SaaS or Software-as-a-Service has gained popularity with the growth of online retail as many offline retailers plan to go online over the coming months. The service offers low-cost and easy to use options for retailers to go online without incurring heavy costs for technology and resources.
For retailers, using the services of a SaaS player for going online, serves the following key benefits:
- Reduced cost – As the retailer does not have to invest in hardware/software/tech resources; they save on costs
- Scalability – The retailer can opt for the option that suits him best at any given date and later choose to upgrade/downgrade as per his needs
- Implementation – The service is flexible and can be implemented in a shorter duration of time as the back-end work is already done at the service providers end
In a move that further serves this category, Power Stores, a SaaS e-commerce solution targeted towards Indian retailers has tied up with TimesofMoney’s DirecPay service to be its partner for online payment services.
Founded in mid-2011, Power Stores facilitates e-commerce by allowing a retailer to go online quickly without having to invest a huge amount in developing a technology framework.
Power Stores offers end-to-end solutions including online marketing services, and to complete the package, the company has tied up with TimesofMoney’s DirecPay service which allows the retailer to accept online payments as soon as his e-commerce website is ready, without waiting for a payment gateway to be set-up or any other time-delays.
Cory York, Co-founder, Power Stores said to the Economic Times, “We are excited to partner with DirecPay as it is safe, secure and easy for the customer to use. DirecPay is a unique payment gateway service in the Indian e-commerce space. It offers merchants cost effective solutions, varied payment acceptance modes and secure technology. This association will open more gateways in future for both, Power Stores and DirecPay.”
DirecPay is an online payment service offering from the Mumbai-based TimesofMoney, a Times Internet Limited company, which is a wholly owned subsidiary of The Times Group.
Speaking on the occasion to the Economic Times, Avijit Nanda, President, TimesofMoney, states “Small and Medium-sized enterprises (SMEs) are rapidly adopting the Internet and e-commerce. With the help of Power Stores, SMEs can have the capability to establish their presence online in no time and in a cost-effective manner, without worrying about website maintenance. With DirecPay and Power Stores on their side, they can rest assured their e-commerce life cycle is complete and they are able to service their customer better and faster.”
TimesofMoney was incorporated in 2000 as a joint venture between Citi Ventures and Bennet Coleman & Co. Ltd. (BCCL) and started offering money transfer services to NRI’s under the brand, Remit2India to service the $58 Billion remittance market in India, and had launched its DirecPay service towards the end of 2008.
TimesofMoney has tie-ups with leading Indian banks for money transfer services and had received the PCI DSS certification in 2009. The company had earlier surrendered the licence for issuance of Pre-paid Payment Instruments it had received from the RBI in September 2010.
Some of the other companies operating in the SaaS space are Mart Jack, Purple Commerce, Build a Bazaar, Shopify etc.