In order to facilitate the associated partners’, RenewBuy has launched an exclusive CashOnline service which will allow RenewBuy Partners to collect cash from their customer and issue policies online. The service is designed in such a way that neither the partner need to use his/her own credit/debit card to make payments on behalf of a customer nor they need to deposit customer’s cash in the company’s account to get insurance done and the policy will be issued to the customer instantly.
Balachander Sekhar, CEO, RenewBuy.com, said “Our partners were facing a problem of debit/credit cards blocking because of multiple transactions as they were using their own cards for policy payments. Moreover, this made our partners’ liable for income tax. While, keeping all this in mind, we have launched this feature in collaboration with ICICI bank. According to which, the partner will get an option of depositing Cash in ICICI Bank which will reflect online while making payments at the time of issuing a policy to a customer.”
Further explaining about the service, he added, “Through CashOnline service, partner can maintain a float with us and thus the premium paid by the customer never enters in the partner’s bank account which gives them freedom from income tax. For every CashOnline transaction, the amount is deducted from float associated with the partner. Initially, we have fixed the account limit with the minimum balance of Rs. 5,000 to the maximum of Rs. 199,999. No matter how many policies a partner is issuing in a day, the maximum transaction limit per policy is fixed to 49,000.”