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India based leading fintech player, Cashfree Payments has announced its partnership with Furlenco to offer a security deposit refund experience for its customers, through its Payouts link solution ‘Cashgram’.
The furniture rental company collects security deposits at the start of the subscription plan. Once the subscription ends, Furlenco teams pick up the furniture from the customer site and the security deposit is credited back to the customer’s preferred account using a Cashgram link.
As soon as the Furlenco system identifies that the return is completed, the system auto-generates a Cashgram link using Cashfree Payments’ Cashgram API with the registered phone number or email id of the customer and refund amount. The customer receives the link over Whatsapp/SMS/email and can open the link, enter preferred bank account details or UPI ID or other wallet details where the customer would like to receive the refund money. This helps customers get the refund credited without having to share their sensitive bank account details.
This payout system takes care of all the backend activities and automates the refund process for the business. The end customers can also claim refunds instantly even during bank holidays and weekends.
Founded in 2012, Furlenco provides furniture and home decor on rent along with relocation services. Prior to integrating Cashgram, Furlenco’s payout process was majorly manual and highly procedural in nature, which made it tedious, time-consuming and prone to errors and delays.
“The Cashfree Payments – Furlenco partnership is of high significance as the collections and refund process is an essential part of the rental business,” the statement said.
Speaking on the partnership, Reeju Datta, Co-Founder, Cashfree Payments said, “We are delighted to extend our payout services Cashgram to Furlenco and its users. Cashfree Payments has always strived to undertake innovative approaches to address industry problems.”
“Through Cashgram, we have been helping Furlenco in making the entire process of Payouts simple, stable and seamless. We will continue our efforts of providing consumer-centric products, which will generate greater functional efficiency and convenience for businesses and customers alike,” Datta added.
Commenting on the collaboration with Cashfree Payments, Varun Krishnakumar, Director of Products, Furlenco said, “We are happy to partner with Cashfree Payments for Payouts so as to serve our customers with a seamless experience. Prior to this partnership, our refund process was tedious, prone to errors and time consuming owing to system-induced delays.”
“The partnership with Cashfree Payments has allowed us to render fast, secure and user-friendly settlements, thereby enhancing the overall customer journey. Also, from the automation and scalable point, Cashgram has been phenomenal. The time saved, in turn, has allowed us to interact more with the customers in devising more effective and innovative procedures, thus creating a better value proposition,” Varun added.