Organisations use channel partners to source lending business. The commissions paid to these channel partners are one of the biggest cost centres for the organisations. An average of 2.5% to 3% of the loan amount is paid as commissions. The payout structures are complex and difficult to manage.
Organisations have, in the past, attempted to automate the payout process with little success. The complexity of calculation, preparation of invoices as required by GST, tracking and payment has made the entire activity more challenging. SIMPAY is India’s first comprehensive application for pay-outs to channel partners for Banks and NBFCs.
SIMPAY is a proprietary payments calculation portal for servicing Partners based on business metadata and is supported by powerful and configurable business rules. The workflow built in SIMPAY enables business rules to be created in the system without the need for coding. These business rules, or Templates as they are called, can be attached to the partner as needed to calculate commission at a partner level without any hassles.
From onboarding Partners (SIMSWAGAT module) to pay-out calculation and partner portal module, SIMPAY has it all! Now you can simplify your most complex payout calculations to just a few clicks and a mere 10 minutes. SIMPAY also allows you to calculate GST (GST Module) and raise and share invoices with your partners (Invoicing module).
SIMPAY even has modules to manage cancellations and exceptions, making it a one-stop solution for all partner payments.