Razorpay digital payments

In today’s world, the number of online transactions is growing at an unprecedented rate. According to a survey by Razorpay, digital payments in 2020 increased by around 23%. 

Founded in India by IIT Roorkee alumni, Razorpay offers a secure, fast, and affordable way for companies to accept and transfer digital payments online, own a fully functional current account and even avail of loans. Razorpay is a digital payments platform that aims to provide innovative money management solutions for online businesses. 

With the ever-growing cashless payment infrastructure and technological developments, the answer to the question of how to use and integrate payment gateways, such as Razorpay, has now become easier than ever. 

Their interface is designed to handle a wide range of payment modes such as credit and debit cards, mobile wallets, and UPI. In this article, we aim to examine how Razorpay is working towards providing streamlined solutions to businesses.

How to get started on Razorpay?

Before we dive into the variety of services being offered by Razorpay, let us go over the initial setup. 

You can register with your email ID through their sign-up link. You would have to update certain details, such as the status of your business and contact information, in order to complete your registration with Razorpay digital payments.

Moreover, you would also have to provide documents during the sign-up process. These have been listed as follows:

Documents required for registered businesses:

1. One business proof (Certificate of Incorporation, Partnership Deed, Service Tax, or GST Registration Document)
2. Firm/company PAN ID (Not for Proprietorship), Promoter’s PAN ID (of the Proprietor/Director)
3. A canceled cheque/bank account statement in the name of the business 
4. Authorized signatory address proof (Passport/AADHAR/Voter ID)

Documents required for unregistered/individual/freelance businesses:

1. Identity proof - PAN Card
2. Proof of address - Either Passport, Aadhar Card, or Voter ID

These documents can help you conveniently mix and match a variety of services and products for digital payments on Razorpay to address your business requirements.

Razorpay digital payments services

For businesses, Razorpay offers a variety of digital payment services. These have been explained in brief as follows:

Razorpay Payments Solutions:

Razorpay allows you to mix and match products to match your business requirements. You can choose from services such as Payment Gateway, Payment Pages, Payment Links, Subscriptions, Smart Collect, and Route.

These can offer products such as:

• Payment Gateway:

You can add payments to your website or application with a seamless checkout experience.

• Payment Pages:

You can create customized pages with automated receipts that can enable you to start accepting payments instantly.

• Payment Links:

You can share a payment link via email, messenger, chatbots, or even SMS and receive payments immediately.

• Subscriptions:

This enables you to create subscription plans with automated and recurring transactions through various payment modes. However, this is only specific to India.

• Smart Collect:

You can generate virtual accounts through this feature on demand and accept payments through NEFT, IMPS, and RTGS avenues.

• Route:

Razorpay enables you to split payments, manage marketplace money flow, make vendor payments, and much more.

RazorpayX

RazorpayX helps to manage your company’s finances through a dedicated Business Banking Hub. It offers features such as opening a fully digital current account, automate payables and compliance payments, simply and track spendings with corporate cards, and even view financial insights at a glance.

They offer products such as:

• Tracking and Analytics:

This enables you to view real-time financial analytics. You can view your business’ payments reports digitally on Razorpay.

• Receive Payments:

You can manage incoming payment collections. Users can pay through various mediums using Razorpay.

• Borrow Capital:

You can instantly borrow capital for your business with this product. You can also avail RazorpayX Corporate Credit Cards for your business expenses.

• Make Payments:

Razorpay also allows you to make payments digitally to vendors, customers, as well as employees through this. You can also make bulk payouts ranging from 1 to over 1000.

RazorpayX is compatible with Quickbooks and Tally. 

Razorpay digital payments also offer plans for businesses of various sizes. These include the following:

• RazorpayX Basic with Virtual Account:

Features such as Dashboard and Bulk Payouts, API Payouts, Vendor Payments, Payout Links, Approval Workflows, Insights and Reports, and up to 300 free payouts every month on all transfer methods: UPI, IMPS, NEFT, and RTGS.

