Payzoplus: payments infrastructure for Indian exporters, from tech to settlement, with global reach

What is Payzoplus, and who is it for?

Payzoplus does one job: export collections for Indian businesses. Built for freelancers, exporters and firms billing overseas subsidiaries, it handles the technology, the paperwork and the settlement in one place. A customer abroad pays into an account issued in your name. You match the payment to an invoice, see the rate before you convert, and the rupees land in your own Indian bank account.

Payzoplus Global Private Limited is a technology platform. It is not a bank, holds no banking licence and no payment aggregator licence, and is not itself authorised by the Reserve Bank of India. Collections are processed by our RBI-authorised payment partner, a Payment Aggregator – Cross Border (PA-CB), whose segregated accounts hold your balance until it settles to your Indian bank account. The rules that govern PA-CBs are explained in RBI’s payment aggregator rules for cross-border payments.

How does onboarding and KYC work?

Every user completes KYC before any money moves. Onboarding asks for the business’s legal name, PAN, GSTIN, the people who own it and the bank account where the rupees should land. Individuals complete PAN-based verification through our payment partner; businesses complete GSTIN, certificate of incorporation and beneficial-owner verification.

If you want to know in advance what any provider will ask for, and why, see KYC documents for exporters.

What is a receiving account, and which currencies does it cover?

Every customer gets their own account number. A US customer adds the details as a domestic payee and pays over ACH (usually 1–3 business days, same day where the sender’s bank supports it) or Fedwire (same day). Customers outside the US pay over SWIFT, usually in 1–2 days. Because the account belongs to one customer, the payment arrives already matched to the person who sent it, and every deposit shows who sent it, over which rail and what it cost.

Global reach, as the site states it: you get paid in US dollars from day one, and 25+ more currencies open after additional verification, once multi-currency is approved on your account. The homepage lists ACH, Fedwire, SWIFT, SEPA and Faster Payments as rails your customers can pay over, with SEPA for euro-area customers, and shows customers paying from the USA, Canada, the UK, the EU, the UAE, Singapore and Australia. Opening a receiving account is free.

A receiving account is not a bank account you hold. The details are issued in your name so customers can pay you locally, but the balance is held by our payment partner and settles to your Indian bank account when you reconcile. How that compares with holding dollars at your own bank is covered in USD account in India: EEFC vs a receiving account.

How are invoices, purpose codes and reconciliation handled?

Every inward remittance carries an RBI purpose code that says why the money is entering India. On Payzoplus you add the customer, raise the invoice and pick the code that matches the service, and an invoice cannot be raised against a code your account is not approved for. The invoice document travels with the payment, and every movement is scored and logged. Some common codes for service exporters, as listed on the export collections page:

When money arrives, you reconcile it against the invoice, in part or in full, against what actually arrived. Every settlement is broken down: fees first, then the rate, then the rupees. There are exports to hand your CA and a payment advice per settlement. For choosing a code, see which purpose code to use.

How do conversion and settlement work?

The mid-market rate is shown next to the rate you get: on the live board, before you convert, and again on the settlement afterwards, with what the spread cost in rupees. So the spread is a number on the page rather than something you work out afterwards. On a US dollar invoice you can lock the rate for 120 seconds while you reconcile; it is optional.

Once you reconcile the invoice, our payment partner settles the rupees to your own bank account, usually the next business day (T+1). Timing can vary with bank holidays and compliance checks. Settlement goes only to the Indian bank account verified during onboarding. There is a tracker for every step, and the UTR when it lands.

Receiving is free, there is no setup or monthly fee, and your exact rates are set out in your agreement, which you see during onboarding before anything is charged. The pricing page explains how the charges are structured.

What paperwork comes with each settlement?

For every settlement, the bank’s FIRA is passed on to you, ready to download from the settlement itself, with our remittance advice beside it: the invoice, who paid, the purpose code, the rate, the fees and the UTR. Both come free. A FIRC is a different document: it comes from a bank that receives the funds directly, and you request it from that bank; see FIRA vs FIRC.

Two obligations stay with you: the Export Declaration Form with your bank, and GST zero-rating, usually under a Letter of Undertaking (GST on export of services).

What do the app, the dashboard and the API offer?

The same account works on the web dashboard and in the Payzoplus app, on Google Play for Android and on the App Store for iPhone and iPad, with the same sign-in as the web. From the app you can copy receiving account details or share them as a QR code, match a payment and lock your rate, and see every settlement with its UTR, its fees and the rate it converted at. Larger teams get multiple users with roles and an audit trail.

For developers, the developers page describes a REST API and webhooks for everything the dashboard does: receiving accounts, invoices, matching payments and INR settlements. Its status, exactly as stated there: the API is in private beta. Request access and you are sent the reference, test keys and a Postman collection. There is no public SDK yet. Webhooks are signed for every state change and safe to receive twice, a timed-out request is reconciled rather than retried blind, and sandbox keys with realistic data are available on request. The API cannot pay a third party. Why "exactly once" matters is explained in payment APIs and webhooks.

How is the account kept secure, and who do you talk to?

• Encryption: data is encrypted at rest (AES-256) and in transit (TLS 1.3); identity documents are stored encrypted and only the staff who review them can open them.
• Sign-in: passwords are stored only as hashes, sessions use short-lived tokens that rotate, and staff work through role-based access with every action recorded.
• Money movement: balances sit with our payment partner and settle only to your verified Indian bank account. If a request times out, we check with the partner what happened before anything else moves, so nothing is sent twice.
• Screening: every customer and payment is screened against UN Security Council, Indian (UAPA) and OFAC sanctions lists.
• Data protection: the compliance page states compliance with India’s DPDP Act, 2023 and the EU GDPR, with data export or deletion on request.

Support is a real person, not a queue. Payzoplus sits between you and the payment partner, so a question about a stuck settlement is ours to chase, not yours. Larger accounts get a named contact. Write to support@payzoplus.com; complaints go to the Grievance Officer at grievance@payzoplus.com, with a reply within seven working days.

How do I start?

You can open a free account and start onboarding, or book a demo to walk through the flow with the team first. To read more before deciding, see how export collections work end to end and how receiving accounts give each customer their own details.