Any customer can authorise a mandate by physically signing on a paper mandate. There is no need for having net banking, debit card, smart phone, OTP etc.
Customer can generate and submit paper mandates using our dashboard, bulk uploads or using APIs.
Customer submit physical (Paper) mandate to corporate/bank.
Destination Bank will verify Account and Signature.
Destination Bank will submit the mandate request to NACH System.
There is no limit on the number of transactions.
Paper mandates are the widely used means of setting up payment mandates. Efficient handling of paper mandates by paycorp.io reduces cost and improves profits.
Errors in paper mandates are detected at the origin by paycorp.io to avoid delays and penal cost.
Process paper mandates better without discarding present infrastructure. Avoid capital cost completely.
Corporate creates/pre-fills the mandate details into paycop.io to notify the customer. Mandate details can be entered through UI/CSV file upload/API.
Customer will get Email/SMS notification containing shortened URL link of paycorp.io customer authorization page. Customer clicks on the link and choose Net Banking/Debit card option to continue with authorisation.
Customer will be redirected our eSign Service Provider (ESP) to enter the Aadhaar Number/VID and OTP. On successful KYC verification, eSigned mandate will be submitted to NPCI through the corporate’s Sponsoring Bank. A Unique Mandate Reference Number (UMRN) is assigned to the mandate for future reference.
How can I create paper mandates?
You can generate and submit paper mandates using your dashboard, bulk uploads or using APIs.
Who can use paper mandates NACH form?
Typically customers of Insurance Providers, Asset Management Companies, Utility Payment Companies, and others request for physical mandate process. This could be because the recurring debit amount is larger than Rs 1 lakh or the customer does not hold cards or does not have net banking facility.
Is there a limit on the debit amount in paper mandates?
The maximum amount for any one transaction with paper mandates is Rs 1 crore. There is no limit on the number of transactions.
Can we use both paper mandates and eMandates?
Yes, you can use both modes as per your customer’s convenience.
