- Running around for your EMI payments?
- Relying on reminders to help you with due dates?
- Missed a payment and had to pay penalty charges?
All of the aforementioned problems are a thing of the past in this digital world. E-Mandate is a digital payment service that is a completely digitalized and secured payment method which allows anyone with a bank account to automatically debit recurring payments, on a specific date without any third-factor interventions. It was initiated by the National Payments Corporation of India (NCPI) and RBI.
Nowadays people prefer net banking in RTGS, NEFT, IMBS and most commonly UPI as their prior payment choice, concluding that physical payments are outdated in today’s era of paperless transactions. This technology of digital payments has helped us to make transactions from the smallest utility payments to even shopping expenses. However, these transactions are made only once whenever required. But if you need a few transactions to be made every month at a specific date such as EMI loan amount, Mutual fund SIP, insurance plan, or any other recurring deposit installment, e-mandate service is the ultimate solution.
Let us discuss the top five advantages by which E-mandate registering will help you with your recurring payments
- Timely Payments:
Sometimes, you must have missed the due deadline of any EMI loan amount or any insurance policy plan in the midst of your hectic workday due to which you had to pay extra penalty charges. But in the case of e-mandate registration, it saves you the hassle of keeping a check on payments and transacts the money automatically. You will also be reminded of the upcoming recurring payments before the date of the payment.
- Easy and faster Payments:
Your time is very precious, that’s why when you register with e-mandate services to automate the payments, it helps you avoid transferring the money repeatedly which is often a time-consuming payment process. Imagine having to make 10-20 transactions to different organizations manually and maintaining records of the same on a regular basis. A service like e-mandate payments is faster and offers hassle-free payments to save such time-lapses and also get notified as and when there is a transaction made keeping your worries away.
- Simple Authenticated process:
The entire process to register e-mandate is easy. All you need is an active bank account and credentials, from which the payment will be made. The bank or company will receive your request form and upon the bank’s acceptance, the e-mandate service is activated. One-time enrollment for a seamless free service.
- Updated information:
As stated earlier, your transactions are maintained with the electronic mandate which is safe and secure. Although the payment is debited from your account at the given time, it also keeps you informed with the record of all your transactions.
- Modified E-Mandate plan:
When issuing e-mandate registration, the ability to debit payments allows you to change the payment cycle or skip a cycle if needed to. Previously, post dated cheques were issued for advance payments. Though this method of e-mandate has proven to be a more efficient and easy alternative.
Electronic payment services like e-mandate are a boon to a number of customers who have recurring payments to be made on a monthly basis. Such services are a next-level solution in the world of digital payments. Online businesses, consumers, and banking institutions are progressively relying on digital payments due to their convenience, and money tracking capabilities. Technology has facilitated convenience to get more convenient every day in the digital world. An advanced level of technology like e-mandate will definitely be followed by customers as well as businesses for the diversified possibilities as it opens up to make easy and dynamic payments.