{"id":12521,"date":"2023-02-10T14:00:00","date_gmt":"2023-02-10T08:30:00","guid":{"rendered":"https:\/\/blogrevamp.cashfree.com\/?p=12521"},"modified":"2023-02-28T12:20:18","modified_gmt":"2023-02-28T06:50:18","slug":"vendor-account-verification-easy-split","status":"publish","type":"post","link":"https:\/\/blogrevamp.cashfree.com\/vendor-account-verification-easy-split\/","title":{"rendered":"[What\u2019s New] Vendor Account Verification for All Easy Split Merchants"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Smooth <a href=\"https:\/\/www.cashfree.com\/blog\/vendor-payment\/\" target=\"_blank\" rel=\"noreferrer noopener\">vendor payments<\/a> are an important part of business operations.\u00a0<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">It\u2019s equally important that those vendor payments have high transaction success rates.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">After all, you don\u2019t want your payments credited to the wrong beneficiary. You also don\u2019t want failed vendor payments as that can lead to a loss of trust and hamper loyalty.\u00a0<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Unfortunately, such occurrences are not uncommon.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In fact, according to Cashfree\u2019s internal data, about<strong> 3.5% of all the vendors<\/strong> that the merchants onboard on easy split have incorrect credentials\/bank account details. This results in a variety of problems:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>More number of fraudulent onboarded vendors increases your risk of doing business<\/li>\n\n\n\n<li>Increased reversals\/settlement failures due to non-existing\/invalid accounts leading to cash flow management issues<\/li>\n\n\n\n<li>Inability to find out if you made the settlements to the right vendor account due to lack of confirmation mechanism<\/li>\n\n\n\n<li>Increased vendor dissatisfaction if their funds are not received on time<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">As a <a href=\"https:\/\/www.cashfree.com\/blog\/cashfree-leads-payouts-market-share\/\" target=\"_blank\" rel=\"noreferrer noopener\">market leader in vendor payouts<\/a>, we knew we needed to fill the market gap.\u00a0<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>Read this blog to find out how we did!<\/em><\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/www.cashfree.com\/contact-sales?utm_source=blog&amp;utm_medium=organic&amp;utm_campaign=vendor_account_verification_blog\" target=\"_blank\" rel=\"noreferrer noopener\"><img data-recalc-dims=\"1\" fetchpriority=\"high\" decoding=\"async\" width=\"770\" height=\"86\" data-attachment-id=\"12529\" data-permalink=\"https:\/\/blogrevamp.cashfree.com\/vendor-account-verification-easy-split\/vendor-split-verification-cta\/\" data-orig-file=\"https:\/\/i0.wp.com\/blogrevamp.cashfree.com\/wp-content\/uploads\/2022\/10\/vendor-split-verification-CTA.png?fit=1080%2C120&amp;ssl=1\" data-orig-size=\"1080,120\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"vendor-split-verification-CTA\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/i0.wp.com\/blogrevamp.cashfree.com\/wp-content\/uploads\/2022\/10\/vendor-split-verification-CTA.png?fit=770%2C86&amp;ssl=1\" src=\"https:\/\/i0.wp.com\/blogrevamp.cashfree.com\/wp-content\/uploads\/2022\/10\/vendor-split-verification-CTA.png?resize=770%2C86&#038;ssl=1\" alt=\"\" class=\"wp-image-12529\" srcset=\"https:\/\/i0.wp.com\/blogrevamp.cashfree.com\/wp-content\/uploads\/2022\/10\/vendor-split-verification-CTA.png?resize=1024%2C114&amp;ssl=1 1024w, https:\/\/i0.wp.com\/blogrevamp.cashfree.com\/wp-content\/uploads\/2022\/10\/vendor-split-verification-CTA.png?resize=300%2C33&amp;ssl=1 300w, https:\/\/i0.wp.com\/blogrevamp.cashfree.com\/wp-content\/uploads\/2022\/10\/vendor-split-verification-CTA.png?resize=768%2C85&amp;ssl=1 768w, https:\/\/i0.wp.com\/blogrevamp.cashfree.com\/wp-content\/uploads\/2022\/10\/vendor-split-verification-CTA.png?w=1080&amp;ssl=1 1080w\" sizes=\"(max-width: 770px) 100vw, 770px\" \/><\/a><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-what-is-vendor-account-verification\">What is Vendor Account Verification?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The vendor account verification process involves checking the accuracy of details provided by your vendor\/partner. It is the verification against the actual bank records or UPI servers, especially during vendor onboarding.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This process includes the verification of details such as the account holder\u2019s name, bank account number, IFSC, and UPI ID\/UPI VPA.