online payment with a payment tool like Credit or Debit Card or Net Banking will have to authenticate the transaction by providing a OTP generated at the time of doing the transaction. This OTP is sent to the same mobile number which is registered with the bank/card. And the OTP is sent by the Bank itself. And the OTP has to be entered at the Bank Generated Page only while the whole payment process is working on a payment gateway.

Coming Back to Paydeck:

It was in 2016 July, I was first introduced to Paydeck by a friend who was using it for his Rent payment for couple of months.

He used his HDFC Regalia Credit Card to pay the rent & had accumulated a lot of points.

I registered at Paydeck and then did my first transaction of Rs. 100 to test it. I got a call from them from them for the verification & then they asked for the invoice for which I had paid this amount. Since my vendor had sent me an invoice of 35000 rupees, and I had paid only 100 out of it for testing purpose to my Vendor, I asked my vendor to send me 2 invoices for the same.

My Vendor, then sent me those 2 invoice of Rs. 34900 & Rs. 100 and I produced that to Paydeck. They asked for the other documents to verify my identity etc. and I submitted all that and my account was verified & the payment was settled.

Honestly asking for the vendor for the invoice again in 2 different parts was bit odd for me. But as I had a good word about the company, I did & used this service.

Once the payment got credited to the vendors account within 48 hours or less, if I remember it correctly, I got the notification. I verified the same with the Vendor and then I made the payment for the 2nd invoice which was due. Again got the same time period for the settlement & notification came in.

As the Invoice was paid by the company Paydeck, the vendor asked me in details about it. And he asked me if he can send me invoice through Paydeck, rather by sending his boys to my office? I thought it will be awesome. I nodded in yes.

Its April, 2017, every month, almost 18 of my different vendors are onboard Paydeck due to me. And All of them use the invoice system of Paydeck. The best part is, apart of filling the invoice form digitally, the vendor is able to attach his paper invoice with it too ( which i think should be stopped ).

I have used my different credit cards to pay for the vendors payment every month. And I have accumulated high reward points.

Infact I told Paydeck guys that this months Delhi to Chennai, round trip flight was free of cost for me, because of using the credit card to pay my vendors through Paydeck.

Most wonderful thing is, I am on timely payments through Paydeck to my Vendors.

One more thing I want to reveal here, which I got to know from Paydeck guys & through My vendors, that these 18 vendors of mine, has introduced more than 200 customers of theirs like me to Paydeck. And they have introduced their counter parts.

As you asked me to send your reviews, here is my reviews/feedback on how I use Paydeck.

Name: Amit Shrivastava. Amit has a pvc manufacturing unit in Hyderabad.

At any point of time, if you have any further questions on the same, you may always write me here or can contact support at: [email protected] or through our social media accounts:

Facebook: Paydeck.in

Twitter: PayDeck Support (@paydeck) | Twitter

Linkedin: https://www.linkedin.com/company/paydeck™

To Stay updated about Paydeck, Credit Card’s & other awesome things, you may visit our Blog At:

With my latest encounter with the growth team of Paydeck, I tried to sniff in more, into details about the type of users using Paydeck.

The majority of number of transaction in a month is happening on Rent & Housing payments. But that is not actually the whole billing total.

The Volume is good at the Rent & Housing Payments, but the Flag Holders are Vendor, Supplier, Wholesaler & contractor Payments.

While digging in details, with permission from team Paydeck, got the chance to speak to couple of Loyal customers of Paydeck, who are extremely depending upon Paydeck to pay the vendors, suppliers, wholesalers etc.

These people are mostly those who are sellers on Flipkart, Snapdeal, Amazon, Shopclues etc. type of marketplaces. These sellers are the one who are SOHO merchants, who may never be able to get CC/overdraft from the banks. And due to delay in payments, their suppliers, vendors were actually not being so helpful or discounting in wholesale prices. And once a stuff is loaded to the Flipkart, Amazon, Snapdeal etc for selling, that stuff is stuck until the payment does not comes in. And adding new item will need credit on top of credit from the wholesale vendors & suppliers for these people. And the price wont be good in these situation. And hence overall margin gets affected.

How its working for Flipkart, Snapdeal, Amazon etc, sellers to use Paydeck?

These Sellers are asking the Vendors, Suppliers, wholesalers of their to send them invoice to their email or mobile. And then these sellers are making the payment with their credit card for the invoice.

