The bank or the company would collect a physical form signed by the customer. This form validates the customer's agreement toward a specified sum getting deducted from their active bank account.
The form is then sent to the National Payments Corporation of India (NPCI) where a Unique Mandate Reference Number (UMRN) is created. This number is further sent to the customer's bank which will then proceed to automate your payments. The entire exercise would require about a month's time to be completed. If there is a disparity in the documents or a mismatch in the physical signature on the documents submitted, the duration to complete the process could easily be extended.
With eNACH, your customers no longer have to wait for over 45 or more working days to automate their recurring payments. At the most, it takes about 2 working days to initiate direct debits from your customer's bank account
This simplified digital process starts with the user eSigning the eMandate/eNACH form. The eMandate is then processed to the National Payments Corporation of India (NPCI). Upon review by the NPCI, the document is directed to the Destination Bank which then decides to either approve or deny the eNACH facility to the individual or organization. The advantages of the eMandate include:
The eMandate process takes very little time. It only takes 2 days to automate the process while a physical mandate would require a minimum of 45 days.
Your customers have to only eSign the digital Mandate document and link their bank accounts. There is no need to handle detailed documents manually. eNACH will take care.
Free From Fraud
When the legally bound eSign is made over the digital mandate, the document becomes impenetrably secure. Also, each eNACH transaction is governed by the RBI.
Once implemented, the National Automated Clearing House (NACH) backed eMandate automates debit transfers from the specified bank account of your customer.
Help your customers make recurring payments quickly with SignDesk.com's document workflow management. All you have to do is get your customers to eSign the eNACH form and you're good to go!