Did you know that as per a government report, in the financial year of 2021-2022, India saw online payment frauds for a total amount of Rs.128 crores? The same report points out that India registered a total of 16450 cases of money laundering and payment-related issues. The data not only presents a scary scenario of online payments but also highlights the urgency to adopt precautionary measures to safeguard our money.
This is exactly where ‘Vahak Payments’ steps in. Given the high number of payment frauds in India, team Vahak has come up with a unique and safe feature called ‘Vahak Payments’. So what exactly is ‘Vahak Payments’ and how does it help in online payment fraud detection and prevention? Let’s find out!
What Are Vahak Payments?
Vahak is aimed at bridging the gap between supply and demand in the transportation and logistics sector. It serves as a business-generating platform where load owners can connect with truck owners, while truck owners can reach out to load owners, and both can mutually benefit from each other.
For example, Mr. Garg from M/s Garg Enterprises, a transport and logistics company, needs a fleet of trucks to transport cargo from one place to another, as per the client’s needs. So he can sign up with Vahak to get in touch with truck owners from all over the country, bid a price for the deal, and get a truck owner on board to collaborate with.
When two different parties come together to work on a project, Vahak offers them the feature of ‘Vahak Payments’ to ensure that there are no payment frauds. This feature is made available to the load owner/truck owner only after the bid has been accepted. Thereafter, both the said parties can carry out their transactions through ‘Vahak Payments’ to eliminate payment fraud in India.
How Does Vahak Payments Help With Online Payment Fraud Detection?
Vahak Payments works as a medium of transaction between the load owner and the truck owner. While Vahak does not charge anything or keeps no commission for themselves, they simply act as a point of contact. Hence, Vahak Payments is the financial gateway between the two parties so that there are no payment-related issues. As an RBI-approved UPI gateway, Vahak has taken all the required precautionary measures to safeguard the money of its users.
Vahak Payments creates awareness about digital transactions and modes of payments like UPI and QR codes. To impart knowledge, it advises against scanning unidentified codes, sharing OTPs, and clicking on links.
The payment status can be easily tracked with the Vahak Payments feature. There is lesser confusion and errors about the payment cycle as well since every transaction is recorded.
Vahak Payments provide both parties with genuine and reliable proofs of payments, invoices, and other necessary documents to make sure that there are no loopholes or payment-related issues.
- Vahak has extensive customer support that offers immediate assistance. In the case of payment fraud, anyone can reach out to the support helpline and seek their help.
If for instance, Mr. Shah, a truck owner, accepts a bid of Rs. 25, 000 from Mr. Garg to ship cargo from New Delhi to Himachal Pradesh, and demands an advance of Rs. 5,000 via Vahak Payments, then the transaction will be recorded in the profile. Neither Mr. Shah can deny receiving money, nor can Mr. Garg claim to have paid in full. Moreover, an invoice is raised accordingly which will then deduct the advance amount from the total payable amount after the completion of the job.
How Do Vahak Payments Safeguard Against Payment Frauds?
Vahak Payments helps not only with online payment fraud detection but with prevention as well. How? Read on to find out!
Once a transaction is carried out through Vahak Payments, the amount stays secure with Vahak until the deal is processed.
Vahak holds and stores the money before passing it on further, to ensure there are no scams or payment frauds. Once the job is completed, the money is then passed on duly.
Both the load owner and the truck owner can raise a request for a refund in case of any grievances or payment-related issues. Vahak then thoroughly investigates the return, collects the proofs from both parties, and accepts or rejects the refund based on the collected proofs.
- Vahak Payments offer the provision of payment in installments, only after the agreement of both parties involved.
When Mr. Garg agrees to pay Rs. 5000 in advance to Mr. Shah via Vahak Payments, the money stays with Vahak until Mr. Shah takes his fleet to Mr. Garg’s location to start the loading of the cargo. Once the cargo is successfully loaded, Vahak releases the payment to Mr. Shah to assure him of Mr. Garg’s genuineness. Once the cargo is shipped to Himachal Pradesh, Mr. Garg may choose to pay the rest of the amount, which is Rs. 20,000, during the shipment via Vahak Payments. However, once again, the money is on hold until the cargo reaches its destination. After the completion of the job, Mr. Shah receives the entire amount from Vahak.
With Vahak Payments acting as a channel of a transaction, neither of the parties will suffer payment fraud. If at any stage, there is an online payment fraud detection, either of the involved parties knows that their money is in safe hands. Mr. Garg knows he will get his money back from Vahak in case Mr. Shah turns out to be fraudulent. Similarly, Mr. Shah knows the money will come to him even if Mr. Garg tries to dupe him.
Vahak Payments makes the cash transaction safe, easy, hassle-free, and stress-free. You know your money is safe when it is with Vahak. In case of any other payment-related issues, queries, and concerns, you know Vahak is just a click away.