Once the payment is done, the money gets to the reciever within T+4 working days to the max.

The Prices are getting discounted & the credit line of Credit card is used for good, to keep the flow coming.

Sellers & the counter part are actually doing 30%+ more businesses, as the stock and items are getting stacked and there is no delay on payments to the suppliers. This is adding to the overall margin for the sellers.

And the fees charged by Paydeck is actually being accounted as an Expense by the Sellers which they will file in their ITR at the end of FY.

Overall it has made the business grow either for sellers, wholesalers, vendors, suppliers or for Flipkart, Snapdeal type websites, for whom Paydeck is a silent & indirect partner.

This Article was first published by Amrit Ahuja on Medium:

If you want to Pay somebody for couple of service types using your credit card, you may use PAYDECK (Pay with Credit Card anytime, anywhere & anyone | PAYDECK) for the same.

The services for which you may make the payment are as following:

Home/Office Rent

Home/Office Security Deposit

Home/Office CAM charges

Real Estate Agent Payment

Home/office Repair

Contractors Payment

Event Managers Fees/ Wedding Planner

Interior Designing

Vendor Payment

Tuition Fees

Coaching Institute Payment

Hostel Fees

How it works?

Making payments through PayDeck is easy. Simply sign in to your PayDeck account, specify why you want to pay, who you’d like to pay, and submit your payment using the card of your choice. A convenience fee will be automatically calculated and applied to your payment total.

Once your card payment is submitted, PayDeck will process and send it through electronic bank transfer to recipients bank account.

Your recipient is not optionally required to be on PayDeck to accept these payments.

Your card payment will be processed and sent to your recipient within 72 hours of submission. Standard delivery timing for electronic transfers apply. You will be notified as soon as the payment is accounted for.

SOHO MERCHANT Solution:

Paydeck enables SOHO ( SMALL OFFICE/HOME OFFICE ) merchants/service professionals to collect payment from the payer with the Request Payment or Invoice Tool. Its quite simple. You may send an invoice to the Payers email or mobile number & they will get a link to make the payment.

PAYMENT REQUEST:

You may request money from 1 person or multiple person. Also once a payment request is sent, these persons are listed in your Existing Payor tab for convenience in next time usages.

Invoice Method:

Currently we have billers like Event managers, wedding planners, professional photographers, Interior designers, etc., who are using Invoice tool of Paydeck to get paid. They are giving the power to the Payers to use their credit card to pay for big ticket size payments for the services they are offering.

How does payment cycle works?

Payment made on Monday: Payment is credited on Wednesday

Payment made on Tuesday: Payment is credited on Thursday

Payment made on Wednesday: Payment is credited on Friday

Thursday's schedule:

1st Thursday of the month: Payment is credited on Saturday

2nd Thursday of the month: Payment is credited on Tuesday

3rd Thursday of the month: Payment is credited on Saturday

4th Thursday of the month: Payment is credited on Tuesday

Payment made on Friday: Payment is credited on Tuesday

Payment made on Saturday: Payment is credited on Tuesday

Payment made on Sunday: Payment is credited on Tuesday

Please Note: Usually the above cycle works in normal conditions. It may differ based on holidays/bank strike/network failures etc.

What is the limit?

There is no limit until your credit card has limits. But its only for the purpose of Payments as listed above.

Legality:

You cant transfer money from your own credit card to your own bank account. Usually doing it comes under Cash Advance purview of the bank. And it stops them from making money out of this. And thus its basically not the process they like to be happening. Though there is no such clear guideline on the same. We ourselves advise our users to avoid sending money from your own credit card to your own bank account.

To know more about the same, you may like to have a look at: Pay with Credit Card anytime, anywhere & anyone | PAYDECK

Media Coverages to Paydeck:

5 Early Stage Indian Fintech Startups to Watch Out For

http://techstory.in/paydeck/

PayDeck - Pay with credit/debit cards of your choice for any goods or services - IndianCEO

https://thehackerstreet.com/paydeck/

https://yourstory.com/2016/10/paydeck/

Indian Startup Hubs: Startups And Ecosystem Builders In The Kolkata Startup Ecosystem

http://bwdisrupt.businessworld.in/article/-Paydeck-Next-Step-is-to-Launch-Its-App-in-the-First-Quarter-of-2017-/27-12-2016-110330/

If you have any further queries, please let me know. Shall be glad to answer them.

Make Payables Painless with Paydeck.in