Raudhah Pay is a payment gateway and billings solution that aims to help SMEs with their billing and collection processes to manage their cashflows better.
While there are plenty of payment gateways in the market, currently none offers an integrated approach to customers’ collection process. Raudhah Pay provides an integrated solution that enables SMEs collections and finance team business operations to operate better.
What Is A Payment Gateway
A payment gateway is a facility that processes credit and debit cards or through online payments, enabling businesses to accept customer payments online or with internet access for brick and mortar stores.
We spoke with Azarul Hakim, Chief Technical Officer, of Raudhah Pay Sdn Bhd at the Ecommerce Day 2019 event organized by MDEC.
Raudhah Pay Helping SMEs
According to Azarul, the market currently has many payment gateway offerings, but none that can bridge between the payment processor and the monitoring of billings and sales invoices.
This is especially true for SMEs with recurring monthly billings, from membership associations to educational institutions, or property management companies. Online businesses can also use Raudhah Pay for its payment gateway as WordPress users can integrate it into their websites.
Even with automated payment gateways available,SMEs have to contend with manual invoicing and receipts, as well as manual monitoring of debtors.
With Raudhah Pay, in addition to their payment gateway, they also have billings feature, for standard and recurring billings, that integrate into their solution. With the integration, Raudhah Pay enables the SME to see which customer has paid, and which customer is still due for payment, according to the billings’ aging of current, 30 days, 60 days or 90 days.
This feature reduces the need for customer account reconciliation and reduces the time of the finance and sales collection team.
An All In One Platform
Raudhah Pay also has a dashboard which provides an overview. Payment solution is designed to be CEO-centric, with a dashboard for an overview of the billing collection status, that is the collection performance segregated by product.
Without a dashboard for payment collection status, the company finance team normally has to prepare such a report which can be time-consuming.
The dashboard is important because it drives the CEO or business owner’s decision. With the dashboard, the business owner can see the overall performance of the business, so its easy for them.
How Raudhah Pay Started
Raudhah Pay started out to solve its own group of companies business operations when some of the companies had to solve the billings reconciliation issues,
Raudhah Pay is part of the Raudhah Group, which includes Raudhah City Sdn Bhd, a property development company that builds the first Islamic concept city in Cyberjaya, Raudhah Grocer Sdn Bhd, and Malakat Mall, which is expected to open in 2020.
Raudhah Group Helping The Ummah
The Raudhah group aims to change the landscape of the retail chain ecosystem to strengthen the economic strength of the Muslim community in Malaysia. Raudhah Pay is part of its business ecosystem.
In addition, they have set up a charity-based fund that has been created to help others to get free education, free medical as well as non-riba loans, in which it is funded from one percent of their profits into the charity-based fund.