Razorpay’s success from a ‘Fintech Startup to Unicorn’ in a limited time span has become one of the greatest success stories in the Indian entrepreneurship landscape. They established themselves by improving on existing payment-transaction completion rates which were dramatically lower than the 95 percent average transaction completion rates in the United States.
Razorpay’s innovative solutions under different heads such as Banking, Risk, and Fraud, and Accept Payments continue to attract Indian businesses to adopt its platform. Thanks to the Application Programming Interface (APIs) offered by Razorpay, businesses can customize their integrations easily on their websites or mobile applications.
In this digital pocketbook, we shall explore the full Razorpay product suite and different ways to integrate it with your website or mobile application.
What is to Follow Next?
- Razorpay’s Utility Across Sectors
- Overview of Razorpay Products Suite
- Razorpay Integrations
- Real Case Studies using Razorpay
i. Razorpay’s Utility for All – Payment Gateways
Razorpay payment gateways are suitable for various business sectors including the banking and financial sectors, e-commerce sector, small & medium scale businesses, for tax payments & payroll & also for freelancers.
The top reasons to choose Razorpay online payment gateways include:
- Easy-to-integrate: Razorpay’s product suite is built for developers as its APIs and plugins are dev-friendly.
- Wide range of payment solutions: You can choose the most suitable payment gateways from Razorpay’s product suite to make your financial operations hassle-free.
- Manage and track money movements: It allows you to manage and track all your financial operations related to your employees, vendors, customers, and more.
- Highly secure payment platform: Razorpay Payment Gateway is PCI SSC and PCI DSS compliant. Additionally, all server data is stored within Indian jurisdiction and thus, complied with data localization laws in India.
- Focus on core business: With the banking-related operations being taken care of by Razorpay, the companies were able to focus on their core business.
Let’s find out how.
For Banking & Financial Sectors
Razorpay products integration with the banking sector allows banks to manage all their money movements without any hassle. E.g., Financial institutions can easily disburse loans through RazorpayX.
Financial service providers such as insurance providers, wealth management institutions, mutual funds, and business lending institutions also can use the Razorpay products suite to simplify their financial services.
The following products are most suitable for the banking and financial sectors:
- Payment Gateway
- Smart Collect
- Payment Link
For e-Commerce Sector
Razorpay helps e-commerce businesses to manage all financial operations from a single dashboard.
You can use the Razorpay platform to:
- Manage customer payments, refunds, subscriptions, etc.
- Get real-time notifications of all business decisions
- Generate and view customizable settlements
- Automatically create reconciliation reports
- Run promotions and offers for specific Debit/Credit cards or wallets
Razorpay’s payment gateways for e-commerce to accept payments:
- Payment Gateway
- Payment Pages
- Payment Button
- Payment Links
Razorpay’s payment gateways for e-commerce to make payments:
- Vendor Payment
- Employee Insurance
- Bulk Payment
Razorpay’s Thirdwatch helps e-commerce businesses to identify fraud and incomplete addresses to reduce RTO losses.
For the Small & Medium Scale Businesses
Razorpay has a wide range of products suitable for businesses of all types.
Razorpay products help businesses to:
- Accept payments from customers
- Automate payouts to vendors and employees
- Keep businesses from running out of working capital
- View financial stats
Following are the most suitable Razorpay products for businesses of all types:
For the Education Sector
With Razorpay, educational institutions can easily collect fees from students and receive donations from their parents and other donors through simple payment methods.
- Smart Collect
- Payment Links
- Payment Gateway
This case study will help you to explore how Route can simplify the financial processes of educational sectors.
For Tax Payments
The tax Payment feature in RazorpayX enables businesses and individuals to pay TDS across different categories.
Tax Payment helps you to:
- Pay TDS/TCS in 30 seconds
- Store and access challans from a single dashboard
- Automatically calculate and make tax payments
- Automate TDS deductions
- Automatically pay GST
RazorpayX’s Payroll feature helps you manage all financial operations related to your employees, contractors, and freelancers from a single dashboard. It automates employee attendance, payroll, and other payouts such as PF, TDS, ESI, etc. for your business.
According to a study, 29%of India’s working population consists of freelancers and it’s one of the fastest-growing markets. One of the challenges that freelancers face is irregular and late payments. Razorpay is also a suitable digital payment platform for freelancers and unregistered businesses.
The following Razorpay products definitely provide better solutions for freelancers:
- Payment Button
- Payment Links
ii. Razorpay Products Suite
RAZORPAY PRODUCTS SUITE
Payments Mobile App
1. Payment Links: Payment Links is a digital payment platform to accept payments from your customers by sharing a link via SMS, email, Messenger, WhatsApp, Chatbot, and so on.
Payment Link enables you to get paid immediately after sending the link as you can set expiring time and amount while generating the payment link. You can use Razorpay’s Payment Link even if you don’t have a business website or app.
Payment Links work through three simple processes:
- Create Payment Link via API or dashboard
- Enter customer details and share the link
- Accept payments and receive notifications
Types of Payment Links: As an owner of the business, you can create two types of Payment Links:
A. Standard Payment Links: It enables customers to make payments by choosing from a range of payment methods such as net banking, cards, wallets, UPI, and bank transfer payment methods.
