We launched Cashgram in 2018 to help businesses send money to their customers/ vendors/ partners when only their phone number and email address are known.
Cashgram has been widely adopted by major players from industries like E-commerce, BFSI, Travel and hospitality, Online Gaming, Healthcare, etc. to carry out refunds/reimbursements/pay rewards and incentives.
We are now glad to introduce Cashgram Premium, which has all the goodness of Cashgram Basic and comes with advanced features including Beneficiary Name Verification and Maker-Checker flow.
What is Beneficiary Name Verification?
Beneficiary Name Verification is a Cashgram premium feature that allows businesses to ensure that the refunds, reimbursements, claims, etc go to the intended beneficiary account only. This acts as an additional level of security.
Here is how Beneficiary Name Verification works
- Business creates a Cashgram link and sends it over to their intended beneficiary over WhatsApp/SMS/Email
- Beneficiary inputs her bank account number and IFSC code
- Cashfree does a penny transfer to the bank account. On getting response from the bank, Cashfree ensures that the account is valid and checks if the name entered by merchant matches with the name of beneficiary as registered with the bank
- A. In case the name matches accurately, the amount gets credited to beneficiary account instantly
- B. In case of mismatch, the transaction shows up under the section ‘Verify Beneficiary Name’ section as shown below:
Merchant can select the individual Cashgram or select the multiple transactions and click on ‘Verify’ button. Once verified, the amount will get credited to beneficiary. If any details seem inaccurate, merchant can reject that particular transaction.
How is this useful for merchants?
Let’s take the example of an insurance company. Insurance companies are mandated by the NPCI to make insurance claim payout directly to the policy holder’s account or their nominee. In such situations, it is advisable for companies to have the final say and an additional level of scrutiny is required.
In short, this feature allows merchants to:
1) Verify that the bank account is valid before making a transfer
2) Ensure that the bank account is registered under the name of the intended beneficiary
3) Handle collection of bank details, verification and transfer in a seamless flow.
Note: This feature is only available on Cashgram payouts via bank transfer currently.
What is Maker-Checker flow?
Maker checker flow is a Cashgram premium feature that allows businesses to create two different roles – Maker and Checker within the organisation and assign them the permissions according to their responsibilities.
For example in case of bulk refunds processing using Cashgram, the Operations team can act as ‘Maker’ and add Cashgram beneficiaries details while the Finance team can act as ‘Checker’ and can approve the Cashgram payouts.
You can add users (Maker and Checker) to access your account, and also control the permissions.
- Add a new alias/user
- Change the status of an alias
- Reset password for an alias
- Delete an alias
- Edit product level permissions for an alias
Click on this guide to check how to add multiple aliases( or users) to your merchant account and set permissions on a product level.
Maker Permissions: For Maker, you can select the product as ‘Payouts’ and select ‘Cashgram’ as category and give permissions as shown below:
Checker Permissions: For Checker, you can select the product as Payouts and select category as ‘Cashgram’ and give permissions as shown below:
Here is how Maker-Checker flow works
Every time a Maker uploads a file to send out bulk Cashgrams, the file will show under the ‘Approve Batch’ tab, – accessible from the Checker’s account only, and the status of the file would be updated as ‘Pending Approval’.
On a file level, the Maker’s name will show under the section ‘Uploaded by’. The Checker(s) can review the files individually, and mark each record as valid or invalid and approve or reject the file.
How is it useful for merchants?
The Maker-Checker workflow in general is quite popular across several industries. The feature helps in minimising the chances of mistakes due to human errors, malpractices, etc. which would otherwise go unnoticed.
How to enable Cashgram Premium feature?
Fill this form to activate the advanced Cashgram features on your Cashfree account or talk to your Cashfree Account Manager directly.
What are your thoughts?
At Cashfree, we build products to help merchants make the best of the banking and payments infrastructure while providing an amazing customer experience. We’d like to hear your honest feedback and welcome suggestions on how we could improve Cashgram.