RealCash founded by Harshul Kaushik, Hitesh Chhabra, Harsh Sharma and Dev Karan Sharma, is an e-commerce service provider which enable businesses & individuals to get recognized as a registered business & provides them with all the tools required to run & establish their business. Here’s how they prove to be your true value source:
Could you tell us what inspired the founders to launch a company majorly focused towards providing business development assistance?
The founders realized that under the directions of our great leader Honble Prime Minister Shri. Narendra Modi, India wants to move towards digitization. Everyone welcomed this change & were ready to come out of their comfort zone. However, a majority of private companies that have digital offerings in the market only focused on the organized sectors & certain segments of the country to boost their sales and draw as much revenue as possible. Meanwhile, RealCash founders realized that to bring about a real change, the unorganized sectors & segments in India needed to be in focus. Hence, they brought tools in the market to cater to all kinds of business & provide their offerings on a non-biased merchants acquisition basis.
You have talked about the 3 phases of your business on your website. Phase 1 – Establishing New Business, Phase 2 – Managing Existing Business and Phase 3 – Growing stagnant business. Can you talk more about this?
We wanted to introduce products and services in line with the vision to be able to serve any and every kind of business entity. We, therefore, introduced our services that can help any business in their respective stage.
1. Establishing New Business This is the stage where a business needs recognition as an entity and basic tools required to cater to its customers.
2. Managing Existing Business Every established business creates a lot of stress if not managed effectively. A lot of work is done manually such as stock maintenance, record keeping, filing taxes etc. which decreases the efficiency of every business owner. We have introduced tools that will increase the efficiency of every business owner, which means increased output/sales & increased profits.
3. Growing Stagnant Business – RealCash is focused on bringing lost business of local shopkeeper/retailers back to them. While e-commerce giants emerged as the top contenders in the market, in the last decade; the middle-scale traders have been losing their business. This is because the e-commerce giants exist virtually, while the traditional traders are investing more in infrastructure, employees, inventory, etc. RealCash helps to bring them to an equal footing with their competitors, by filling that gap in their virtual presence.
What are the business services that RealCash provides and what is the target market that you are aiming for?
RealCash has come up with products and services to cater to all of three stages of a business model – Establishing New Business, Managing Existing Business & Growing Stagnant Business. Our services include everything from Startup Incorporation to Current Account Opening, M-POS Device Integration, E-Wallet Payment Acceptance, Mini ATM, Customer Management System, Inventory Management System to Billing Software, Tax Filing Services, Payment Gateway Solution, Bar Code/QR Code Reader, Bill Printer, Cash Counters, E-Commerce Solutions, Application/Web-Based Search Engine, Real Cash E-Wallet, Domestic Money Transfer, Cash Acceptance and Deposits to Bank Accounts.
While most businesses are aiming towards a stronger push for a Digital India, how can RealCash prove to be an instrumental tool in this digital revolution?
RealCash is a single umbrella that contains almost every kind of digital offering that any business needs. RealCash is dedicated to offering all of its software to users at no setup cost & affordable prices. Imagine a shopkeeper who has to pay anywhere between INR 5000 INR 20000 to get a customer management tool, but with RealCash it is free. A shopkeeper who has to pay anywhere between INR 2000 INR 30000 to get a billing software, but with RealCash it is free. A business owner who spends anywhere between INR 5000/- INR 100000/- on getting a Tax audit report ready, but with RealCash he gets it for INR 20. He can also do his business with ease in February and March, as he will not be stuck with a CA to get the report ready.
This is also the case with other offerings of RealCash. Most of our services are automated. This provides RealCash an edge over its competitors since RealCash gets to penetrate the unorganized sector.
RealCash believes that it is a one of a kind business model – focused on what our government is trying to achieve rather than fixating on earning profits. Why is it so?
RealCash believes in this due to following reasons:
1. If a merchant was to opt for tools offered by RealCash from any other source, then the merchant will have to get services from a minimum of six different companies. With RealCash they get all of these tools under one roof.
2. If a merchant chooses to opt for all of these tools from any other source, he/she will be spending anywhere between INR 50,000 INR 1,50,000 as an upfront investment. Whereas all RealCash software are offered at zero upfront cost.
3. RealCash is also introducing a one of a kind e-commerce portal which is dedicated to bring lost businesses back to local merchants.
Setting up businesses (especially on the virtual medium) has several financial/technical aspects – company registration, bank accounts, MPOS integration and so on. Could RealCash be a one-stop destination for businesses belonging to various sectors?
This is what is unique about RealCash that once an individual becomes a RealCash Merchant, they will get all of their business related solutions from a single company RealCash Technologies Limited.
How do you work with Channel Partners to expand the reach of your business and increase the coverage?
When we say Channel Partners, we truly mean collaborating with people that are helping us expand our reach in the market. Which is why other organizations make distributors but we make channel partners. Here is how we differentiate both:
Distributor (Other Companies)
1. Limited Revenue: Makes revenue from selling or installing hardware at a merchant location.
2. Impact on Distributor: Earn revenue for a short period Once the market reaches saturation, they have nothing to do and have to search for new business.
3. Impact on Merchant: Since a distributor is only concerned about getting his margin from device installation, most of the time false commitments are made to merchants. This, in turn, upsets the merchants and causes dissatisfaction in them.
4. Impact on Company: False commitments made to merchants, impacting the brand image of the organization.
Channel Partner (RealCash)
1. Revenue: RealCash works on a pure revenue sharing model with its channel partners. RealCash gives a share of earnings for a lifetime to its channel partners which is earned from the merchants acquired by the respective channel partners. This includes earning from sources such as: upfront installation margins, rental commissions, MDR commissions, earnings from the monthly usage of others software CMS, IMS, billing, tax filling, e-commerce etc.
2. Benefit to Channel Partner: Once a Channel Partner acquires a merchant, they earn from all services offered by RealCash to the respective merchant on a monthly basis. But this is valid only if the Channel Partners continue to manage the merchant locally (lifetime).
3. Benefit to Merchant: In our business model it becomes imperative for all channel partners to maintain a good relationship with its merchants because bad service or false commitment would make RealCash & the Channel partner to lose the merchant which impacts channel partner’s earnings as well. This leads to quality commitments by our channel partners to the merchant, good FOS support to merchants and best in class services.
4. Benefit to Company: Immense growth in revenues & brand image.
What does the next phase of growth for the company look like? What are the focus areas?
Any new organization is focused on generating revenues, which means sales. Increasing our reach in every region of India is our goal but we are not just focused on increasing our sales. We have programs available in the pipeline that promote digital literacy in the country. These programs will be carried out in collaboration with State Heads appointed in every state of our country.
The business has a strong focus on helping SMEs as well. Can you talk about your vision for helping small businesses grow?
Most of the small business owners understand the benefits of implementing digital tools in their business for growth. They are still unable to introduce these tools due to heavy upfront investments required to purchase these softwares. To increase the reach and use of these tools we are introducing all of our software at zero setup cost where they will use the software first, helping to understand how it will benefit their organization and only later will pay for the usage of such softwares.
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