Features of Standard Payment Links include:
- Reminders for
- Payment Links
- Partial payments
- Bulk upload
- Customization of Payment Links
- Offers on Payment Links
- Receive payments via bank transfer
B. UPI Payment Links: By using UPI Payment Links, Customers can make payments only through the UPI payment method.
Features of UPI Payment Links are the following:
- Bulk upload
- Reminders for Payment Links
Pricing: Razorpay charges 2% for every payment via Payment Link. A standard rate of GST will be as applicable.
2. Payment Pages: Razorpay’s Payment Pages help you accept payments easily through custom hosted pages.
You can use Payment Pages with ready-to-use templates, customized content, media support, and social media sharing options. Share the link of Payment Pages with your customers and receive payment immediately.
Here are some of our available ready-to-use templates:
- Events and Tickets: Suitable for collecting payments for hosting events like conferences, exhibitions, etc. Take a look at the custom page created for Origami Art Workshop.
- Donations: Suitable for NGOs and other non-profit organizations to collect donations. Get inspired from the Save Our Earth Foundation donation page.
- Product Sale: Suitable for businesses who want to sell their products. Here is a product cum payment page created for Brown Shoe Company.
- Fees Collection: Suitable for educational and other institutions to collect fees from students. Excel Digital Marketing institution has created this payment page for a particular course.
Following are some of the features of Payment Pages:
- Ready-to-use templates
- No coding required
Pricing: Razorpay charges 2% for every payment via Payment Pages along with a standard rate of GST.
3. Payment Button: Razorpay’s Payment Button can be used to accept payments through your website or blog by adding a payment button.
You can generate a single line of code on your Razorpay dashboard and embed it on your website or blog as a display button. It allows you to accept one-time payments and subscription payments with the same Payment Button.
Here we mention some businesses that can use the Payment Button to accept payments:
- Small businesses
- Educational institutions
Here are some significant features of the Payment Button:
- Ready-to-use templates
- No integration needed
- Accept international payments
Pricing: Razorpay charges 2% per transaction via Payment Pages along with a standard rate of GST.
4. Affordability: Affordability is one of the best products by Razorpay that allows you to enlarge your customer base by providing them with affordable payment options and attractive offers.
Affordability Suite includes the following payment methods:
- Cardless EMI
- Debit/Credit card EMI
- No cost EMI
- Pay later
Here are some features that you can provide your customers with Affordability Suite:
- Reduce down payment to be paid by your customer
- Provide cardless EMIs
- Provide attractive offers
- Facilitate customers to buy products by using the pay later option
5. Capital: Razorpay Capital is a platform for lending that helps your business to keep steady capital.
It provides you with a range of services that include:
- Collateral free loans
- Easy financing
- Best available interest rates
Here is a list of lending products that Razorpay Capital offers:
- On-demand settlement: On-demand settlement enables you to access your fund before the settlement period or by reducing the settlement period.
- Working Capital Loans: Razorpay and its banking partners offer business loans without any collateral or guarantees.
- Cash Advance: You can manage your cash requirements by withdrawing the amount up to your credit limit and make repayment when your customers make payments.
6. ePOS: ePOS (Electronic Point of Sale), an Android-based mobile app, is used to accept payments from your customers at their doorsteps or stores.
Using ePOS, you can generate Payment Links and share them with your customers easily. Customers can make the payment by choosing any of the following payment methods through Payment Links:
- Debit/Credit Card
7. Invoices: Razorpay Invoices help you to create, issue, and track invoices. You can generate invoices via APIs or dashboard including all the details of a sale transaction such as customer details, name of the ordered product or service, price breakup, receipt number, and so on.
Razorpay Invoices allows customers to make payments online via Credit/Debit card, UPI, Pay later, Netbanking, and Wallet.
Here are some of the significant features of Invoices:
- Flexible and reliable invoicing
- Embedded with Payment Link
- Unlimited invoices
- Set expiry date
- GST-compliant invoices
- Partial payments
8. RazorpayX: RazorpayX helps you automate all your repetitive financial payouts such as customer refunds, salary payouts along with automated PF and TDS, and vendor payouts with automated TDS.
By using RazorpayX, you can make timely payouts through the dashboard or APIs. RazorpayX can be used to make the following payouts:
- Vendor payments
- Customer refunds and cash backs.
- Loan disbursements
9. Route: Route simplifies the process of splitting incoming payments to different bank accounts from a single platform.
The different account holders can be sellers, third parties, stakeholders, and so on. Razorpay Route helps all types of businesses to simplify the movement of funds and focus on their core business areas.
The important features of the Route include:
- Create linked accounts
- Transfer funds to multiple linked accounts
- Automated reversals from linked accounts
- Manage linked account settlements
Pricing: Razorpay charges 0.1% for every transfer along with a standard rate of GST.
10. Subscriptions: Razorpay Subscriptions helps you automate recurring payments and the billing cycle and generates real-time notifications on subscription or billing activities.
