FloBiz announced its foray into banking services for SMBs with the launch of Smart Collect - part of the Smart Banking module - on its flagship GST invoicing and accounting product myBillBook. With Smart Collect, businesses can now collect payments from their customers instantaneously via UPI & bank transfers and automatically reconcile them against pending invoices. This marks the beginning of the financial services roadmap for the neobank which caters to millions of SMBs across the country.
The Smart Collect feature has already been rolled out to an exclusive set of current myBillBook users both on mobile and desktop applications. FloBiz plans to extend the rollout in the coming few weeks to a wider user base who meet certain eligibility criteria. Smart Collect has an intuitive design, which is easy to enable and begin using. In addition to existing capabilities, myBillBook also launched its Point-of-Sale (POS) invoicing interface in December last year for organised retail and franchise businesses, thereby making Smart Collect a powerful payments solution for both non-retail and retail SMBs on myBillBook.
Rahul Raj, co-founder and CEO of FloBiz said, “In January 2022, the total monthly trade recorded by the 1M+ active SMBs on myBillBook stood at $1.5B and continues to grow steadily. We’re extremely excited about the launch of Smart Collect, which is our first step towards the neobanking roadmap. The broader Smart Banking module will allow SMBs to collect payments from customers and make outward transactions towards suppliers, vendors and day-to-day business expenses. It will also bring Current Account management capabilities directly on myBillBook, making it a one-stop solution for all invoicing, accounting, inventory management, business reporting and banking needs for businesses.”
Smart Collect is a first-of-its-kind payments solution for SMBs and offers vastly superior collections capabilities compared to alternatives in the market today:
Siddharth Seth, VP - Products, FloBiz shared, “We’ve always had a customer-first approach to designing robust and scalable technological solutions. Smart Collect is also a product of the same approach where we thoroughly studied record-keeping and banking behaviours of SMBs in India to ultimately deliver an extremely intuitive and easy to use payments solution. We’ve a comprehensive KYC process that requires GSTN or PAN validation before a customer can begin using Smart Collect. We use the highest assurance SSL certificates to ensure that no unauthorised person can access users’ sensitive payments data. We’ve also built strong anti-fraud infrastructure and algorithms to scan through each transaction on dozens of variables to detect, prevent and deter suspicious activities. We’re educating our users about the benefits of Smart Collect through product marketing and iteratively improving the experience based on direct customer feedback.”
Since the controlled roll out of Smart Collect feature on myBillBook, the transaction processed volume has already hit an annualised run rate of over $50M and is growing over 30% WoW.