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The Story Behind PayKun – A Startup Providing Seamless Services For Collecting Online Payments at the Lowest Cost
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Let's uncover how five friends are making it easy and secure to collect payments digitally with multiple online payment options with their Gujarat based startup - PayKun Payment Gateway.

PayKun is the dream journey of five friends, who are based in Bhavnagar, a town in Gujarat. They came up with this startup idea of a payment gateway with the main intention to make the collection of the online payments easy and simple for all the types of businesses, whether small or large.

The Founders

PayKun Founders
PayKun Founders

Nirav Solanki has completed his Bachelors in Engineering in Information Technology. He plays the role of Chief Marketing Officer (CMO), responsible for the planning, development, and execution of an organization’s marketing and advertising. Also, he primarily manages the sales, business development, and customer service departments at PayKun.

Prashant Kambad, the Chief Technology Officer at PayKun, has pursued a Bachelors’s in Engineering in the field of Information technology. Prashant is responsible for the Technological Development, Application Securities & Web Development. Prashant also overlooks all the executive decisions concerning the technological interests of the company.

Nikunj Yadav, the Server Administrator at PayKun, completed his bachelor of computer applications. Nikunj looks after server management, Server security & Database management for the company. Nikunj manages the computer networks and ensures that they run efficiently by maintaining software updates, designing and implementing new system structures, monitoring server activity, and auditing server security.

Deepak Dabhi plays the role of the Chief Finance Officer at PayKun and looks over Accounts, Human Resources, and Graphics & Design in the company. Deepak has pursued a Diploma In Computer Science and manages the company’s finances. Deepak also assesses financial risks and opportunities and oversees and manages lower-level financial managers. 

Vijay Yadav overlooks Business development, all the legal work, and Banking Procedures at PayKun, playing a crucial role in Business management, development, and strategies to drive the business. Vijay has pursued a Bachelor of Mechanical Engineering.

 

What is PayKun all about?

PayKun Website Screenshot
PayKun Website Screenshot

PayKun provides end-to-end online payment services to all kinds of Indian businesses, including small startups, medium enterprises, and large setups, also, the non-registered individual businesses. 

The company provides the services as a medium through which users can make a domestic or international online payment with multiple payment options through its checkout, payment button, or payment links. The users get this payment directly in their bank account through PayKun.

PayKun helps facilitate easy and fast onboarding facilities and optimum customer support. PayKun can be used with or without a website or app with the help of its payment and master links.

The company provides 120+ online payment options, including debit cards, credit cards, all major wallets, UPI/BHIM, Net Banking, QR Code, etc. And, also the free integration services without charging any extra fees for maintenance or setup. PayKun has the lowest Merchant Discount Rate at flat 1.75%.

Check the website for PayKun here.

 

Principal Focus – Ease of Access

“We expand what we focus on.”

The company is established mainly to empower digital payments and helping small and large enterprises to trade with ease and make a global reach. The future of payments – PayKun makes the collection of online payments secure and straightforward in all aspects. 

Right from the registration till forever, PayKun has simplified the process for the merchants at all levels, like easy registration, fast and free integration, smooth transactions with highest success ratio, and active contact support through chat, email, and calls for all types of queries. 

It requires only basic online documents for registration. And, supports all the major platforms for website and app for the integration like PHP, Magento, Android, iOS, WordPress, Ruby, Python, .Net, Node JS, Java, WHMCS, Prestashop, Opencart, etc. With its payment links and master links, a website is not required, and it can be copy-pasted and sent through email, messenger, WhatsApp, etc to collect online payment from the customers.

 

The journey behind the idea of starting PayKun 

Team PayKun

“Coming together is a beginning, keeping together is progress, and working together is a success.”

All five friends were interested in establishing the business since always and were not at all interested in doing a job. Initially, they had started their freelancing business, and at that time, they required a payment gateway to collect the payments from their clients and customers. However, they faced a lot of delay and difficulty in that as their business wasn’t registered at that time.

With no prior knowledge of the Fintech Industry, they started researching and knowing about what it is and how it works and everything from A to Z of Payment Gateways; this took six months. After that, they dived in with a small staff and developed PayKun, which took almost more than 2 years to complete technological development, compliance of RBI Regulations, Security Standards, and other legal requirements. 

This way, PayKun has emerged from their struggle and difficulty in getting a payment gateway for their own freelancing business.

 

Challenges in Outset

There were a few struggles during the initial stage of the business start, being from a Tier 3 city and having no knowledge of the Fintech Industry. Many employees were hired, but still, the team was small and to develop such a big setup of payment gateway. Also, no tasks were outsourced for cost management & security reasons.

 

Collaboration and First Milestone

PayKun Founders at the Gujarat Startup Summit
PayKun Founders at the Gujarat Startup Summit

The team of the five Founders was the stronghold, and teamwork is the reason for the success and growth of their startup. However, they had not collaborated with any third company. 

The company considers its first milestone as the launching of PayKun itself, as none of the five was from the Fintech domain. And after launching, they had 10000+ merchants onboard within one year and achieved the breakthrough.

 

PayKun on Current Growth and Vision

PayKun

PayKun provides the highest successful transaction rate in the market at 95% currently. The company offers the lowest per-transaction rate in the market and has 10000+ merchant accounts activated in such a short span of time, each day onboarding approximately 50 merchant accounts.

The company started at 15 and now has a team of 50+ employees, launched with 40 payment options, and soon increased to 120+ in one checkout satisfying the demand of the merchant and his customers. 

The company vision is to empower the business enterprises of all sizes to accept digital payments for their business in the most secure and easiest way possible with a reliable platform.

Check the PayKun platform here.

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An enthusiastic content writer with zeal and impetus to work towards excellence

Disclaimer: The views, thoughts, and opinions expressed in the article have been curated for our audience and does not warrant a 100% accuracy. All the information mentioned in the article is subject to change according to the changing viewpoints. Feel free to reach us at [email protected] for any change or copyright issues.

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Deepish Mahajan
Deepish Mahajan
An enthusiastic content writer with zeal and impetus to work towards excellence

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