India-based enterprise solutions provider Marg ERP has joined forces with Paytm to equip micro, small and medium-sized enterprises (MSMEs) with a new integrated payment solution.
Dubbed MargPay, the new solution will allow MSMEs to track their receipts and payments made via multiple payment methods.
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Under this joint venture (JV), Paytm and Marg ERP will seamlessly reconcile payments in a cost-efficient manner.
Additionally, MargPay’s nodal bank account will be managed by Paytm Payments Bank.
Paytm Payment Gateway has more than 50% market share in processing payments via wallet, UPI, cards and netbanking, in the country.
It offers payouts and recurring payments, OTP-less card payments, instant refunds, and more.
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By GlobalDataThe Gateway provides businesses with real-time bank settlement, and a dashboard to see the received payments and bank settlements.
Paytm VP Saloni Malhotra said: “It has been our constant endeavour to empower MSMEs across the country with the best payment acceptance and reconciliation solutions to help them join the digital ecosystem.
“With this partnership, with Marg ERP, we aim to reach a step closer to Atmanirbhar Bharat, where MSMEs have all the digital means to become self-reliant.”
MargPay was developed by Marg ERP, which processes 20 billion invoices worth $100bn on an annual basis.
Marg ERP, which has over 50% market share in Pharma and FMCG sector nationwide, is a CMMI Level 3 certified company with 850 sales and support systems.
Marg ERP CEO Krishnam Raju said: “SME and MSMEs are facing a huge problem of payment reconciliation with the advent of multiple internet technology platforms and various payment options like netbanking, UPI, wallets, cards etc.
“They need to spend huge amounts of time recalling about all the payments and their sources.
“Today, since most of the business accounts are not connected to the billing/business/accounting systems, it has also created more problems to their businesses.
“MargPay is an easy to use platform with a user-friendly interface. It will also be very easy for merchants to connect it with their billing and accounting system with minimum effort.”
Notably, Paytm was recently in the news for its plans to partner with various card issuers to roll out as many as two million co-branded credit cards in the next 12-18 months.
