CHENNAI, July 25, 2017 /PRNewswire/ --
PayBee from Onymy Infocomm (P) Ltd is a B2B payment collection platform enabling hassle-free payments and simplifying invoice management
The founding team of Onymy Infocomm, an alumni of IIMA, Oxford and ISB, bootstrapped the company in the year 2013. The founding team has over 5 decades of cumulative global experience spread across banking, consulting, information security and fintech.
PayBee improves transparency and efficiency in B2B transactions by digitizing payment processes. PayBee seamlessly integrates with existing accounting, ERP and distribution management solutions, providing an end-to-end solution for businesses.
"Poor cash flow management is one of the key problems hurting small and medium size businesses in India. India is a cash heavy economy with fragmented distribution chains and predominantly manual business processes. This results in a significant value leakage, hurting businesses that are already struggling with low margins," says Murali Krishnan, MD and CEO of Onymy.
The retail sector with 15+ million outlets across India and more than 300+ million invoices processed every month is one of the major use cases for PayBee. About 92% of these retail outlets are unorganised and rely on cash for day-to-day transactions. Irregular collections, pilferage, cash mishandling and float loss transpires to about 20% value leakage in margins for these businesses. This makes the business environment extremely chaotic and inefficient, making it very hard to realise consistent gains.
PayBee's plug-and-play platform provides complete transparency into the collection process, where businesses can see real-time status of invoices and collections. The solution enables instant and scheduled payments, resolving the need for cumbersome post-collection reconciliation processes.
Retailers benefit from the ease of use by bringing all payment requests and transactions under a single window. PayBee also enables retailers to avail credit against invoices that can be requested and processed directly from the app.
"PayBee is a unique B2B platform that congregates business partners and our customers. Onymy has partnered with a new-gen Non-Banking Financial Company (NBFC), through which retailers can get business credit against invoices easily. The whole process from requesting credit to disbursement is seamless, and enables retailers to manage their cash flows smartly," says Saravanan P, Vice President and Head, Business Development & Partnerships at Onymy.
PayBee has the potential to enable millions of businesses across India in its drive towards a cashless economy and in fostering financial inclusion. PayBee has onboarded several retailers and FMCG distributors in Tamil Nadu and Rajasthan. PayBee plans to expand and explore other verticals such as pharma, automotive and fashion by the end of this year.
"We are eager and excited about the potential of Digital India. We believe that helping to streamline the primitive methods of business transactions is a tremendous opportunity that enables us to deliver further value for businesses across the country," says Murali.
MD & CEO
Onymy Infocomm (P) Ltd
SOURCE Onymy Infocomm Private Limited