AutoCollect

Cash Management Services 2.0

Match inbound payments to customers automatically using
virtual account and virtual UPI IDs.

cash management service using virtual account, virtual bank account and virtual UPI ID

Advanced cash management services for all.

You Receive Payments
We Reconcile them.

Unique Virtual account for each payer

Use a unique account and virtual UPI ID for each payer. Opt for fully numeric or branded virtual a/c numbers or UPI IDs-easy to remember, easy to share.

All bank and UPI transfers

Accept payments via IMPS, RTGS, NEFT, and cheques. Create virtual UPI IDs for fast and simple payment collection from any UPI App.

Auto bank reconciliation

Freedom from manual reconciliation: Know who paid and when

See how does it work?

Merchant

01. Create virtual account

Create a unique mapping of virtual account or Virtual UPI ID assigned to every payer/user. REST APIs available to create accounts automatically, in real-time.

Customer

02. Notify user

Share the account for payment for every user via email/SMS/WhatsApp or notify through your App.

Customer

03. User pays

Payer pays to the assigned account using any UPI App like Google Pay, BHIM, Paytm, Whatsapp OR through their online net banking account.

Merchant

04. Reconciliation notification

Once the payment is received -- immediately, or within 2 hours for NEFT transfers -- you are instantly notified about the transaction and payment details via a webhook. The user's payment is thus acknowledged.

cash management service using virtual account, virtual bank account and virtual UPI ID

Use Case

cash management service using virtual account, virtual bank account and virtual UPI ID

Loan repayments

Lenders use AutoCollect cash management services to collect repayments for short term loans from consumers and businesses. Bank transfers are preferred since it is the least expensive and fastest way to move money. The lender receives the money within the same day. Instead of reconciling bank statements manually to track each incoming payment from a user, a payment is updated automatically.

cash management service using virtual account, virtual bank account and virtual UPI ID

Bill and fee payments

Schools and educational institutes use AutoCollect cash management services to receive fee payments. Every student is assigned a unique virtual UPI ID based on the roll no. For ex - cashid.rollnumber@icicibank Payments into a virtual UPI ID are reconciled instantly on receipt.

Similarly utility bill payments for phone, internet and DTH are be collected by creating virtual UPI IDs based on phone numbers. For ex - cashid.phonenumber@icicibank AutoCollect enables payment collection without the user having to visit the billers app or website to make a payment.

cash management service using virtual account, virtual bank account and virtual UPI ID

B2B retailer distributor payments

E Distributors use Auto Collect cash management services to reconcile inbound bank transfers received from 20,000 plus retailers. Since transactions are reconciled instantly, retailers are able to purchase inventory faster and free up working capital.

Power up your cash management services

Multiple Settlement
Accounts

Every virtual account can be mapped to it's own settlement account. Helps manage your cash better.

Activation Control

Create Virtual Account in real time. Deactivate an account any time you wish. Transfers initiated to a disabled virtual account get rejected.

Faster Settlements

Receive money in less than 3 hours* into your bank account.

Customise Notifications

Choose different set of email addresses and phone numbers for every new virtual account

Are you a developer?

Checkout the Cash Management Services API documentation.

FAQ

Cashfree Autocollect helps not only collect incoming bank transfers and UPI payments but also track and automatically reconcile payments. Also Cashfree Autocollect uses Virtual account and Virtual UPI IDs to collect payments, while most banks do not provide this facility.
Virtual Account is a pass through account linked to a real bank account. The account is used to improve inward payments reconciliations. When a business receives payments from multiple sources and over a period of time, it gets difficult to track-who paid and which reason. This is usually reconciled manually by matching reference numbers in the bank statements with screenshots provided by a payer. By creating multiple virtual accounts mapped to the same account, it becomes possible to reconcile different incoming transactions into a bank account.
With Cashfree autocollect- cash management services, you can generate any number of virtual accounts or UPI IDs for each payer or invoice and share a/c details while receiving payments. For repeated customers you can use a dedicated virtual account or UPI ID.
No, it is not possible to hold money in the account. The payment so received eventually passes to the linked real bank account. The virtual account here is used only for payments reconciliation.
For most banks, Virtual account payments can be received only using NEFT or RTGS; IMPS payments fail. The payments are not instant and restricted by banking hours. Using Cashfree cash management services solution, funds can be remitted to the virtual account through all bank transfer modes including UPI, IMPS, NEFT, RTGS and even Cheques. Cashfree also helps you create Virtual UPI IDs to accept payments through any UPI app such as WhatsApp or Google Pay. Moreover, for banks, reconciliation of payments happens through files sent over email, which is a once a day reconciliation process. For Cashfree, payment confirmation can be received through an API which is a real-time system update for receipt of funds. Cashfree also supports fully numeric virtual accounts unlike many banks which work on all bank interfaces -- alpha-numeric bank accounts provided by banks do not work on many of the older bank interfaces, especially on mobile.
No, however for automating outward payments you can use Cashfree Payouts. It is bulk disbursal solution that helps you send money to any UPI-BHIM ID, Paytm wallet, debit card or bank account. With inbuilt bank account verification feature, you can verify the bank account details and ensure that payments hit the right account. Checkout Payouts here.
No there is no KYC required for creating the account. You can create any number of virtual accounts and virtual UPI IDs using cashfree cash management services.

Unleash the Power of Virtual Account & UPI IDs

Talk to our Cash Management Services experts.

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