The Payment Gateway Is For Buyers And Suppliers

In a bid to promote adoption of digital payments among small and medium enterprises, IndiaMart has introduced a payment gateway for its 3 million suppliers and over 40 million buyers.

Earlier, once an order has been placed through the IndiaMart portal, the supplier had to request for the money either in cash or through net banking etc, which was not only cumbersome but also led to delays.

Dinesh Aggarwal Founder and CEO of IndiaMart "Through this gateway, the seller's money who pays as soon as the order is placed is kept in an escrow account while the buyers get the money immediately. We are charging a rate 1.75% per transaction, which is lower than a standard credit card or debit card transaction charge,” he added. Piloted around six months ago, around 5,000 transactions have happened through the gateway with a 50% rate of repeat transactions.”

In order to help its vendors manage the leads and orders generated through the portal better, it is also working on a lead management system, which will be built into the CRM (customer relationship management) system it offers through its application. The bundled tool kit includes features such as website creation, listings, buying leads, payment service along with a CRM solution among others.