\u00a0<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">How Does Cashfree Payments\u2019s Vendor Account Verification Solve This?\u00a0<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The <strong>Easy Split<\/strong> vendor account verification feature by Cashfree Payments helps solve all the problems stated above.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">How do we do it?<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Well, by validating the 4 most important parameters of any vendor onboarding process:<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li><strong>Bank Account Number<\/strong>: It matches the bank account number that you provide with the actual bank records. This is to check if it&#8217;s a valid bank account and if it&#8217;s tied to the right beneficiary name.<\/li>\n<\/ol>\n\n\n\n<ol class=\"wp-block-list\" start=\"2\">\n<li><strong>IFSC (Indian Financial System Code): <\/strong>Easy Split matches the IFSC code that you provide us with the actual bank records. This is to check if it&#8217;s a valid IFSC. It also verifies if the IFSC is linked to the right bank account number.<\/li>\n<\/ol>\n\n\n\n<ol class=\"wp-block-list\" start=\"3\">\n<li><strong>Name Match: <\/strong>Matches the names provided by you with the name registered at the bank against the same account number and checks if it\u2019s correct.<\/li>\n<\/ol>\n\n\n\n<ol class=\"wp-block-list\" start=\"4\">\n<li><strong>UPI VPA \/ UPI ID: <\/strong>Matches the UPI ID \/ UPI VPA provided by you and matches with the UPI servers to check if it&#8217;s a valid UPI and if matches the name registered with it.<\/li>\n<\/ol>\n\n\n\n<h2 class=\"wp-block-heading\">What are the Key Benefits to Experience When You Verify Vendors while Onboarding?<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Decreased risk of fraudulence among onboarded<\/strong> <strong>customers <\/strong>lowering your risk of doing business<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Zero reversals\/settlement failures<\/strong> due to non-existing\/invalid accounts leading to better cash flow management.<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Absolute confirmation on the beneficiary account <\/strong>ensures that you settle payments to the right account every single time<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Increases vendor satisfaction and trust <\/strong>due to timely payments without the hassle of payment failures\/delays.<strong>&nbsp;&nbsp;<\/strong><\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">How to Use\u00a0Vendor Account Verification Feature within Easy Split?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">You can use both the Cashfree payments Easy Split dashboard and APIs to validate the vendor\/partner information.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Dashboard:<\/strong> Use the dashboard to add vendors &#8211; enter the vendor name, mobile number, email ID and bank account number.<\/li>\n<\/ul>\n\n\n\n<ol class=\"wp-block-list\">\n<li>Cashfree Payments will verify if the bank account is correct and match the name provided by the vendor with the name as per bank records<\/li>\n\n\n\n<li>You can also verify the UPI ID of vendors in real-time<\/li>\n\n\n\n<li>Do single vendor verification or upload an excel file with vendor details and add multiple vendors in a go and verify their account details<\/li>\n<\/ol>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>API<\/strong>: You can also use <a href=\"https:\/\/docs.cashfree.com\/reference\/create-merchant-vendor\" target=\"_blank\" rel=\"noreferrer noopener\">Easy Split API<\/a> to add vendors and verify bank account details in real-time during onboarding &#8211; For this, \u200b\u200byou will have to pass an optional parameter &#8220;verifyAccount&#8221; = &#8220;true&#8221; while vendor onboarding or editing.<\/li>\n<\/ul>\n\n\n\n<h1 class=\"wp-block-heading\">How Can You Use Vendor Account Validation?<\/h1>\n\n\n\n<p class=\"wp-block-paragraph\">Here is some industry use cases of vendor account validation.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Financial Services<\/strong>: Businesses like Zerodha and policy bazaar which are investment and insurance marketplaces respectively need to validate their mutual funds\/insurance providers before settling funds received from customers into their accounts.<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>E-commerce Marketplaces<\/strong>: Businesses such as Flipkart and Nykaa need to validate their vendors\/sellers\/partners listed on their platforms to settle funds received from customers into their accounts.