FAQ

How long does it take to get started?

You can sign up and start using the product in 1-2 working days.

How easy is it to use Paysharp?

The solution is effortless to use. We also give a demo and offer additional assistance if required.

Do I have to install any software?

No. Paysharp is a web- based application, you can access it via any popular web browser like Chrome.

Do you provide mobile apps?

No, not at the moment, but we are developing an Android app to serve you better. You can access our mobile friendly software from your mobile web browser.

How much percentage do you charge per transaction?

We do not charge a percentage fee based on transaction value, but on the number of transactions. Below are two affordable pricing plans that we have:

Pay per transaction Prepaid Plan (Paid in advance)
12/- per transaction (No % fee) Zero transaction fee
Do you provide a free trial?

Yes, we do.

Do I have to open any other bank account?

No, our solution will work with your existing bank account number.

How do my customers pay?

Customers pay directly from their bank account or UPI apps to your Paysharp account number via NEFT / IMPS / RTGS modes. You will receive the payment on the same day or next day based on the settlement cycle.

What are the payment modes supported by Paysharp?

Paysharp supports NEFT / IMPS / RTGS payments. Customers can transfer payments from any bank account using the above mentioned payment modes.

Can customers pay via Google Pay / PhonePe?

Yes, but only to the account number and not to a mobile number.

Will the customers be charged?

We do not charge the customers but their banks might charge a standard transaction fee. The standard fee applies to all bank transactions and not exclusively to us. Nowadays, most banks do not charge for NEFT and RTGS transactions, but might charge for IMPS transactions.

What is the Paysharp account number and why is it used?

Paysharp account number is an intermediary account number mapped to your actual bank account number. It is used to collect and track all incoming payments for automatic reconciliation and to produce necessary reports.

What is daily instant settlement?

We collect payments on your behalf and transfer them as cumulative payments on a daily basis to your bank account. The process involves two settlement cycles per day; at 9 AM and 5 PM. So you will receive payments on the same day or the very next day. Paysharp DOES NOT hold the money.

Is the customer required to share the UTR number?

No, if you are using our solution, the customer is not required to share the UTR number or any screenshot once the payment is made. Our system automatically recognizes the payments along with the payee and immediately sends an acknowledgement to the customer. You will receive an instant notification with the sender name, thereby notifying who made the payment.

What is the difference between bank statements and Paysharp’s reports?

One look at the bank statement shows how cluttered the information is, thereby taking too long to recognize the payee. The job becomes easy with Paysharp’s report identifying the sender effortlessly.

What is the difference between Paysharp account collection Vs Payment gateway?

If you are using a payment gateway your customers are allowed to pay through various payment methods like debit card / credit card / net banking and wallets. Paysharp on the other hand, helps customers pay via NEFT / IMPS / RTGS modes, therefore saving them up to 900% (yes that’s right) on transaction fees

Do you provide any integration option?

Yes, We provide webhooks / call back, APIs and plugins. We are also open to explore other integration options.

What is reconciliation?

The bank statement reconciliation is a process of comparing and matching every internal accounting record such as income and expense with the bank statement credit and debit records.

Possible discrepancies identified during bank statement reconciliation?
  • The most common one is not being able to identify the source of the credit in the bank statement.
  • Amount mismatch in internal records and bank statement.
  • Internally recorded income not reflected in the bank statement.
  • Credit received in bank account but not recorded in internal accounts.
What is a suspense account?

A suspense account is used to temporarily record unclassified credit and debit entries and is additionally employed to record suspicious entries. Paysharp takes on the responsibility to classify all entries and make it nil and eventually closing it, which in real-life scenariois hard to close due to poor reconciliation practice.