IndiaMART, India’s largest online marketplace has announced its entry in the payments space to enable over 3 million sellers on its platform. Addressing the bottleneck of trust deficit for the SMEs, the company has launched its buyer and seller protection program which will enable the sellers to remain free from the concern of payment risk, and assure the buyers that they will receive exactly the product or service they expect before the payment is made.
For any marketplace, effective payment facilitation is the most aligned service as it facilitates the purchase cycle. And with more than 14 million monthly business enquiries being generated from around 35 million registered buyers, it made sense for the company to offer a service that can help buyers and sellers to safeguard their business deals.
Dinesh Agarwal, Founder & CEO of IndiaMART said, “Bottlenecks like trust deficit & lack of credit continue to hold back the growth potential of our SMEs. Being at the convergence of e-commerce, payments and finance we have a larger plan to address these areas and this is the first step under the umbrella of initiatives like escrow services, payment gateway, invoicing and receivables management and SME financing. There are more than 50 million SMEs in India and our vision is to enable ease of doing business for them. With this buyer & seller protection program, we are taking our first step in that direction.”
The company launched the pilot project in January 2017 and has seen a week-on-week growth of 100%. More than 10,000 buyers and suppliers have already registered for it. The company has partnered with ICICI Bank for providing RBI approved escrow account management service.
One of the earliest adopters of IndiaMART Seller Protection Program, Vivek Kumar Mishra
Owner of Gargi Sports Enterprises, Delhi said, “With IndiaMART’s Seller Protection Program, cross border transactions are not a worry for us anymore. With a considerable chunk of our revenues coming from Nepal, we no longer have to chase the buyers for payment since IndiaMART makes sure that the payment is received in time.”
“I wanted to buy Kota stones. I contacted a few sellers through IndiaMART & closed the deal with one of them. But, everything got stuck when it came down to payments. The seller wanted the money in advance but, I wasn't sure if the material will come with the right specifications. There was lack of trust & credibility in this situation. That's when I reached out to IndiaMART and got to know about their buyer protection program. I tried it and my money was transferred to the seller only after I was satisfied with the product. This escrow service surely helps build confidence among the buyer & the seller. Now I can trade without any worries across India,” said Prashant Dongare of SplashJet Print Technologies, Nagpur who has benefitted from IndiaMART Buyer Protection Program.
For any marketplace, effective payment facilitation is the most aligned service as it facilitates the purchase cycle. And with more than 14 million monthly business enquiries being generated from around 35 million registered buyers, it made sense for the company to offer a service that can help buyers and sellers to safeguard their business deals.
Dinesh Agarwal, Founder & CEO of IndiaMART said, “Bottlenecks like trust deficit & lack of credit continue to hold back the growth potential of our SMEs. Being at the convergence of e-commerce, payments and finance we have a larger plan to address these areas and this is the first step under the umbrella of initiatives like escrow services, payment gateway, invoicing and receivables management and SME financing. There are more than 50 million SMEs in India and our vision is to enable ease of doing business for them. With this buyer & seller protection program, we are taking our first step in that direction.”
The company launched the pilot project in January 2017 and has seen a week-on-week growth of 100%. More than 10,000 buyers and suppliers have already registered for it. The company has partnered with ICICI Bank for providing RBI approved escrow account management service.
One of the earliest adopters of IndiaMART Seller Protection Program, Vivek Kumar Mishra
Owner of Gargi Sports Enterprises, Delhi said, “With IndiaMART’s Seller Protection Program, cross border transactions are not a worry for us anymore. With a considerable chunk of our revenues coming from Nepal, we no longer have to chase the buyers for payment since IndiaMART makes sure that the payment is received in time.”
“I wanted to buy Kota stones. I contacted a few sellers through IndiaMART & closed the deal with one of them. But, everything got stuck when it came down to payments. The seller wanted the money in advance but, I wasn't sure if the material will come with the right specifications. There was lack of trust & credibility in this situation. That's when I reached out to IndiaMART and got to know about their buyer protection program. I tried it and my money was transferred to the seller only after I was satisfied with the product. This escrow service surely helps build confidence among the buyer & the seller. Now I can trade without any worries across India,” said Prashant Dongare of SplashJet Print Technologies, Nagpur who has benefitted from IndiaMART Buyer Protection Program.
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