Razorpay Payment Gateway Review – Simplify Payments for Your Business
Online payments in India is growing at a very fast pace. Every day new Internet users are opting for e-commerce, choosing to pay their bills online, book cabs using apps and more. The trend of digital payments is catching on with the masses. And with the recent demonetization of high denomination notes, online payments is sure to get a huge boost across the country.
Besides cementing the brand’s reputation, such seamless payment technology actually instills confidence within the end user, and encourages them to shop more, from the same e-store. Experienced digital entrepreneurs will also observe that their cart abandonment rate has come down & customer satisfaction increased.
Competitive Transaction Fees
With 2% transaction fees, Razorpay pricing is cheaper than most other online payment gateways, who charge between 2.5 to 5 percent. Additionally, there is no set-up fee or annual maintenance fee for opening a new account and all the documentation is handled online which enables a completely paperless onboarding process.
With high transaction fees of 4-5% currently being the trend among established players, Razorpay’s transaction fee will help small scale digital entrepreneurs to save money on transaction charges.
Payment Modes Options (UPI Incuded)
Razorpay offers some of the widest choices for payment modes. Once merchants integrate Razorpay on their websites, the end customers can pay via Credit Cards, Debit Cards, Netbanking, Wallets and even UPI.
Almost all types of cards are supported and Razorpay has integration with 55+ banks in India. If customers choose to pay via Wallets, Razorpay now supports four different types of online wallets and more wallet integrations are in the works.
Easy & Fast Integration
Razorpay’s another interesting feature is the swift integration with your online store. The account opening and approval process is quick and integration process a breeze thanks to their APIs. In most cases, the integration process can be completed in less than one hour.
And Razorpay also has ready made plugins for plug and play ecommerce stores such as Shopify, WooCommerce, Magento and more.
The best part of this whole exercise is that, the end-user is not required to leave the e-store while making the payment, which is the norm currently.
Hence, if site A is using Razorpay, then customers of site A can complete the whole process of making online payment right inside site A, without opening any other third party website.
Not only it stamps a seal of trust for the customer, but it also makes it ultra-convenience and easy to complete the process.
Once merchants sign up with Razorpay, they have access to a powerful and feature rich dashboard. From the dashboard they can track the incoming payments, process refunds for certain transactions, get more details on a specific transaction such as the mode of payment and more.
From this dashboard, users can also upload their documents and get their account approved. Razorpay dashboard also allows team access where you as an administrator can add other team members to access the same dashboard without needing to share your username and password with them.
User Card Saving With Flash Checkout
With the latest feature called Flash Checkout, end users who make payments via Razorpay can save their card information with Razorpay. This works across mobile devices and desktops.
An important feature of Flash Checkout is that the end user needs to save their card information with Razorpay only once and all future payments can be made seamlessly – across merchants who use Razorpay to accept payments online.
Focus On Security & Ease of Use
Razorpay seems to have given special attention to the aspect of security and safety for the consumer, which is so very important in digital payments. First of all, as a primary level of security, Razorpay doesn’t force the user to leave the actual site for making the payment (as shared earlier).
Then, in case the payment is stuck due to any external reason like unavailability of OTP or insufficient balance, then the customer need to repeat the whole process, again. As there is no re-direct to an external site, Razorpay has used a pop-up window to complete the payment, and this very fact allows the user to retry the payment easily.
Additionally, Razorpay is PCI DSS Compliant and Certified, which means that any data which the end user enters into their platform is secured and safe.
Merchants using Razorpay are not required to be HTTPS or PCI DSS Complaint as the online payment process is actually happening on Razorpay’s platform.
The features and characteristics displayed by Razorpay no doubt makes them as one of the most effective and efficient players of online payment gateway niche.
If you are using Razorpay, then do share your experience by commenting right here.
Disclaimer:This is a sponsored post