How Does Simpl Payment Work? Is It Safe To Use?

Simpl Payment has been one of the most used apps among the buy now pay later options. The simpl payment allows customers to make purchases and pay payments later in consolidated bills. 

This has helped people to manage their finances efficiently as it offers a seamless hassle-free cashless payment experience. 

Company Overview 

This payment method is also referred to as the ‘online Khata’, and is considered one of the best ones to use for BNPL options by many trusted users, and it offers making payments in a ‘Pay-in-3’ cycle, instead of paying at once. 

Key Points 

• It has over 70,00,000+ shoppers on its platform. 
• Around 26K+ brands associated. 
• Has over 10 million+  downloads. 
• Instead of offering paying payments later in a single bill, it generates bills two times a month. 

Working Strategy 

(1) Business Model 

The payment service app works on a merged business model, which is a unique B2B cum B2C model. 

The payment service network of Simpl, processes each purchase transaction made on online stores and authorizes the PoS (Point of Sale) credit to the eligible consumers. All the process is being carried out securely and efficiently which goes from credit calculation to approval.

(2) Consolidated Bills Facility 

Simpl payment generates consolidated bills two times a month. On the 15th of every month, the customers receive a consolidated bill of purchases or payments made in the first half of the month, i.e., between 1st and 15th. 

Later on, for the second half of the month, they receive a bill either on the 30th or 31st, for the purchases made from the 16th of the month. Apart from that the app also provides the facility of paying earlier by just logging into the account, even before the bill arrives. 

(3) Payment Services 

It offers payment facilities like-

• Simple Checkouts: The platform offers a convenient payment experience across a vast network of merchants, which is free from servers, extra payments, and OTP worries. It ensures that the customer gets a hassle-free payment experience for every 15 days, with no extra charges included. 
• Pay In 3 Option: It splits purchases into three parts, making it easier for the customer to pay, and are interest-free payments. 
• Pay Later Option: Simpl payment platform which is also being referred to as the ‘Online Khata’ connects to across 26K+ merchants, giving customers a wide range of options to shop from with just one tap and pay payments later. 
• Simpl Pay: It verifies your order and makes a bill of it past delivery of the products, offering a cashless payment method. 

(4) Data Safety

Its data privacy policy is simple and transparent. It collects the basic information from the customers, among which some are mandatory, like service type, user ID, credit card information, etc. to offer a smooth payment process. 

It uses safeguards to protect and preserve the integrity and security of user’s information against threats like information loss, unauthorized access, disclosure, etc. That’s how Simpl Payment work!

Safety of Simpl Payment 

Since its establishment in the market, Simpl payment has become one of the trusted apps by many of its users.

It ensures complete transparency about the security between all the three parties, i.e. the customer, the merchant, and the app itself. It has listed all the necessary and crucial details about the terms and conditions on its site. 

Irrespective of the payment options, Simpl never reveals the user’s personal information and payment details to any third party or external agency. 

However, the app may intake some information from you in the form of KYC, to make your shopping experience a memorable one. All this signifies that the app is safe and secure to use. 

Revenue Sources

The app signs a deal with the merchants associated with them, according to which the merchants would pay either a subscription fee or a small percentage of the transaction amount that happens on the Simpl payment platform. It earns around 1.5% to 1.75% on the deal, which also includes some late payment fee charges and GST. 

This not only helps the app to make money, but merchants also benefit from the deal, as they can enjoy the advanced features, like customized loyalty program management to personalize customer engagement and rewards.

Simpl Payment works on a simple yet effective model, allowing merchants/retailers to directly deal with customers. It offers a flexible solution for managing finances, allowing customers to purchase or shop conveniently while maintaining control over their finances.