With an intention to simplify online payments in India, Razorpay payment gateway offers online payment processing solution that gives a simple, inexpensive and convenient method to accept online payments for small companies, startups , nd other traditional SME companies. IIT-Roorkee alumni Shashank Kumar and Harshil Mathur turned this concept into reality before bringing it to force. Razorpay is the second one India-centered organization to be selected utilizing US-based startup accelerator Y Combinator after Cleartax. RazorPay started because of existing payment gateways aren’t suitable for companies who desire to accept online payments in India. Similarly, they felt that allowing frictionless transactions is the biggest problem and nobody seems to be doing it properly.
Razorpay’s powerful and smooth model window checkout form is what bridges the two-tier hassle on the stop of developer and patron. The integration takes less than 20 minutes, and the checkout form offers a simplified and smooth enjoy to the clients.
RazorPay allows you to accept and validates online payments through Credit / Debit Cards, UPI, EMI, Netbanking & Wallets (Mobikwik, Freecharge, PayuMoney, OlaMoney, PayZaPP and Airtel Money) from clients in actual-time.
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RazorPay charges flat rate TDR of 2% on every transaction via Credit/Debit Card, Netbanking, UPI and 3% on every purchase via International Cards, Diners and Amex cards and EMI; Service tax will be applicable as extra.
RazorPay has raised $9 million in Series ‘A’ Investment led by way of Tiger International at the side of Matrix Partners. The project plans to set up the funds for scaling up the product, building the proper team and for strategic forays into the online payments industry. RazorPay is highly recommended due to its super fast online onboarding of traders, clean and hassle unfastened integration and powerful Android and iOS SDKs for mobile payments. With an assist for international payments, more than 50 banks, big digital wallets and a 24×7 help group, Razorpay is becoming the de facto desire for online payment gateway in India.
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The company claims to have a customer base of more than 1,800 companies such as RoadRunnr, Lookup, Gozefo, Dinner chef, Youngster Patti Gold, LocalOye, UrbanPiper, Instafeez, Neostencil, Chai Factor and much more. In only one year, Razorpay has made excellent progress and has made lifestyles less difficult for small groups and startups as far as accepting payments are involved.
The company is already working on eCOD to redefine the Cash-on-Delivery mechanism in India. Upon choosing eCOD as a payment choice at the same time as purchasing online, clients can be able to pay on the date of Delivery both by UPI, virtual wallets or by means of asking for a payment hyperlink. The payment gateway mechanism will generate a PIN number without Net connectivity or pockets login, that the client receives at the time of Delivery, making the manner as simple as paying Coins. Razorpay’s eCOD could be the excellent mechanism to replace Coins-on-Shipping and attain enterprise goals.
Razorpay is the second one organization from India to be selected by using the sector’s most prestigious startup accelerator Y Combinator, with over 10,000 merchants together with the likes of Nykaa, Voonik, Papa John’s, Runnr, Chai Point, Nestaway, Eat fresh, amongst others.