On Monday, online payment service provider, PayU, said that it will launch an innovative capability via Microsoft Excel for its merchants.
According to the company statement, this plug-in will allow merchants to send payment collection requests to their customers directly using SMS, e-mail or both, from their existing Microsoft Excel.
The merchants can then check the payment status without ever having to log in to any website or the PayUmoney dashboard. The plug-in also allows merchants to use existing tools such as the Microsoft Excel Spreadsheet to help manage order processing and payments rather than develop new applications to manage user payments.
Speaking on the release of the plug-in, Pradeep Shekhawat, Head, SMB Business, PayU India, said,
Based on market research, we understand that a large number of businesses use Microsoft Excel to maintain their customer’s accounts and thus we are proud to be the first ever payment company to launch such a feature that integrates payment collection capability with Microsoft Office application - Excel.
Along with integrating the payment collection option with Microsoft Excel application, the new feature enables the merchants to manage and track payments, and check an invoice status real-time — ‘Paid', ‘Unpaid' or 'Expired’ —right on the Excel spreadsheet.
Using the newly launched invoicing feature, Shivam Agrawal, the Partner at Mail Transcripts, a merchant of PayUmoney, said,
With the Excel plug-in, I don't have to provide complete access to our PayUmoney account with all employees. Instead, I have better control since each employee can send invoices using their Excel sheets that use the plug-in without viewing all account details.
According to the company, the new invoicing Excel plug-in can be downloaded from the PayUmoney website and installed with a single click. It does not require any technical integration or development effort, thereby reducing time and money for PayUmoney merchants.
According to the company, PayU India claims to cover nearly 60 percent of the airline business and 80 percent of the entire e-commerce.
Further, it processes over Rs 7,500 crore worth of digital payments per month in India.
At present, PayU’s offering is claimed to be used by over 350,000 merchants all across India.
Tarush is driven towards delivering unbiased and accurate reportage while engaging with as many mediums as possible to narrate a fresh perspective. Working for the past few years in the digital space with YourStory, he has covered the Indian technology ecosystem extensively, focusing on new age Fintech companies, while building strong connects within the industry.