• RazorpayX Pro with Current Account:

Features including the ones from the Basic plan, Guided Account Opening, Cheque Book and Debit Cards, Cash Withdrawals and Deposits, Scheduled Payouts, Priority Support, and up to 500 free payouts every month on all transfer methods: UPI, IMPS, NEFT, and RTGS via the current account.

• Enterprise (for a large number of payouts):

This plan is specifically for large enterprises with features such as 24x7 Priority Support, Account Activation in 24 Hours, Dedicated Account Manager, all features from Basic and Pro Plans. However, it is important to note that it has custom pricing. You can contact them to know more about the alternative pricing options.

Integration for websites and mobile applications

Razorpay provides developer-friendly API keys that can be easily integrated with your website and applications. These keys are compatible with many commonly-used coding languages. They are easy to locate once you are done with the initial setup. 

You can generate the API keys in test mode before going live. Razorpay also provides a list of test cards that can help you try out the payment setup. There are some factors you should take into consideration before using the test cards.

Plugins available for other e-commerce platforms

If you use a platform such as Shopify or WordPress for your website, you will not require to do any coding. Razorpay’s digital payments plugins allow seamless integration with such platforms without being redirected to another website. 

For instance, you want to integrate a payment gateway on your e-commerce platform using WooCommerce on WordPress. All you would have to do is follow a few simple steps:

• Complete the initial sign-up process and submit the required documents
• Go to settings, click on the API key option, and generate a Live or Test key
• Open your WordPress dashboard
• Go to the WooCommerce settings and install the Razorpay plugin
• Once done, select the Payment option and paste the keys, and voila! You can then go ahead and test it out.

ePOS app

If you are looking to expand your business into the realm of retail stores, Razorpay can help you through the ePOS app. Through this, Razorpay allows you to start accepting in-person digital payments in just 4 steps:

• Download the app
• Create a Razorpay account
• Enter the required business details
• Start accepting digital payments

Razorpay payment links for social media

According to research, around 80% of Instagram users follow a business account. With Razorpay digital payments, you can send a link to your potential buyer through social media. 

For example, you have a business account on social media that sells artwork made by local artisans. Instead of bombarding them with multiple payment choices and leaving them wondering how to checkout seamlessly, you can simply provide them with a seamless and hassle-free payment option through Razorpay. 

Once you have generated the link, you can share the payment link ID through text, email, or any other social media platform messaging services. 

Is Razorpay safe to use?

Razorpay processes millions of digital payment transactions every day and accepts more than a hundred currencies from across the globe. The company uses robust security measures which are compliant with the PCI Security Standards Council.

The data on their platform is secure and encrypted using the highest assurance SSL certificate. They also use a tokenization system that replaces the original card number with a random one which makes it nearly impossible to reverse-engineer the actual card number. 

Today, many companies of various sizes use Razorpay as their digital payments gateway. Their impressive list of clientele includes Swiggy, Goibibo, Facebook, Zoho, and Grofers, which indeed makes it a credible option for your business. 

Conclusion

Razorpay digital payments is a fast-growing company that keeps adding new and lucrative features for the convenience of its customers. You can choose Razorpay as your payment platform based on your financial requirements.  

Frequently asked questions

1. What is Razorpay payment?

• Razorpay is a digital payments solution company in India that allows your business to accept, process, capture, and disburse payments through its product suite.

2. Is Razorpay safe?

• Razorpay uses tokenization to prevent data exposure. It also uses the highest assurance SSL/TLS certificate, which ensures no unauthorized person can access your payment data over the internet.

3. How do I check my Razorpay payment? How to get a Razorpay payment ID?

• To view the details of a payment made to your account, all you would have to do is log onto the dashboard, click on transactions, and then on payments. Once you click on a payment ID, you will be able to view the details of the payment.

4. What is capture payment in Razorpay?

• After the status of the payment has been successfully authenticated, it usually follows certain stages. When the status of the payment changes to captured, it is verified as complete by Razorpay. After the capture, the amount is settled to your account based on the schedule.

5. Is Razorpay free?

• Razorpay charges around 2% per digital payment transaction for India-based debit and credit cards, net banking, UPI, and India-based wallets. It charges around 3% per transaction for international cards and EMI. It also offers its services with zero setup fees but charges an annual maintenance fee.