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Zoho Corp., an Indian multinational software company, is launching Zoho Payments in the United States. Zoho Payments is an embedded-payments solution that enables businesses to collect one-time and recurring payments from customers, online and within Zoho apps.
Billed by Zoho as an out-of-the box payment solution, Zoho Payments supports the acceptance of more than 135 currencies for card payments, as well as payments through the automated clearing house. Businesses can use Zoho Payments to send invoices or payment links to customers, create hosted payment pages for one-time or recurring payments, collect payments via an e-commerce Web site, and create subscription plans using Zoho Billing.
A PCI DSS Level 1-compliant app, Zoho Payments helps businesses improve their payment authorization rates and reduce chargebacks, the company says. The app also features automated reconciliation, which reduces the time businesses spend on manual invoicing and cuts the risk of data-entry errors, the company says.
The introduction of Zoho Payments is in part a response to consumers’ increasing preference for cashless payment. A recent study by Capital One Shopping Research reveals that nearly 87% of U.S. transactions are now cashless and that 81% of U.S. consumers prefer to pay by card.
“As digital payments become the default preference for everything from online purchases to subscription services, businesses need a payment solution that not only offers flexibility, but is also tightly connected to their financial operations,” Raju Vegesna, chief evangelist for Zoho, which has offices in Austin, Texas, says in a statement. “Zoho Payments closes this gap by natively connecting with our ecosystem, enabling seamless collections across different use cases.”
In addition to enabling embedded payments, Zoho provides businesses with greater visibility into payouts, refunds, payment failures, and account summaries through customizable dashboards and payments-report summaries. Business can use that information to create insights into cash flow and payment trends, and identify operational bottlenecks, Zoho says.
Zoho Payments’ pricing for domestic cards is 2.9% + 30¢ per transaction. These cards include Visa, Mastercard, AmEx, Discover, JCB, UnionPay, and Diners Club cards. Pricing for international cards is 1.5% plus the domestic card fee.
