Why am I unable to link my business bank account with any UPI app?

Do you remember the first time you signed up for UPI? Which app? Did you do it yourself or did your friend or relative do it for you?

Well, my first UPI app was Gpay (remember Tez?) and my friend did it for me. Reason: Rs 50 cashback. 

The process was super simple:

  • enter your mobile number – it auto fetches your linked accounts to that number 

  • Select bank a/c & send sms

  • Set pin & done

Everything was finished in under 5 minutes. 

The best part about UPI is how quick and easy it is to send a txn. 

Enter your mobile number or scan the QR code, enter the amount, enter your pin, and you’re done in seconds. Compare that to how we used to do TXNs before. Log in to net banking (if you remember your passwords:D), enter your bank information (a/c number and ifsc — add beneficiary), wait 30 minutes for approval, and then send the text message.

So it seemed incredible that this was possible—so simple and quick—and that it was done through a third-party app (like Google Pay) rather than your bank app. 

So how is this possible with UPI? Because NPCI (which is the governing body for payments) has made partnerships with banks, created a network of all bank accounts, and allowed third-party apps to use that network. 

During COVID-19, UPI exploded, and it now processes over 100 crore transactions per month. It has made payments really convenient for us and been a major innovation success.

But there are a few things it hasn’t solved. like business payments. Even though businesses use it for receiving payments from its customers, businesses are unable to use UPI to make their business payments – payments to their suppliers, distributors, vendors etc.  

So you must be wondering why UPI is not working for your business accounts.

The major reason is that businesses generally have a current account and CC account, which cannot be linked to GPay or PhonePe. because the banks, NPCI simply don’t allow it. The reasons can be:

  • Business a/c need to have high security

  • High txn value (upi doesn’t allow above 2lakhs)

  • Sometimes need multiple authorization 

So, business owners still have to login to their slow net banking every time they have to make a payment.

That’s where VaultPay comes in. VaultPay, makes it easy for businesses like yours to link their current account or CC account with the VaultPay app so they can manage all their payments from within the app itself. This means you don’t have to log in to your bank’s site to make payments anymore! You can use VaultPay instead.

So how does it work? It’s simple: just sign up for VaultPay, then link your existing bank account (savings. current , cc account) and complete the verification process. It takes a couple of days for it to be approved by the bank. Once it’s approved, you can start making payments. 

It works like an eCheque. You enter the account number/mobile number, and then select the date on which you want to pay the eCheque. The receiver also gets a notification/whatsapp msg about having received the eCheque. On the day of eCheque, money gets debited and settled.

The benefits of using VaultPay for your business are:

  • Its as easy to use as UPI

  • You don’t need to log in to net banking every time they want to make a payment. Many people forget their passwords which are often forgotten and take hours to recall. VaultPay enables all payments without having to remember them

  • If you have multiple bank accounts then managing becomes even bigger problem. With VaultPay you can link multiple accounts & manage all of them from one place

  • Be in control of your payments – See all your vendor/supplier in one app

  • Highly secure payment app for your business – you get sms before every debit, which, reduces online fraud

 

 

In conclusion, VaultPay offers a solution to the problem of businesses struggling to link their current account or cc account to UPI apps for easy payments. With the VaultPay app, businesses can link their accounts and make eCheque payments to suppliers, eliminating the need to use either net banking or traditional cheque payments. This streamlines the payment process and allows businesses to manage all payments from one app. If you’re a business owner looking for a more efficient way to manage your payments, try VaultPay.


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