Digital payments startup Cashfree teams up with Shipway for faster order refunds

Digital payments and banking startup Cashfree has partnered with ecommerce automation firm Shipway to process cash-on-delivery order refunds faster.

Cashfree co-founders Reeju Datta and Akash Sinha / Photo credit: Cashfree

The collaboration would allow Shipway’s over 12,000 connected merchants to process refunds through Cashfree’s Payouts platform, according to a statement. Refunded amounts will then be instantly credited to the end customers’ preferred modes of payment, with support available for banks, debit and credit cards, and e-wallets, among others.

“Turning a long, 15-day return cycle into a day can be a game-changer in the D2C space and can help brands retain their loyal customers,” said Shipway co-founder Gaurav Gupta.

Cashfree’s Payouts was introduced in 2016 to help companies send instant payouts for wage payments, ecommerce refunds, loan disbursals, insurance claims processing, expense reimbursements, and reward payouts. Cashfree said that the service went on to cross 100,000 daily disbursements within a year of its launch.

The company also said that Payouts is currently being used by over 5,000 companies in India, with more than a 30% market share among payment processors. In addition to payouts, Cashfree also allows businesses to verify bank accounts during user onboarding and partners with ecommerce firms for last-mile customer services.

Cashfree recently partnered with global payments major PayPal, allowing businesses that use Cashfree’s payment gateway to add PayPal’s Express Checkout option to their order pages.