City-based fintech player Swipe, which offers a billing and payments app for SMEs, has drawn up plans to tap customers in smaller towns with focus on bringing content in regional languages to enhance the visibility of products offered by small businesses.
The platform now aids SMEs in generating invoices, share bills with customers via Whatsapp or email, collect payments using UPI or QR codes, generate GST reports, track inventory, manage expenses and view analytics. It also wants its users to create their own online stores and have advertising and marketing communication content on the platform in days to come, said V Aditya, Co-founder of Swipe.
“The platform does not require one to have an accounts background. In future, we have plans to develop it into an advertising and marketing channel and invoicing will happen in the backend,” he said about the platform that now allows creation of invoices on the go.
The company, which started operations in February 2021, has recently raised $ 2 million (about Rs 15 crore) from multiple investors in a seed round led by Y Combinator.
“The businesses can use our platform to generate an invoice. It is digitally saved and can be sent to customers on demand. This will aid in customer loyalty. Reconciliation of data will not take much time, “ he said. Swipe has about 25,000 customers including retailers, air conditioners, distributors, freelancers and other categories. It draws revenues from subscriptions priced Rs 1,299 and Rs 2,499 per year.
“Currently, we have a payment gateway where the businesses can accept payments from the customers. We are in talks with multiple banks to bring some banking related features. Many accounting platforms are focused only on billing. We will also have an online catalogue for the businesses to share details of their products via links with their customers. Businesses can use the transactional data to get further insights,” he said.
“Businesses need technology tools to reach more consumers and, build long-term relationships. We provide online storefront as SMBs are now moving towards WhatsApp Businesses,” said said Sri Teja Allaparthi, another co-founder.
With Swipe customers are provided multiple ways to instantly pay and business owners can keep track of pending payments and send reminders. It also helps with GST. Small businesses can send notifications to customers about discounts, special offers, and product updates as well as create a product catalog for online orders, he said.
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