“Cash payment is a thing of the past when digital payments are making the waves now.”
With multiple technological innovations in the agricultural sector including precision farming, crop advisory, crop health monitoring, etc, agribazaar has been the first online agri-trading platform to introduce its very own virtual payment solution, agriPay.
agriPay has been developed to add convenience & ease in making successful transactions between buyers and sellers. The virtual account is a Triple A Awards winner by The Asset, which every agribazaar user has access to immediately after completing the registration.
But why use agriPay?
- agriPay is available at no cost to the participants
- The error rate for the transactions routed through agriPay is extremely low at 0.00008%
- agriPay has been opened with IndusInd Bank. This account does not have a cheque book. Transactions are done only through an interface with the agribazaar software.
- All transactions are available within the software, and reconciliation of trades is simple and easy.
- agribazaar facilitates the settlement of transactions entered on the platform. The seller sends the invoice to the buyer, and funds are routed to the seller via agriPay.
- agriPay is created for participants to trust & transact on the platform.
Trading on agribazaar involves an earnest money deposit (EMD) / security deposit (SD) by buyers and sellers to ensure no party backs out once the trade begins. The amount parked in the agriPay account can be used to participate in multiple trades. In case the trade fails, the EMD / SD is immediately refunded to the participant.
- Transfer to the account and subsequent use of funds is effortless. Therefore, there is no need to park excess money in the account. One can bring in money when there is a trade obligation.
The scope of digital payments is only rising due to their convenience even in the agriculture sector. Also, they are incredibly secure and offer a minimized risk of fraudulent activity. Since the users can already add their money to the agriPay account, it becomes no longer necessary to give out the bank or card details.
We’ve developed agriPay to be a one-stop payment solution that serves security and convenience for safer and smoother transactions.