PaywithRING is a next-generation payment platform that provides its users with highly sophisticated digital payment services. There is a lot of buzz these days about digital India - everything has moved to the online platform. In this day and age, cash is less preferred for payment, so direct transfer of money to the other person's bank account is the new way of making payments - be it to a friend, family member or a merchant for any purchases.  PaywithRING is one such platform that aims to provide a superior online transaction experience to its customers. paywithRING is a digital payments system using which payments can be made through digital or online channels that do not involve the exchange of hard cash. When money is sent from one payment account to another via this kind of payment, commonly referred to as an electronic payment, both the payer and the payee must utilise a digital device, such as a smartphone, computer, credit, debit, or prepaid card. Using paywithRING, now we can send money to any person or merchant. PaywithRING is unique in the sense that the amount is not instantly de

bited from our bank account. You're probably wondering how that's even possible. How can a service provider provide its services for free in a world where there is no concept of a free lunch? So, are there any charges or fees for using paywithRING to make payments? Let's dig deeper into topics like paywithRING fees, paywithRING charges, and paywithRING credit.

Working mechanism of paywithRING charges

In order to understand the working mechanism of paywithRING charges, our dedicated team has conducted a thorough research and we are amazed by the findings. First of all, it needs to be emphasised that our team has found PaywithRING to be a highly trusted payment system with a high level of transparency in its charges and fees. paywithRING explicitly states in its app download section that there is no transaction fee for app-based transactions. There are also no hidden fees. But, as previously stated, paywithRING extends a line of credit to all of its users, who must then pay for their usage before the due date. We have further received more clarity in this context by reviewing the company's terms and conditions.

It has been found that after a user registers with paywithRING, they are given access to a specific amount of credit. However, paywithRING also wants its users to spend without worrying about their present bank balance, so it gives an option to the user using which they can try to boost this credit limit by applying for a loan from one of the many financiers paywithRING has partnered with. The processing cost for new loan applications is subject to vary as per the terms and conditions of paywithRING, and PaywithRing disclaims any duty for informing the customers of any such changes. Depending on the product and the period of repayment the user selects, the processing charge may be a flat sum or a percentage of the product value or loan amount. The user can further send an email to care@paywithring.com to learn about the most recent processing fees for loans.

Now, comes the paywithRING charges. So, it has been clearly mentioned on paywithRING website that if a user does not clear the credit bill in time, then the paywithRING system will automatically calculate late fees and an additional 18% GST before showing the borrower the final amount. In the event that the bill is paid after the due date, a one-time overdue fees and a sum of daily penal interest calculated for the number of days overdue is assessed and charged to the user.

Merits of paywithRING charges

Although paywithRING does not charge any fees for the services it offers to its clients, it is clear that there are provisions for penalties if the client is unable to pay back the extended credit by the due date. To avoid fees, paywithRING payments must be done on time. Also, the total amount of penalties, including the one-time overdue fee and daily penal interest assessed on the principal amount owing, is capped at a limit of Rs. 2000 per loan. Also, in order to provide ease to the customers, paywithRING also has mentioned about a provision for the waiver of these charges. As a part of the lender's customer service activities, the lender may choose to offer up to 100% waiver on the above penal costs, case-by-case, to assist borrowers in unique circumstances such as in the case of medical emergencies or natural disasters.

Hence, it can be seen that paywithRING charges provides a fantastic service for consumers by assisting them in paying expenditures first and then reimbursing the money. But, one must use caution when using the app and avoid any fees by making all payments on time. If used properly, paywithRING can provide its users with a lot of advantages.