How businesses accept payments from their customers in 2020 has changed a lot. If you’re a business owner, your customers may have asked you for payment methods other than cash, credit cards, or Internet banking.
Customers usually prefer to pay this way over getting into trouble of filling bank details forms or using a bulky wallet. Also, signing up with banks is not as easy for everyone especially if they are sending money to a different country with a different currency.
To cater to your customer’s every need, you need to provide them a payment gateway solution to pay you instantly so your payments don’t take a long time to reach you. Fundamentally, for any business to occur, money has to exchange hands. If your business operates online, money has to be exchanged online.
The future of digital payment. According to a study by Capgemini and BNP Paribas, digital payments are expected to reach a record of 726 billion by 2020. And with an increase in the usage of UPI, neo-banking, and mobile phone wallets, sending payments is fast & secure and a task of a single click.
To make it easier, a good online payment aggregator comes into play. If your major transactions got success only on digital platforms, then Razorpay is a very attractive option considering the future of fintech in the Indian market.
Razorpay cements its brand reputation by providing seamless services while giving the widest choices for payment methods to the customer, and an interactive dashboard to the merchant. The goal is to improve the user experience while minimizing friction in checkout processes.
Let’s have a look at what Razorpay can offer you. This review will help you make a wise decision while selecting the best Indian payment gateway to accept international payments for your specific business need.
Razorpay- An Advanced Payment Gateway for Everyone.
The AI-driven, neo banking platform, Razorpay, helps businesses and individuals to move their money and provide solutions on top of the existing banking layer. With the help of this payment gateway, you can enhance your banking experience through online transactions instead of walking through the person-to-person connection.
Yes, if you have a website, you can easily integrate it and set up an account in a few easy steps to start getting payments, and if you don’t have one, it’s not an issue. With Razorpay you don’t need a website for online payments.
Because here’s where Razorpay’s Payment Links comes to the rescue. You can easily generate payment links via the Razorpay dashboard and send it to your customers via SMS, Emails, or even chat apps like WhatsApp and Telegram.
Once your customer receives a payment link, they get a wide variety of options to choose from: you can get paid with debit cards, credit cards, net banking, UPI, and wallets. You can create and send payment links wherever and whenever you want to eliminate the person-to-person connection, especially in a post-COVID world. Using this platform is as simple as ABC.
Through this platform, businesses can operate as a fully-functional current account and can accept an endless number of transactions from clients all over the world in 100+ currencies. In real meaning, Razorpay is a most tech-savvy platform creating international digital payment solutions for everyone.
What is the story behind Razorpay?
Razorpay, the Bengaluru-based converged payments solutions company, was founded by Harshil Mathur and Shashank Kumar, two former students of IIT Roorkee. These two young entrepreneurs started this project in back 2013 and named it Razorpay with a clear aim to revolutionize online payment markets.
Nearly seven years after the start of its operation, the Bengaluru-based startup is now a full-stack converged payment solution company offering clean, developer-friendly APIs, and simple integration. The company plans to boost its two main business lines with- the Razorpay X neo-banking platform and its lending arm Razorpay Credit.
Today, their technology-enabled suite includes a wide variety of features and functionalities, including core offers. The goal is to fine-tune Razorpay business banking for its merchant partners with these various offers.
“We are here to power the financial ecosystem for disruptors – from payments and disbursements to banking and lending,” says Harshil Mathur, CEO, and Co-founder, Razorpay.
Razorpay currently serves more than 350,000 merchants, including start-ups like OYO, Zomato, and Swiggy; and big companies like Airtel and the state-run IRCTC. It processes $5 billion in annual transactions and every day on-board around 5,000 merchants to its platform.
In market terms, the company currently controls over 12 percent of the Indian payment domain at present. And is expected to scale up from here.
Why do I admire Razorpay (and recommend it)?
Razorpay, a new entrant to this competitive online payment gateway market, has some interesting features that make it one of the few companies that understands digital business and meets every need and requirement.
Besides cementing the reputation of the brand, its seamless payment technology ultimately instills confidence in the payee and merchant and makes it easy for anyone to pay and accept payments.
