Site icon infrexa

Razorpay Payment Gateway: What you should know?

Razorpay Payment Gateway by Razorpay Software Private Limit

NCERT Infrexa

Razorpay is a leading digital payment gateway in India that enables businesses to accept, process, and disburse payments through a wide range of payment modes.

It offers a suite of products that cater to the specific needs of businesses in different verticals such as e-commerce, travel, and hospitality.

The payment gateway ensures a seamless and secure experience for both businesses and customers.

Wiki

The payment Gateway is developed and maintained by Razorpay Software Private Limited. It is basically, a payment gateway for Indian businesses.

The platform enables businesses to accept online payments from their customers using any major credit/debit card, Net Banking, and UPI etc.

The company is headquartered in Bangalore and was founded in 2014 by Harshil Mathur and Shashank Kumar.

CompanyRazorpay Software Private Limited
TypeNon-Govt. Company
FounderShashank Kumar and Harshil Mathur
Founded2014
ServicesPayment Gateway
HeadquartersBangalore, India
Websitehttps://razorpay.com

Razorpay Software Private Limited also offers a wide range of other features, such as the ability to set up recurring payments, create invoices, and track payments.

For businesses, it offers easy integration with major e-commerce platforms, comprehensive fraud protection, and 24×7 customer support.

For customers, it offers a convenient and safe way to make online payments.

Razorpay Software Private Limited

It is the full business name of Payment Gateway, which is an Indian technology company specializing in digital payments.

The company also offers merchant services such as invoicing, recurring payments, and fraud prevention.

The platform has raised over $90 million from investors including Tiger Global Management, Y Combinator, Sequoia India, and Matrix Partners India.

Popularity

The payment gateway has over 2 lakh customers and processes over Rs 5,000 crore worth of transactions per month. It has been backed by investors such as Y Combinator, Tiger Global Management, Matrix Partners India, and Sequoia India.

In 2019, the payment gateway was valued at $1 billion after raising $75 million in a Series C funding round led by Ribbit Capital.

Gateway Charges

The payment gateway is free to use and set up. It has no maintenance annual fee or any other hidden fee.

However, it charges its commissions (Platform fees) from merchants at the rate of 2% Applicable on all transactions plus GST at the rate of 18%.

Please note the 18% GST is applicable on the commission only. It is not imposed on the entire amount.

For example – If your customer makes a transaction of 100 rupees on your website using Razorpay then Rs. 2 rupees + 0.36 Paisa (18% of 2), Total = 2.36 INR will be charged by the payment gateway as platform fees.

Visit this page for the latest revised Gateway Charges.

How does Razorpay work?

The payment gateway allows you to accept payments from your customers via credit cards, debit cards, net banking, UPI, and wallets.

It also offers a wide range of features such as recurring payments, instant refunds, escrow accounts, etc. To top it all off, it is also one of the few payment gateways in India that allows you to accept international payments.

So how does it work?

When a customer makes a payment on your website or app using Razorpay, the transaction is routed through its secure servers.

The payment gateway then sends the money to your bank account within 2 working days (Generally Trasaction+1 day). In case of refunds or cancellations, the process is reversed and the money is deducted from your account accordingly.

Documents required to open an account

Razorpay is extremely easy to set up and use. All you need is a PAN card and an Indian bank account to get started.

Once you sign up for an account, you’ll be given access to developer-friendly APIs and documentation. The following are the documents required to open a business account:

  1. Passport-size photo
  2. Bank account number (where you can receive the settled amount)
  3. 1 Proof of identity like – Aadhaar, PAN, voter ID card, driving license, or passport.
  4. 1 Proof of Address like – Aadhar card, voter ID, Passport, Driving License, Water bill, Electricity bill, Rent agreement, Telephone bill etc.
  5. Business registration proof or incorporation certificate

Payment options

The payment gateways allow flexible and extensive payment collection options. It can capture payments from customers with –

One can also integrate PayPal and collect international payments by activating the International Payment options under Settings >> Payment Methods >> International Payments tab.

Payment Products offered by Razorpay

Free Tools

Apart from extensive Payment Options and Products, Razorpay Software Private Limited offers some free tools to its mentioned below:

Features of Razorpay

Below are some top features of the Payment Gateway –

Advantages

  1. Easy to set up and use: Razorpay is very easy to set up and use. You can start accepting payments within minutes of signing up.
  2. No setup or maintenance fees: There are no setup or maintenance fees associated with using the gateway. This makes it very affordable for businesses of all sizes.
  3. Provides multiple payment options: It provides businesses with the ability to accept payments via credit cards, debit cards, net banking, Wallets and UPI (unified payments interface). This gives customers the flexibility to pay in the way that is most convenient for them.
  4. Highly secure: It also takes security very seriously and employs multiple layers of security to protect businesses and their customers from fraud.

Disadvantages

  1. Fees: While this payment gateway doesn’t charge any setup fees, they do have transaction fees of 2% + GST for Indian cards and 3% + GST for international cards. This can add up, especially for businesses with high-volume sales.
  2. Support: While it does have 24/7 email support, they do not offer phone support. This could make it difficult to get help in a timely manner if you experience any issues with your account.

Razorpay Login

In order to use the tool, businesses need to sign up for a merchant account on Razorpay’s official website. Once you have a merchant account, you can log in to your account on the website and start accepting payments.

To do this, you will need to generate an API key and secret which you can find in the API Keys section under the settings tab. You will also need to provide your return URL so that customers can be redirected back to your website after they have made a payment.

Once you have everything set up, you can start accepting payments. All you need to do is integrate its JavaScript SDK into your website or app.

This will allow customers to make payments using their credit card, debit card, net banking, or UPI. For Payment gateway setup on your website, you can contact WP Lions.

Customer Care

Razorpay provides average customer care support to its users. The customer care team is available 24/7 to help users with any issues they may have.

Based on my experiences, The team is moderately professional and knowledgeable, and they are always willing to help. Users can contact the customer care team via the email option here, and they will always be able to help resolve any issues.

Careers

At Razorpay, they are always on the lookout for talented individuals to join the team as a Partner or freelancers. They offer a fast-paced and dynamic work environment where you can really make a difference.

If you’re passionate about payments and want to be part of a growing company, then they want to hear from you.

They offer a competitive salary and benefits package, as well as the opportunity to work with some of the brightest minds in the industry.

So if you’re ready for a challenge, you can check out open positions and apply today!

Recommended for you:

Watch Now
Exit mobile version