01 Feb How it helps Authenticated collection?
Normally a small business owner sends collection executive or salesman to collect cash/ cheque from debtor. Debtor makes payment and he is either issued a receipt from FOS or debtor maintain his own books. So as and when transaction happens, owner is not aware. This process has may flaws and create space for disputes.
MoneyTrack APP allows to keep digital records of such transactions. Before FOS can collect money, he has to “Check-In” at debtor’s place(Geo coordinates are captured). As FOS captures amount in APP, an OTP confirmation message is delivered on debtor’s registered mobile number. The OTP message mentions the actual amount being paid by debtor. Hence the amount is authenticated by both the parties and is digitally recorded on MoneyTrack.