<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Ed Tech Platforms<\/strong>: Businesses like Unacademy need to validate the details of teachers to make payouts for the services that they provide on their platform.<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Franchise \/ Multi Branch Networks<\/strong>: Businesses with multiple branches need to validate the details of their franchises or branches to make payouts in the form of commissions\/bonuses.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Vendor account verification is not limited to only the above use cases. In fact, any business owner that needs to make payouts to vendors\/partners can make use of vendor account verification within Easy Split.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">For more information, reach out to our payment experts <a href=\"https:\/\/www.cashfree.com\/contact-sales\/?utm_source=blog&amp;utm_medium=organic&amp;utm_campaign=vendor_account_verification_blog\" target=\"_blank\" rel=\"noreferrer noopener\">here<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Reduce fraudulence with Vendor Account Verification and make payments to validated accounts of onboarded merchants.<\/p>\n","protected":false},"author":44,"featured_media":12527,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"_themeisle_gutenberg_block_has_review":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_wpcom_ai_launchpad_first_post":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[1,1372],"tags":[1381,1467],"class_list":["post-12521","post","type-post","status-publish","format-standard","has-post-thumbnail","category-all","category-updates","tag-payment-solution","tag-verification-suite"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Vendor Account Verification for all Easy Split Merchants<\/title>\n<meta name=\"description\" content=\"Reduce fraudulence with Vendor Account Verification and make payments to validated accounts of onboarded merchants.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.cashfree.com\/blog\/vendor-account-verification-easy-split\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Vendor Account Verification for all Easy Split Merchants\" \/>\n<meta property=\"og:description\" content=\"Reduce fraudulence with Vendor Account Verification and make payments to validated accounts of onboarded merchants.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.cashfree.com\/blog\/vendor-account-verification-easy-split\/\" \/>\n<meta property=\"og:site_name\" content=\"Cashfree Payments Blog\" \/>\n<meta property=\"article:published_time\" content=\"2023-02-10T08:30:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-02-28T06:50:18+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/blogrevamp.cashfree.com\/wp-content\/uploads\/2022\/10\/vendor-split-verification.png?fit=1200%2C800&ssl=1\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"800\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Subhasis Sahoo\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Subhasis Sahoo\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Vendor Account Verification for all Easy Split Merchants","description":"Reduce fraudulence with Vendor Account Verification and make payments to validated accounts of onboarded merchants.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.cashfree.com\/blog\/vendor-account-verification-easy-split\/","og_locale":"en_US","og_type":"article","og_title":"Vendor Account Verification for all Easy Split Merchants","og_description":"Reduce fraudulence with Vendor Account Verification and make payments to validated accounts of onboarded merchants.","og_url":"https:\/\/www.cashfree.com\/blog\/vendor-account-verification-easy-split\/","og_site_name":"Cashfree Payments Blog","article_published_time":"2023-02-10T08:30:00+00:00","article_modified_time":"2023-02-28T06:50:18+00:00","og_image":[{"width":1200,"height":800,"url":"https:\/\/i0.wp.com\/blogrevamp.cashfree.com\/wp-content\/uploads\/2022\/10\/vendor-split-verification.png?fit=1200%2C800&ssl=1","type":"image\/png"}],"author":"Subhasis Sahoo","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Subhasis Sahoo","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.cashfree.com\/blog\/vendor-account-verification-easy-split\/#article","isPartOf":{"@id":"https:\/\/blogrevamp.cashfree.com\/vendor-account-verification-easy-split\/"},"author":{"name":"Subhasis Sahoo","@id":"https:\/\/blogrevamp.cashfree.com\/#\/schema\/person\/78c7c44bdabccb411779267d94bef30f"},"headline":"[What\u2019s New] Vendor Account Verification for All Easy Split