What is Priority Settlements?

As the payment settlement process is time taking, we built a product that eases the problem of cash crunch in your business. PayU Priority Settlements enable you to get your online customer payments any time of the day in just 15 minutes. It works 24×7, supports all payment modes, and enables you to choose your settlement cycle.

Features of Priority Settlements

With Priority settlements, you get:

Round-the-Clock Settlements

Get round-the-clock payment settlement as it works 24 hours a day*, on weekends and on bank holidays

*All your settlements between 01:00 AM – 09:30 PM will be processed on the same day. Settlements between 09:30 PM – 01:00 AM will be processed in the next available batch.

Flexible Payment Settlement Cycles

Change your settlement cycle from T+15 minutes to T+1 day, as and when needed. Maintain cash flow in your business when required.

On-Demand Transfers

Transfer the preferred amount instantly when required to use it for your business operations. Get money on demand without worrying about payables & receivables.

Easy to Use

Activate priority settlements with a single click from your PayU dashboard. Ease the process of maintaining cash flow for your business.

Complete Clarity

View all your settlement charges on your PayU dashboard. Get complete clarity on all your receivables & payables right on your dashboard.

No Limits

Get settlements unlimited times in a day. Manage the financial needs of your business on the go without worrying about the cash flow crunch.

Benefits of Using Priority Settlements

Priority settlements by PayU enable:

Timely Payments

Make all the payments to your partners, vendors, and agents on time without giving second thoughts about your cash flow.

Consistent Cash Flow

Meet all your working capital expenses hassle-free without worrying about getting all your receivables on time.

Instant Refunds

Refund money instantly to your customers during large-scale cancellations easily and keep your customers happy.

How to Activate Priority Settlements for Your Business?

Here’s how you can activate priority settlements for your business:

Step 1: Open your PayU Dashboard and click on “Activate Now”.

Step 2: Choose your settlement cycle. 

Step 3: Once activated, you can see settled transactions on Priority settlements and filter as per your need. Click on any transaction to view the break-up of charges.

The post Benefits & Features of Priority Settlements that You Should Know! appeared first on PayU Blog.

Let’s understand the importance of maintaining healthy cash flow first!

Importance of Cash Flow

Cash flow is the amount of money your business has at any given period of time. Maintaining a healthy cash flow: 

• Enables you to meet your financial commitments 
• Helps you plan for the future 
• Ensures smooth day-to-day business operations 
• Supports through ups and downs in sales, and unexpected expenses 
• Powers growth in your business 

Now that we understand the importance of cash flow, let’s find out ways to have a healthy cash flow.  

How to Maintain a Healthy Cash Flow?

There are several ways of maintaining a healthy cash flow & here are three of them:

Receive Your Payments Early

Reducing account receivable time is one of the ways of maintaining cash flow in your business. Here’s how you can reduce the time in which you receive payments in your account: 

• Shorten payment terms 
• Build a strong relationship with your customer 
• Reconcile payments frequently 
• Provide early payment discounts 
• Settle payments faster using Priority Settlements for PayU Payment Gateway 

Increase the Time to Make Vendor Payments

Here’s how you can increase the time in which you can make vendor payments without letting it affect your cashflow:

• Evaluate the relationship with your vendors
• Build a cash reserve
• Set up payment reminders
• Budget aptly
• Look for discounts
• Streamline your workflow

Reduce Unnecessary Spending

Here’s how you can reduce your unnecessary spending and maintain a cash flow that will go a long way:

• Track your expenses
• Manage your variable costs
• Identify processes that don’t add value
• Use expense management tools

Now that you know different ways of keeping a healthy cash flow, find the one that suits you the best. Click here to know more about how to get your Payment Gateway settlements faster.

The post How To Boost Your Cash Flow? appeared first on PayU Blog.

What is Settlement?

Settlement is a simple process by which any business can collect payments via a payment gateway. The settlement process is completed when the payment made by a customer reaches your bank account.

Payment Gateway Settlement Cycle

Here’s how the money movement happens.
There are three main stakeholders in a payment gateway settlement cycle:

1. Issuing bank is the customer’s bank
2. Payment gateway
3. Acquiring bank is your bank

Once a customer pays you, the money is deducted from their account instantly. Money moves from your customer’s bank to your bank via the payment gateway. This money movement takes T + 2 days. After deducting payment gateway charges, the remaining amount is then transferred to your account after T+3 days. This is what a generic payment gateway settlement cycle looks like:

In the case of card payments, the card networks connect the issuing bank & acquiring bank to enable online payment. The entire payment gateway settlement cycle remains the same.  

This table will help you understand how much time each payment mode needs to settle: 

As you can see, the money movement is not immediate and depends on bank processes. So now you know why you don’t receive your online collections instantly. 

Can We Fast-Track These Settlements?

Yes, there’s a way fast-track these settlements!

With PayU Priority Settlements, you can get your customer payments any time of the day in just 15 minutes. It works 24×7, supports all payment modes, and lets you choose your settlement cycle.

The post Payment Settlement Guide for Businesses appeared first on PayU Blog.