As technology develops, we are introduced to more innovative and convenient forms of cashless payments. We are all quite familiar with the use of credit and debit cards, net banking, etc. Almost all of our phones have one or the other UPI payments apps like Google pay, Paytm, Paypal, etc. UPI or Unified Payment System is considered to be the easiest mode of transferring moderate amounts of money. You can instantly transfer funds between two bank accounts with the help of a mobile phone. The difference between UPI and mobile wallets is that the former is an initiative by the government while the latter is owned privately by companies. The popular mobile wallets in India are Jio money, Freecharge, Mobikwik, Ola money, etc. What if you had access to all these different payment modes using a single platform? That is what Razorpay is for!
Razorpay (1) is said to be the only payment solution in India that allows the transactions of money across all types of cashless payment modes. Through the product site, businesses can approve, process, and disburse payments in the most effective way possible. All financial transactions are made more efficient with the help of RazorpayX, the business banking wing of Razorpay. Many companies and enterprises make use of the Razorpay for the services they provide like fully-functional current accounts, automated payroll compliance, and supercharging of payouts.
With the help of Razorpay, a business can make a huge difference in how they carry out the transactions. You can easily manage the marketplaces, make bank transfers, obtain recurring revenues, share invoices with clients, and claim loans. Razorpay was founded by Shashank Kumar and Harshil Mathur who are graduates from IIT Roorkee. They started the enterprise from Jaipur which had all the facilities of a metro city. Razor pay is proof that even from the Tier II cities, innovative dreams can come true. More than 8 lakh businesses have benefited through the use of Razorpay.
The birth of Razorpay
The founders of Razorpay, Shashank Kumar, and Harshil Mathur had been working at Microsoft and Schlumberger respectively when they came up with the idea of Razorpay. They were both mentored out of the Startup Oasis in Jaipur, their hometown. This incubator was a new firm initiated by Rajasthan Industrial Investment Corporation (RIICO) and IIM Ahmedabad’s Centre for Innovation Incubation and Entrepreneurship (CIIE). They observed that many small and medium-sized businesses in India were willing to make their transactions online. However, Indians were a skeptical lot who stuck to the traditional modes of payment.
The payment systems that already existed were unsuitable for such companies. The people of our country were not familiar with two-step authentication, credit card penetration, etc. They were not ready to follow the strict rules and regulations of cashless payment. It took a lot of time for the companies to send and receive documents and records for the transaction. It also had a high risk of failure. As a result, SMEs lacked transparency and a subsequent loss of trust from customers. Shashank and Harshil had also begun a crowdfunding program which further showed them the reality of online payments in our country. Finally, they decided to build a new platform that would be useful for smaller businesses to carry out financial transactions easily.
They studied the market system thoroughly and gathered a few clients to test the feasibility of the idea. Shashank and Harshil received various positive feedbacks which gave them the courage to let go of their current jobs at Microsoft and Schlumberger to focus entirely on this venture. Soon, Razorpay was made available for use to all kinds of enterprises in India. All they needed to do was sign up to integrate their API tools. Razorpay would then verify the required documents and pass approval for the companies. As soon as the verification process is done, the users can proceed to make transactions using Razorpay. In the case of the already existing online payment solutions, they had to submit documents like past operational records, security deposits, location of physical offices, etc. They also charged a high fee which was difficult for the SMEs. Therefore Razorpay offered a more convenient solution which made them famous all over India.
Why is Razorpay the best choice?
As already mentioned, Razorpay is the only payment system in our country that allows transactions through various methods. Here are some more features of Razorpay that make it’s the most suitable payment gateway for SMEs.
- It is very lenient to integrate into the Razorpay payment gateway. The user-friendly interface and modest APIs, Plugins, and libraries add to the pros of Razorpay.
- Razor pay grows with the growing needs and improvements of the businesses. It offers a subscription model which makes it easier for companies to manage revenue and maintain subscribers from all around the world.
- Razorpay has a very straightforward dashboard which makes it easier for the companies to track their revenue and transactions. The date can be used to observe the trends as well as make proper modifications. You can not only make payments but also track and analyze the information to make crucial decisions in your business.
- The financial transactions are highly transparent and trustworthy. Razor pay regularly gets rid of bugs in the system to provide you with smooth and quick services. You can save time and effort while enjoying their exceptional customer experience.
- They provide top-class customer support. All the queries and complaints are paid proper attention, and their officials are always available to clear any issues of the customer. This allows the companies to build trust with their clients and flourish their business.
- Razorpay also provides International payments by supporting more than 100 currencies from all around the world. You can also create personalized payment pages to communicate with your international clients.
- The Razorpay system has a high level of security so that you do not have to worry about any frauds or scams. The company assures that all the information regarding the business is adequately protected. Their high quality 100% PCI DSS compliant and certified solution allows you to rely on them completely.