HOW TO CHOOSE THE BEST MONEY TRANSFER PLATFORM FOR YOUR BUSINESS

At present in India, the money transfer provider is one of the essential requirements and a complete solution to transfer fund. If you are keen to begin with any sort of business an online presence has become necessary. Offering an option for online transactions like money transfer is an important factor. So these days what a customer is searching for the most flexible method to make payments. For all this and more you can get white-label money transfer solutions that will aid you to start your own money transfer portal development for domestic service.

IMPS is certainly booming by numbers and volumes. In May 2018, NPCI originated IMPS services crossed 120.49 million transactions. These transactions approximated to 1,13,011.57 INR. Started with the financial inclusion, NPCI propelled the IMPS service that was accessible 24 X 7 X 365 for Indians. It killed the challenges that were encountered in NEFT and RTGS as these facilities were only existing through banking hours.

There is a requirement for the white-label money transfer solutions for your business to serve your clients with local/international remittance, mobile top-up, Pre-paid/Prepaid voucher, bill payment, SMS banking, eWallet/mWallet, foreign currency exchange, branchless banking abilities, and cash delivery at home.

Real-time implementation of leading-edge technologies in the substance of money transfer enables keeping up with the times and provides the following potentials:

• Decrease the prime cost of operation by reducing the time it needs to send/receive transfers, and by linking with automated channels of money transfer (Internet banking, mobile apps, self-service kiosks, etc.)
• Extensions of regions for possible customers’ attention by linking with a network of agents/sub-agents, unions of different transfer systems agent networks and multiple sale channels.
• Boosting the speed and reliability of data transfer & processing.

Here are some features you should refer to before deciding on a money transfer software

• INTEGRATE WITH EXISTING SYSTEMS

Transfer all the payments detail into a CRM, OMS, ERP, or any enterprise business solution. It should be a fully-functional money transfer software. It should enable flexibility with the functional integration of the system into agents’ software (ABS, bank system front-end, remote banking services systems, self-service kiosks, ATMs, etc.) Integration with remote banking services systems (Internet and Mobile Banking) enables you to extend the functionality of the system by sending a money from the current/card A/C, and by receiving a money on the current/card A/C of the customer. Integration system of money transfers with card processing allows automated enrollment of fund transfer to the payment card of recipient.

• COMPLIANCE & SECURITY

Provide assurance with transactions that are completely traceable to the sender or beneficiary via linked transaction checks.

• END-TO-END ENCRYPTION

From the beginning when a customer started to tap, dip, or swipe a credit card, the data is encrypted until it reaches the processing environment. Data of customer never trace the server of a seller. And everything is pre-defined, without any requirement of extra steps.

• SUPPORTS EVERY PAYMENT TYPE

Process main credit/debit cards and receive mobile-wallet NFC payments out of the box. This comprises Apple Pay, Google Pay, as well as Samsung Pay.

• DATA PROTECTION

Utilization of cryptographic safety of data as per the local legal requirements by confirming a high level of integrity, privacy and accessibility of information.

• QUICK DEPOSITS

The best money transfer API provider should get your money quickly within the next business day. It should also offer immediate or scheduled same-day deposits for an extra small amount.

• COMPLAINTS MANAGEMENT

Operate an effective complaints management practice. A unique money transfer portal development solutions aid you to resolve individual complaints and make you more focused on your customer.

Summing Up

DMTS/DMR (Domestic Money Transfer Service) with IMPS is one of the most demanding services in India. Be DMT/DMR distributor or retailer to remit money in behalf of the demands of your customers.