Field Cash Collection
Field Cash Collection solutions deal with electronic recording of field money collection of payments or EMIs by enterprises from its vendors or users. Manual field collection systems face issues such as a) manual reconciliation of records, b) fraudulent action by field agents and c) delays in managing accounting. Innoviti provides a complete solution of terminals and back-end solution for addressing this effectively.
Field Cash Collection
An electronic field cash collection architecture is shown in the figure below. The architecture involves front-end portable wireless terminals for recording transactions, a back-end switch for managing the transactions and an account management host for managing the customer accounts, as detailed below.
How it works?
- uniPAY client is deployed in portable wireless devices to accept the payment or EMI transactions.
- Payments can be accepted through cash, credit/debit cards or cheques. The transactions are routed to the uniPAY switch over GPRS.
- uniPAY switch routes the transactions to acquiring banks in case of credit/debit transactions for authorization.
- All transaction information is also sent to the uniPAY account management host for updating the customer and enterprise accounts.
- Once the transaction is authorized an electronic receipt in the form a charge-slip is given to the customer and a signed copy retained by the field agent as proof of money collected.
- End of the day the transactions from the terminal are matched with the uniPAY host for settling the accounts.
- The credit/debit card transactions from the EDC are settled and the acquiring bank remits the funds to the enterprise the next day.
Benefits
- Reduced reconciliation.
- Streamlined operations.
- Payment can be collected in the field.
- Automatic discounting based on bank, card type, association.
- Batch for all EDCs closed automatically and centrally with each acquiring bank at EOD.
- Same interface can accept all types of cards or communicate marketing offers through receipts.