The automated Razorpay Subscriptions system only needs the one-time approval of your customers. Therefore, you can automatically charge your customers without causing any further difficulties to them.
Pricing: Razorpay charges 0.5% towards every subscription along with a standard rate of GST.
11. Smart Collect: Reconciliation is not an easy task while collecting large amounts of payments from customers. Smart Collect automatically reconciles customer payments using Razorpay virtual accounts or UPI-IDs.
You can create virtual accounts or UPI-IDs for customers and share the link with them. It enables customers to make one-time payments of large amounts and regular payments of large amounts.
Following are some of the features of Razorpay Smart Collect:
- Automatic reconciliation
- Instant creation of Virtual bank accounts/UPI IDs
- Real-time notifications
Pricing: Razorpay charges 1% or Rs 10 per transaction plus a standard rate of GST.
12. Thirdwatch: Being an AI-driven platform, Razorpay Thirdwatch helps you reduce RTO (Return to Origin) losses by analyzing different parameters of placed orders and notify risky orders in real-time.
Here are some advantages of using Thirdwatch:
- Reduce RTO losses
- Identify incomplete addresses
- Automated order tracking
- Convert risky Cash on Delivery orders to prepaid orders
- Get detailed order review reports
13. Payments Mobile App: You can download Razorpay Payments Mobile App on your smartphones to keep track of customer payments at your fingertips.
Payments Mobile App allows you to:
- View real-time status on customer payments
- Generate and share Payment Links
- Issue refunds to customers
- View settlement details
14. CRED Pay: CRED Pay allows your customers to make payments using their CRED coins. CRED Pay provides unlimited offers and helps customers to make one-click payments.
iii. Razorpay Integrations
You can use quick integrations or standard integrations to integrate Razorpay products with your business requirements.
Quick integrations or automatic checkout methods are simple and fast whereas standard integrations or manual checkout methods require some effort. While making quick integrations, customization is not possible. Standard integrations allow you to customize your pay button and add additional functions as you required.
Web Integration: The integration of Razorpay products with your website allows you to accept payments online from your customers. Razorpay’s standard checkout library provides you with all the required features to integrate Razorpay products with your website.
If your website is an e-commerce platform, you can use e-commerce plugins to integrate with your website. You can add Razorpay Payment Button if you don’t want to integrate any product with your website.
Here is a video link that explains how to easily integrate Razorpay with your website: Here is a video link that explains how to easily integrate Razorpay with your website:
Android Integration: You can easily integrate Razorpay products with your Android applications by using Razorpay Android Standard SDK. You have the comfort of working with the latest 5 Razorpay Android Standard SDK versions.
The following video link helps you to understand how can integrate Razorpay with your Android App:
IOS integration: The integration of Razorpay with iOS is possible through the Swift framework. You can integrate Razorpay with your iOS app through simple steps.
Here is a video link that helps you to integrate Razorpay with your iOS App:
iv. How Businesses got it Right with Razorpay – Case Studies
50,00,000+ businesses have adopted online payment solutions powered by Razorpay. The following case studies are carefully picked for readers to get inspired and pick suitable Razorpay products for their businesses online.
- A well-known meat-delivery brand Licious had a smooth migration to Razorpay.
Arjun Biyani, Engineering head, said, “Switching to Razorpay from our previous gateway was very smooth. It provides good insights into the transactions and success rates. External Wallets Integration is a very good value add which reduces lots of effort.”
- Medlife is a popular pharmacy, diagnostics, and e-consultation in India. They are now able to focus on their core offerings, leaving their payment flow for Razorpay to manage.
Saurabh Agarwal, CFO at MedLife, said, “Razorpay Route has been a great and simple solution to solve the manual process through its completely automated solution. It helps Medlife to autoroute its daily fund collection to business units spread across different cities. This has helped in the reduction of manual efforts and time savings in reconciliations. It now manages end-to-end payment flow and lets Medlife focus on their core business.”
- Zoomcar is successfully running a subscription business in India using Razorpay.
Aravind Radhakrishnan, Product Director, observed, “By using the card tokenization feature on Razorpay Subscriptions, we were able to eliminate up-front deposits for a majority of our customers. This helped us reduce outstandings by 18%.”
- Furlenco has reduced their customer complaints by 70% using Automated Refunds via RazorpayX.
As a leading payment solutions provider in India, Razorpay allows all types of businesses to accept, manage, and disburse payments through a range of its products. Razorpay aims to provide fast and secure payment gateways for businesses such as banks, schools, e-commerce, and more to accept and disburse payments online. Razorpay makes payments easy as it provides access to all popular payment modes including Debit/Credit cards, UPI, Netbanking, and wallets. Its developer-friendly APIs and integration methods induce businesses to integrate with Razorpay payment gateways.
We hope this digital pocketbook has given you holistic information on Razorpay, its products suite, integrations, and more. Now you have an option to get in touch with ColorWhistle to help you customize online payment solutions using Razorpay.
We are available for all your business queries at +91-944-278-9110 or write to us here.