Razorpay: A Hot New Saving Grace for the Indian Payment Gateway Market
The online payment industry in India has been seeking a revolution for quite some time now, and it seems to have found a possible savior with the inception of a company called Razorpay.
This burgeoning business recently landed a $120,000 funding round, and it burst onto the scene after working through Startup Oasis, the Jaipur-based technology and business incubator.
Many people may be wondering what’s so great about another payment gateway, but the Indian market has been yearning for a solution like this.
That’s why we want to give it the respect it deserves and provide you a full review on what you can expect from the exciting new startup. Keep reading to learn more.
Who is Razorpay For?
It’s plain and simple with Razorpay, since it’s a payment gateway for entrepreneurs and business owners who are running their companies in India.
That doesn’t mean that the company won’t expand to other markets, but as of right now it is in the startup phase, so it has put most of its development into helping out Indian-based companies. It’s also worth noting that Razorpay is primarily for people who are selling items and digital services online, as opposed to through brick and mortar shops. Although this may also change in the future.
Considering only two payment plans are available (as outlined below,) you should also keep in mind that the payment gateway is primarily made for startups and what they call “businesses.” There is no specification as to how large these businesses should be, but I would assume they are focusing on small to mid-size companies, since it’s such a young company right now.
Razorpay Products and Services
What can you expect to receive if you opt for Razorpay as your payment gateway?
- The checkout form is an embedded and responsive module for placing on any platform.
- You receive a comprehensive dashboard for understanding your payments and managing your payment ecosystem.
- Powerful and lightweight mobile SDKs are provided for both Android and iOS.
- Several payment modes are offered, allowing for international payments, cards, netbanking, wallets and more.
- International payments are available for you to accept transactions from people all over the world.
- The simple API makes for a quick integration, helping developers who don’t want to spend too much time making the system work.
- No redirects are required through the checkout system.
- Issue refunds if needed.
- No physical paperwork is needed, since you can submit all of your documents through the online dashboard.
Razorpay offers a simple and competitive pricing structure, and it’s doing so by sticking to only two plans that you need to choose between.
The first option is for startups, and it charges 2.5% for every successful transaction. The plan has no setup or annual fees, and it only costs you an additional 1% per transaction when handling international credit cards. Keep in mind that service tax is extra.
The second plan is for businesses, and it charges a 2% fee for every transaction that goes through your site. The plan costs 5000 rupees in setup fees, along with another 5000 rupees in annual charges. An additional 1% is thrown onto every transaction that includes an international credit card, and service tax is extra.
Razorpay Payment Methods
Lots of payment methods are accepted through the Razorpay payment gateway, which is one of the primary reasons it’s such an exciting development in the market. All major debit and credit cards are accepted, and over 50 networking banks and wallets are supported through the system.
Here’s just a taste of the payment methods you can accept:
International payments are possible as well, but it’s required for you to pay an additional fee for that.
At least so far, the Razorpay support team does not disappoint. The documentation and developer resource center is all comprehensive and helpful to those making online stores, while the FAQ page has just about everything you would want to ask a support rep before signing up.
A full contact page is included on the support website, and you can even call the company through a toll free number and at any time of the day. A live chat module is offered for those who are busy and simply want a way to walk away from your computer until you hear the ding that a support rep is available. Regardless of the method you contact them through, the support is offered 24/7.
Finally, we save the best part for last. It’s not too often that you see this, and honestly, most people wouldn’t take advantage of this information, but Razorpay encourages people to come visit the office with an address on the support page. This shows us that the company has nothing to hide and they are looking to connect with their customers. They are not only offering some of the simplest payment plans we have seen, but they are putting a more human aspect on their brand.
In addition, the payment gateway company has Facebook and Twitter accounts if you’re trying to receive a quick response through a social medium.
Razorpay sticks to the industry standard with a 100% PCI DSS Compliant and Certified solution, meaning that all of the transactions that go through your site are protected for keeping out unwanted criminals. All of the card information is submitted and processed through a PCI DSS certified system over HTTPS. This means that your site doesn’t have to be HTTPS secured or PCI DSS certified, making it a little easier for you on the development side of things.
Is Razorpay the savior India has been looking for in terms of online payment gateways? It’s a little too early to tell, but many investors are showing confidence in the company, and lots of conversation is floating around the internet in support of Razorpay.
We like the fact that Razorpay seems extremely transparent and looking to create a payment gateway system that is quick and easy to setup in the Indian business atmosphere. The two pricing plans are rather rudimentary, and sellers don’t even have to pay that much if they process international payments. Along with a promising support team, industry standard security measures and just about every payment method you can ask for, the folks at Razorpay are primed to make an impact in a market that is in dire need for a solid business.