Zoho launches Zoho Payments to facilitate B2B Bill Payments

By Gloria Mathias

Zoho, a global technology company headquartered in Chennai, India, has announced its strategic entry into the payments sector with the launch of Zoho Payments, a unified payment solution for businesses to accept money online from their customers.

It also introduced B2B payment capabilities that streamline invoice presentation and payments. Zoho Payments’ B2B payment capabilities are powered by the Bharat Bill Payment System (BBPS) of NPCI Bharat BillPay Limited (NBBL). This announcement was made at the Global FinTech Fest.

“At Zoho, we strongly believe that business finance, banking, and payments should work together,” said Sivaramakrishnan Iswaran, Global Head of Finance and Operations BU, Zoho. “Towards this vision, we launched our ‘Connected Banking’ solution across our finance apps, integrating with leading banks. With the launch of Zoho Payments today and B2B payment capabilities, we can achieve our goal. NBBL’s BBPS standardises invoice presentation and payments, providing multiple payment modes, instant payment confirmations, invoice financing, and a unified platform for invoice transmission and reconciliation. This marks a major advancement in the fintech domain. As a result, we can now offer a more holistic financial management solution for businesses.”

Zoho’s payment solution provides a smooth checkout experience to the end customers, drastically reducing the cart abandonment rate and, therefore, curbing revenue leakage. It offers fraud management and detailed insights on transactions, refunds, and payment failures and allows businesses to handle disputes easily, saving them time and resources. Moreover, Zoho Payments is tightly integrated with the applications from the finance and operations suite, like Zoho Books, Zoho Billing, and Zoho Invoice. This allows businesses to directly connect with the solution to quickly start accepting payments online instead of having to integrate with third-party payment gateways and create a third-party payment account.

Zoho Payments, a payment aggregator, has been registered as a Bharat Bill Payment Operating Unit (BBPOU) with the NBBL. This means Zoho Payments can onboard buyers and sellers on the BBPS network and facilitate B2B Payments. It allows businesses to accept and send payments through multiple modes, such as NEFT, RTGS, IMPS, UPI, cards and Netbanking.