We admire and recommend Razorpay because it has a bunch of new products including a simple-sounding yet effective tweak to the checkout experience. Take a look.
1. No set-up fee required
Setting up the account on the Razorpay platform is like attaching the last piece of a puzzle. Click on the Setup Now button and enter the information asked to you and simply just click on Save. Easy this.
Razorpay offers its services with zero set-up fees, and zero annual maintenance fees. The company only charges you a small transaction fee whenever a payment is made to you making this platform suitable for starting entrepreneurs and freelancers.
2. Paperless onboarding
Gone are days when you have to join unending lines to submit your documents. Razorpay removes inconveniences had set all their form filling processes to be submitted completely online.
Simply sign up to Razorpay and get a link to the dashboard. Navigate to the activation form at the bottom left side of the dashboard. Fill up the details with relevant documents in the Document upload tab. Once the form is submitted it takes 3-4 working days to confirm your account. Once your account is approved switch your account to LIVE mode from test mode. Now, you are good to go!
3. Wide range of payment methods supported
Razorpay accepts net banking from 50+ banks, UPI, Online wallets, EMI, NEFT/RTGS payment. By prompting the user to use methods, it provides convenience to customers and helps you boost your business lead conversions up to 2x times.
Razorpay offers an extensive set of payment methods. So your customers could say goodbye to set in the card details every time they make a payment.
4. Recurring payments (Exclusive Feature)
Enabling the recurring payment schedule, allows your customer to pay regular amounts on a billing cycle. You can easily control and get alerts to the payments made at the date of each billing cycle on subscription activity with Razorpay subscriptions.
As a merchant, you can create unique recurring payment links from your dashboard and send it to your customers. It gives you the flexibility to craft your subscription plans as per your business-specific requirements. By making use of it, you can convert your customers to subscribers and allow them to pay for a monthly/quarterly or yearly billing cycle for using your service.
5. Excellent mobile support
Apps are always convenient as it saves the user time by storing their preferences and using them to take proactive actions on user behalf. Razorpay ePOS app cuts the pain of switching to the desktop every time to make or create a payment.
ePOS app provides a smart way to accept online payments in actual time. It is a real alternative to cash and provides a seamless experience to the user every time. You can also add to it as a merchant or a seller and then start accepting payments via a non-cash mode. What’s magical is you don’t need the internet to make it happen.
6. EMI support
Razorpay checkout supports EMI on the cards issued by major banks to facilitate customers and let service providers have a chance of upselling too. They enable the EMI option on request. You can request Razorpay to enable it and allow your customer to easily make payments splitting up the amount into multiple EMI’s.
As a service provider, you can also offer your customers to pay on a no-cost EMI option to make the offer more lucrative to buy. It will give an upfront discount on the product cost to the end customer, thus making more revenue for you. The discount may vary with the bank and a period of EMI.
7. 100+ currency support
Razorpay supports payments in over 100+ currencies and makes it easy for freelancers to accept payments from their clients placed all over in the world in under 5 minutes.
You can even ask your client to pay in different payment modes as per their convenience.
The foreign currency payment amount received is converted into INR and settled to your Razorpay payment gateway account automatically as per your settlement schedule. All you need to do is send your client a payment link, that’s it!
8. Excellent integrations
Razorpay payment gateway facilitates the transfer of information between a payment portal (such as a website, mobile phone, or interactive voice response service) and the front end processor or acquiring bank with the easy integration of its gateway.
Razorpay has made its integration easy to set up and the best part is that the end-user is not required to leave the screen while making the payment, which is the norm currently. It stamps a seal of trust for the customer and also brings convenience to the user.
Tech Features That Make Razorpay Amazing?
1. Amazing payment security
You can always rely on Razorpay and need not worry about the online faults, Razorpay is PCI-DSS and ISO:27001 compliant and is 24/7 active to help detect frauds, prevent hacking, and verify identity.
Along with this third-party audits and a dedicated internal security team keep your payments and personal data safe and secure.
2. Card Saving Option
Razorpay dashboard provides a personalized payment experience to every user with flash checkout where your new customer can still use their saved cards and make transactions seamlessly by entering just their CVV and 3D-secure alone.