Merchants","datePublished":"2023-02-10T08:30:00+00:00","dateModified":"2023-02-28T06:50:18+00:00","mainEntityOfPage":{"@id":"https:\/\/blogrevamp.cashfree.com\/vendor-account-verification-easy-split\/"},"wordCount":834,"commentCount":0,"image":{"@id":"https:\/\/www.cashfree.com\/blog\/vendor-account-verification-easy-split\/#primaryimage"},"thumbnailUrl":"https:\/\/i0.wp.com\/blogrevamp.cashfree.com\/wp-content\/uploads\/2022\/10\/vendor-split-verification.png?fit=1200%2C800&ssl=1","keywords":["payment solution","Verification Suite"],"articleSection":["All","Updates"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.cashfree.com\/blog\/vendor-account-verification-easy-split\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/blogrevamp.cashfree.com\/vendor-account-verification-easy-split\/","url":"https:\/\/www.cashfree.com\/blog\/vendor-account-verification-easy-split\/","name":"Vendor Account Verification for all Easy Split Merchants","isPartOf":{"@id":"https:\/\/blogrevamp.cashfree.com\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.cashfree.com\/blog\/vendor-account-verification-easy-split\/#primaryimage"},"image":{"@id":"https:\/\/www.cashfree.com\/blog\/vendor-account-verification-easy-split\/#primaryimage"},"thumbnailUrl":"https:\/\/i0.wp.com\/blogrevamp.cashfree.com\/wp-content\/uploads\/2022\/10\/vendor-split-verification.png?fit=1200%2C800&ssl=1","datePublished":"2023-02-10T08:30:00+00:00","dateModified":"2023-02-28T06:50:18+00:00","author":{"@id":"https:\/\/blogrevamp.cashfree.com\/#\/schema\/person\/78c7c44bdabccb411779267d94bef30f"},"description":"Reduce fraudulence with Vendor Account Verification and make payments to validated accounts of onboarded merchants.","breadcrumb":{"@id":"https:\/\/www.cashfree.com\/blog\/vendor-account-verification-easy-split\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.cashfree.com\/blog\/vendor-account-verification-easy-split\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.cashfree.com\/blog\/vendor-account-verification-easy-split\/#primaryimage","url":"https:\/\/i0.wp.com\/blogrevamp.cashfree.com\/wp-content\/uploads\/2022\/10\/vendor-split-verification.png?fit=1200%2C800&ssl=1","contentUrl":"https:\/\/i0.wp.com\/blogrevamp.cashfree.com\/wp-content\/uploads\/2022\/10\/vendor-split-verification.png?fit=1200%2C800&ssl=1","width":1200,"height":800,"caption":"Vendor Account Verification"},{"@type":"BreadcrumbList","@id":"https:\/\/www.cashfree.com\/blog\/vendor-account-verification-easy-split\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/blogrevamp.cashfree.com\/"},{"@type":"ListItem","position":2,"name":"All","item":"https:\/\/blogrevamp.cashfree.com\/category\/all\/"},{"@type":"ListItem","position":3,"name":"[What\u2019s New] Vendor Account Verification for All Easy Split Merchants"}]},{"@type":"WebSite","@id":"https:\/\/blogrevamp.cashfree.com\/#website","url":"https:\/\/blogrevamp.cashfree.com\/","name":"Cashfree Payments Blog","description":"Cashfree Payments- Payment Gateway for India","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/blogrevamp.cashfree.com\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/blogrevamp.cashfree.com\/#\/schema\/person\/78c7c44bdabccb411779267d94bef30f","name":"Subhasis Sahoo","url":"https:\/\/blogrevamp.cashfree.com\/author\/sahoosubhasis\/"}]}},"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p9MjXo-3fX","jetpack_likes_enabled":false,"jetpack_featured_media_url":"https:\/\/i0.wp.com\/blogrevamp.cashfree.com\/wp-content\/uploads\/2022\/10\/vendor-split-verification.png?fit=1200%2C800&ssl=1","_links":{"self":[{"href":"https:\/\/blogrevamp.cashfree.com\/wp-json\/wp\/v2\/posts\/12521","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blogrevamp.cashfree.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blogrevamp.cashfree.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blogrevamp.cashfree.com\/wp-json\/wp\/v2\/users\/44"}],"replies":[{"embeddable":true,"href":"https:\/\/blogrevamp.cashfree.com\/wp-json\/wp\/v2\/comments?post=12521"}],"version-history":[{"count":15,"href":"https:\/\/blogrevamp.cashfree.com\/wp-json\/wp\/v2\/posts\/12521\/revisions"}],"predecessor-version":[{"id":15829,"href":"https:\/\/blogrevamp.cashfree.com\/wp-json\/wp\/v2\/posts\/12521\/revisions\/15829"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blogrevamp.cashfree.com\/wp-json\/wp\/v2\/media\/12527"}],"wp:attachment":[{"href":"https:\/\/blogrevamp.cashfree.com\/wp-json\/wp\/v2\/media?parent=12521"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blogrevamp.cashfree.com\/wp-json\/wp\/v2\/categories?post=12521"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blogrevamp.cashfree.com\/wp-json\/wp\/v2\/tags?post=12521"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}