Healthcare service startup PharmEasy has partnered with Cashfree Payments to deliver quick and convenient payment settlements to its retail partners. The partnership will leverage Cashfree Payments to roll out its Payouts solution to automate transactions for the retail network. The solution facilitates merchants to instantly pay vendors, process customer refunds, and disburse loans, among other transactions. The fintech platforms claim that the new solution delivers a 99.98 per cent payout success rate.
PharmEasy, in its capacity as a marketplace/ intermediary, facilitates and enables the sale of pharmaceutical and healthcare products and services across various categories through its third-party retail partners across the country. The platform also oversees the payments for the sale and purchase transactions which are undertaken between consumers and retail partners.
When a customer places an order on the platform through its app or website, they can either pay online or opt for COD (cash on delivery).
The payment made by the customers is compiled by PharmEasy and disbursed to its retail partners on a daily basis. Now, with the integration of Cashfree Payments’ ‘Payouts’ API integration, the platforms without any manual intervention will be able to automate this process and facilitate settlement to retail partners within 48 hours of receiving the payment.
Commenting on the partnership, a spokesperson from PharmEasy said, “The partnership with Cashfree Payments is a crucial one, in our bid to use technology to enhance the reach of quality healthcare. Our processes have now been greatly automated, thus improving customer experience as well as reducing the time utilized in payment reconciliation and settlements.
Adding that the partnership has boosted PharmEasy’s productivity, the spokesperson added that the company intended to automate the entire payment process soon.
“We look forward to helping the company automate the entire payments process and contributing to its bid to make quality healthcare accessible to the masses,” said Reeju Datta, co-founder, Cashfree Payments
Backed by investors like TPG, Temasek and Prosus, PharmEasy is among the biggest startups in the healthcare industry. The company was valued at $ 5.1 billion during a round of funding last year. PharmEasy’s parent company API Holdings also owns diagnostic test provider Thyrocare.
Cashfree Payments, on the other hand, has over 50 per cent market share among payment processors and is integrated with platforms like Shopify, Wix, Paypal, Amazon Pay, Paytm and Google Pay.
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