Saving card details on Razorpay is at the discretion of the customer and is optional. If you wish, you can easily remove your card.
3. Simple APIs for integration
Razorpay APIs (Application Programming Interface) is simple to use and allows you to integrate your applications with third parties in order to optimize their functionality and to improve usability.
You can easily set up Razorpay to your web with integrating API providing you a smooth and quick way of accepting payments from your customers within a single screen.
4. Android and iOS SDK available
SDK allows the creation of apps for a specific platform. Typically, an SDK includes one or more APIs, programming tools, and documentation. What it means is your app can also support a Razorpay service.
You would take Razorpay SDK and use it to build the framework so you can start accepting payments from the app by Razorpay payment gateway.
5. Razorpay X
Company says, RazorpayX- Xperience the future of banking. True! Razorpay X is a full-fledged current account that comes with all standard banking features like a checkbook, debit card, and account statements plus great tech capabilities like API Banking, Approvals Workflow, and Insightful Reports.
It is a complete suite of products that manage your cash outflows with ease for your customers, vendors, or employees’ payouts.
Who is Razorpay aimed at?
A number of Indian companies are heading to international shores and more and more business has been done online. The main hurdle which is the payment gateway.
To generate more revenue internationally, it’s crucial to partner with a Payment Service Provider that can provide proper multi-currency support.
Razorpay has bridged the gap and aimed its steps to help multiple businesses in India with newer payment innovations so it is easy to quickly expand to new international markets. Who could take benefit from this?
1. Freelancers & unregistered business
Razorpay empowers freelancers and unregistered businesses to accept payments in 100+ currencies and give a complete payment solution from accepting payments to transferring payments to their bank accounts in 2-3 business days.
This keeps workflow fluent and you may not get short of funds anytime.
2. E-commerce site owners
With Razorpay, you can significantly increase your revenues by transforming abandoned carts into successfully paid carts. Over 70% of online shoppers leave the website without making a purchase because they didn’t get a suitable payment method to pay.
Razorpay made its web integration simple so it can easily integrate into any website and offer a secure and convenient payment experience.
3. Service providers
A payment gateway which accepts payment internationally is easy for service providers who live in different countries. Receiving and sending payments that get easily converted to the local currencies make it easy to do business.
Apart from accepting payments, you can also automate the payouts to your employees. Razorpay acts as one complete suite to simplify, automate, and accelerate all your financial transactions and banking operations.
4. Business banking customers
Banking is the most fundamental form of managing finances and if you own a business you definitely use business banking. Oftentimes businesses have to deal with tedious processes that involve disbursals.
Business banking with neo banking (Razorpay) makes banking all process swift since neo banks are completely online. It helps manage your finances by giving you an overview of your expenses and savings. You can save 10X of your time because the process is seamless and actions are taken straight away.
SAAS
Businesses that offer content subscriptions, SaaS services or club membership can collect recurring payments from their customers on a recurring billing cycle by Razorpay.
This way customers can enjoy uninterrupted service without a hassle of repeating payments to enjoy their subscription. With this, SaaS businesses as well as customers can reduce a lot of manual work, meaning only an increase in overall efficiency.
Razorpay Commissions and Prices
Razorpay has kept its pricing simple and transparent yet competitive.
They have two plans: a Standard plan, and an Enterprise plan. The pricing choices for each plan depend on the user’s individual needs.
The Enterprise Plan is a customized business plan for businesses that has large volumes of transactions. For the Enterprise package, you get 24×7 help and your account can be online and enabled within 24 hours by sending the correct documentation.
Plus, you’ll get a Razorpay Key Account Manager to help you make the best use of the app. The Enterprise plan’s price and charges are based on the size of the business and its scope, and can only be locked down after you have had a discussion with an account manager.
To get a quote, you can apply for a callback or contact Razorpay through online chat, phone calls, or send us an email mentioning your specific needs or other queries.
Most of the businesses are more likely to come under Razorpay’s Standard Plan. Let’s look at the Standard Plan in detail.
