myBillBook, the flagship product from SMB neobank FloBiz, is a leading GST invoicing and accounting software that helps small and medium-sized businesses generate GST compliant invoices, maintain inventory, manage receivables & payables and track business performance through advanced reports.
With the launch of Smart Collect, myBillBook now supports UPI and bank transfer transactions to collect payments from customers and automatically reconcile against pending invoices.
Bengaluru, NFAPost: Neobank FloBiz announced its foray into banking services for SMBs with the launch of Smart Collect – part of the Smart Banking module – on its flagship GST invoicing and accounting product myBillBook.
With Smart Collect, businesses can now collect payments from their customers instantaneously via UPI & bank transfers and automatically reconcile them against pending invoices. This marks the beginning of the financial services roadmap for the neobank which caters to millions of SMBs across the country.
The Smart Collect feature has already been rolled out to an exclusive set of current myBillBook users both on mobile and desktop applications. FloBiz plans to extend the rollout in the coming few weeks to a wider user base who meet certain eligibility criteria.
Smart Collect has an intuitive design, which is easy to enable and begin using. In addition to existing capabilities, myBillBook also launched its Point-of-Sale (POS) invoicing interface in December last year for organised retail and franchise businesses, thereby making Smart Collect a powerful payments solution for both non-retail and retail SMBs on myBillBook.
FloBiz Cofounder and CEO Rahul Raj said in January 2022, the total monthly trade recorded by the 1M+ active SMBs on myBillBook stood at $1.5 billion and continues to grow steadily.
“We’re extremely excited about the launch of Smart Collect, which is our first step towards the neobanking roadmap. The broader Smart Banking module will allow SMBs to collect payments from customers and make outward transactions towards suppliers, vendors and day-to-day business expenses,” said FloBiz Cofounder and CEO Rahul Raj.
He also said it will also bring Current Account management capabilities directly on myBillBook, making it a one-stop solution for all invoicing, accounting, inventory management, business reporting and banking needs for businesses.
Smart Collect is a first-of-its-kind payments solution for SMBs and offers vastly superior collections capabilities compared to alternatives in the market today:
Supports several payment modes like UPI, NEFT, IMPS and RTGS
Instantaneous settlements into destination accounts for improved cash flow
Automated reconciliations of transactions against customer-wise invoices
Free to use with no additional charges on collection transactions
Payment links & QR codes can be shared with customers directly on WhatsApp
Lucrative cashbacks and rewards for myBillBook users and their customers
FloBiz Vice President – Products Siddharth Seth said FloBiz always had a customer-first approach to designing robust and scalable technological solutions.
“Smart Collect is also a product of the same approach where we thoroughly studied record-keeping and banking behaviours of SMBs in India to ultimately deliver an extremely intuitive and easy to use payments solution,” said FloBiz Vice President – Products Siddharth Seth.
He said the company has a comprehensive KYC process that requires GSTN or PAN validation before a customer can begin using Smart Collect.
“We use the highest assurance SSL certificates to ensure that no unauthorised person can access users’ sensitive payments data. We’ve also built strong anti-fraud infrastructure and algorithms to scan through each transaction on dozens of variables to detect, prevent and deter suspicious activities,” said FloBiz Vice President – Products Siddharth Seth.
FloBiz Vice President – Products Siddharth Seth also said educating users about the benefits of Smart Collect through product marketing and iteratively improving the experience based on direct customer feedback.
Since the controlled rollout of Smart Collect feature on myBillBook, the transaction processed volume has already hit an annualised run rate of over $50M and is growing over 30% WoW.
myBillBook has been designed to aid SMB business owners to run their operations from anywhere & anytime. It is available on both mobile & desktop and provides a secure platform for business owners to record transactions & track business performance on the go.
It is an ideal software for GST registered businesses where invoicing is one of the core business activities. Also, businesses looking to digitise their operations to understand their financial position better can use this product.
myBillBook helps them create bills (GST & non-GST), record purchases & expenses, maintain stock and manage payables/ receivables directly from their mobile phones or computers. Also, the app generates 25+ critical business reports that help owners make effective business decisions. myBillBook is currently available in English, Hindi, Gujarati & Tamil. It has been downloaded by 6M+ businesses and enjoys the trust and confidence of more than 1M monthly active users.