As businesses grow, managing transactions and payments can become overwhelming. At Zoho, our focus has always been on making financial operations smoother and more connected. With Bharat Connect, we’ve been able to do just that: simplify and transform how businesses handle B2B payments. Curious to learn how? Let's dive in!
Zoho has partnered with Bharat Connect (formerly Bharat Billpay) to provide a solution that allows you to effortlessly manage bills; send invoices; handle sales orders, vendor payments, and credit and debit notes, and receive customer payments.
What is Bharat Connect?
Bharat Connect (earlier known as Bharat BillPay) is your all-in-one payment hub. It connects businesses, service providers, and financial institutions, making it easier to handle everything from invoicing to settlements.
Behind the scenes, there are buyer and supplier operating units and agent institutions that work together to make the process seamless. The buyer operating unit collects payments from suppliers, while the supplier unit handles settlements for buyers. The agent institutions enable businesses to manage their bills and offer payment services through digital channels.
How Zoho makes it work
Zoho Books acts as an agent institution, providing ERP services for managing invoices, bills, and transactions. Meanwhile, Zoho Payments functions as an operating unit, as an RBI-registered payment aggregator that performs KYC for businesses and facilitates payment collection.
How it all comes together
A buyer sends a purchase order through Zoho Books, which connects to Zoho Payments to connect them with sellers. The supplier receives it in his ERP, converts it into an invoice, and sends it back. If adjustments are needed, credit and debit notes are exchanged through the same system. Payments are initiated via Zoho Payments, and Bharat Connect ensures settlements reach the right party.
Both parties see real-time updates in their respective systems.
This seamless process simplifies transactions for both the supplier and the buyer, with everything updating automatically in real-time across both parties' platforms.
How will this benefit your business?
Interoperability: No more juggling multiple platforms, as everything is now interoperable. Businesses can easily send invoices, receive bills, accept payments, and manage transactions directly from Zoho Books to their clients' finance systems.
Flexible payment options: Whether you like connected banking, cards, or UPI, you’ll soon be able to choose the payment method that best suits your business needs. Whether you like connected banking, cards, or UPI, you’ll be able to choose the payment method that best suits your business needs.
Real-time updates: No more waiting around for payment confirmations. Transactions with vendors and customers are synced instantly.
Support for offline payments: Whether online or in-person, every transaction is recorded in both customer and vendor systems.
Streamlined reconciliation: Businesses can simplify their reconciliation processes for transactions conducted through Bharat Connect within Zoho Books.
Over 3.5 million transactions have already been processed via the Bharat Connect network on Zoho. To get started, set up Zoho Books–Bharat Connect today, or connect with us to learn more. Visit our Bharat Connect page to get all the insights and join the growing number of businesses transforming their payment experience.
Comments