The transaction fee for payment gateway in Standard Plan.
| Plan best for | Startups, Small and Medium Enterprises |
| Set-up fee | ₹ 0.00 |
| Annual maintenance fee | ₹ 0.00 |
| Indian Credit Cards, Indian Debit Cards, Net Banking from 58 Banks, UPI, Wallets including Freecharge, Mobikwik, etc. | 2% per transaction |
| Diners and Amex Cards, International Cards, EMI | 3% per transaction |
* GST applicable to the fee.
Features including:
- Email, Chat, and Call Support Available.
- Completely online, paper-less activation.
- Checkout JS, Developer APIs, Mobile SDKs, Payment Gateway Dashboard, Flash
- Checkout, International Payments, and tons of amazing new features that we are building.
With the standard plan, you don’t have to pay any setup fee or annual maintenance fee, you have only to pay when transactions come in. And in an enterprise plan, there is a possibility you have to pay a fee annually to keep your account active as you get an additional key account manager to help you in payments upkeep.
Whichever feels best to your requirements go with that as in both plans you will get a Razorpay dashboard where you can manage and track your transactions with ease.
Experience with Razorpay
1. Brilliant support system
Customer service at Razorpay is commendable. The help and resource center is very complete and useful. The FAQ page provides a clear response to every question relating to the service. Such insightful resources certainly save a lot of time and effort and give a practical solution to any problem I had with using the platform.
Even if there is a need for any consultation then Razorpay has built various channels to build a connection: Webform, telephone connection, Live chat, contact in social networks. It shows the openness of its creators and their desire to create stronger and more compassionate human relations with their clients.
2. Beautifully designed dashboard
Razorpay control panel is the strength of the platform. After setting up the account they give us access to a powerful dashboard that is rich in features.
I find this dashboard very practical to use and allows me to manage each payment individually, access key statistics, and review important metrics and statistics.
I could track incoming payments from the dashboard, process refunds for other transactions, and get more information about a specific transaction such as the payment method used while making a payment and more, thanks to a very intuitive interface.
3. Very easy to integrate
I didn’t need to learn to code to set up Razorpay to my website or mobile app. They have created enough resources and videos for us to follow to make it happen. They make the integration process a breeze, thanks to their APIs.They have ready-made plugins for e-commerce stores such as Shopify, WooCommerce, and more.
This brings so much convenience to the end-user, as it gives customers a fast checkout option when they are window shopping. The SDKs that this platform uses is impressive due to its low weight (approximately 100 kB) and comes with automatic updates to experience its interesting features.
4. Secure payment method
Data safety is very important in digital payments. With other methods, sometimes the payment got stuck due to external reasons or use personal information got leaked due to shifting of payment screen to the third-party website.
Razorpay is 100% PCI DSS compliant and is HTTPS-certified. For businesses with no HTTPS protection, that is beneficial because Razorpay offers added value for them. Also, Razorpay processes the payment completely by itself and doesn’t force users to redirect to third-party sites. This way you can secure and continue your payments from where you left it.
5. Low commissions
Razorpay ‘s pricing is cheaper with 2% transaction fees than most other online payment gateways, which charge from 2.5 and 5%. In addition, there is no set-up charge or annual maintenance fee to open a new account and all the paperwork is done electronically enabling a paperless onboard process.
Razorpay’s transaction fee will help small scale digital entrepreneurs save money on transaction charges, that’s the best thing I feel about Razorpay. I can easily start accepting payments from anyone without keeping any minimum amount balance in your credit account. I have only to pay when I use it.
Conclusion
In a nutshell, Razorpay is the leading and the best Indian payment gateway in the fintech market with competitive pricing and features. The digital payment sector challenges and needs are vast, but payment gateway services like Razorpay only hastened to fulfill every need to their merchants and their customers.
Razorpay provides Indian registered & unregistered, business & service provider feasibility and security in all their national or international digital banking processes. There are plenty other payment gateways available in the Indian market but if you want the best UI experience, highest transaction success rates with fast and secure payments.
Then I recommend that you sign up with Razorpay standard plan or enterprise plans, as per your needs. Razorpay would prove to be the best choice considering the RazorpayX suite products, features, and the qualities it comes along exclusively for only Indians.
