EnKash has launched a new business prepaid card which can be used to digitise pay outs at individual branches or teams for corporates which have a distributed presence.
Business payments startup EnKash has launched a new product to help simplify payments for businesses with multiple retail or branch outlets. It has created a ‘business prepaid card’ through which the central office can keep financial control over the entire business centralised yet allow branches to undertake their own transactions through their own prepaid cards.
EnKash works with corporates to offer them credit cards to help them manage their daily transactions and expenditures. While the top-rated corporate entities are usually catered to by banks, startups like EnKash offer their services to smaller businesses and startups.
“We realised that business to business payments involved a large amount of paperwork, especially when it is between branch or smaller offices, hence we launched a new card to smoothen this process,” said Hemant Vishnoi, cofounder, EnKash.
Vishnoi said that instead of every branch office getting its own current account, working with EnKash companies can create a central current account and give out prepaid business cards to every branch office. Each of these branches can use these cards for their vendor payments, bill payments, GST payments and others.
“We have set a target of 10,000 businesses who will be using this solution in the coming few months,” he said.
Currently, EnKash works with multiple businesses which are using the EnKash card for their regular transactions. EnKash has a partnership with NPCI’s RuPay cards for commercial cards. The company is looking to process around $4-5 billion of annual spends in the coming year.
Further to make accountability and tracking of each spends easier, EnKash has integrated with WhatsApp. Transactions incurred by any of the card users can be uploaded on a WhatsApp chat interface, through which all forms of expenses can be tracked and managed from the central office.Vishnoi added that this feature will give power to the group financial head to keep track of all forms of expenses incurred by branches or smaller field teams, without the hassle of separate net banking passwords or managing different bank accounts. All transactions can be routed from a central bank account.