India is witnessing a major shift in the retail landscape that is leading consumers to shop online more often. Especially among millennials and Gen Z who are leading the charge in this new era of retail. This shift is also leading merchants to start selling their products and services directly to consumers with e-commerce websites.
Reduction of costs, ease of payment, and faster delivery across geographies are some of the key advantages of shopping on an e-commerce platform over a traditional brick and mortar store. Merchants and consumers alike are now looking for solutions that will make it even easier for them to shop. The rise of e-commerce has led to the emergence of online payment solutions such as credit cards, debit cards, and online wallets.
One of the most popular solutions in the country today is the payment gateway. The payment gateway is an e-commerce solution that allows merchants to take payments from their customers without having to integrate third-party sites. It connects a merchant’s e-commerce website with third-party payment gateways such as PayPal, Stripe, and Authorize.net. Let’s take a look at what is Razorpay and how it can benefit your business.
What is Razorpay?
Razorpay is an e-commerce payment gateway that enables Indian merchants to collect payments through their website. It also supplies a number of other features and benefits for your business.
The company, which was founded in 2014, started by identifying the need for a payment gateway that could be used with all major credit cards on the market today. The team at Razorpay wanted to create a product that would help merchants who were struggling to find a reliable payment gateway solution. The first iteration of Razorpay was launched in 2015 with support for Stripe and PayPal integrations. Today, it has become one of India’s most innovative payment gateways with over 20 types of gateways supported.
How do you use Razorpay?
The payment gateway can be used by both merchants and consumers. It allows consumers to pay for purchases using their credit card, debit card, or net banking. For merchants, it provides a more seamless user experience as well as a more secure checkout process.
There are three steps involved in the process of using Razorpay:
1) Set up your account on the payment gateway.
2) Integrate your e-commerce store with the gateway.
3) Connect your bank account with Razorpay.
How to use Razorpay?
One of the best ways to use Razorpay is to make it the default payment gateway for your online store. This enables customers of your site to pay for their purchases in a few clicks without having to type in any card details.
Another popular way of using Razorpay is by enabling one-click payments on your e-commerce website. This is an option where customers can pay for their order with just one click, thus providing a seamless experience for the customer and an increase in conversion rates.
The most innovative and popular aspect of Razorpay is offline payments using QR codes. One of the biggest inconveniences when buying products on e-commerce sites is not being able to pay because you don’t have internet access or cash on hand. With this feature, you can now pay even when you are offline! All you need to do is scan a unique QR code at the merchant’s location, complete the transaction and get a receipt as proof of purchase!
Key features of Razorpay
Razorpay is India’s most innovative payment gateway. This is because it offers customers a fast, secure and reliable online payments solution. It has the following key features:
- Razorpay is integrated into the customer’s checkout process and does not require a separate login. Merchants do not need to install any software or hardware to use Razorpay.
- Razorpay provides an API for merchants who want to customize their checkout process or integrate it with third-party solutions such as POS systems, ERP, CRM, accounting software etc.
- Customers can make cashless payments through credit cards, debit cards, bank accounts and net banking options.
- The payment gateway also offers a free cloud-based terminal that accepts payments offline and onsite at physical locations.
- The company offers 24/7 support as well as a robust analytics tool that helps merchants track transactions and analyze their performance on the platform.
Final words: Is Razorpay right for your business?
Payment gateways such as Razorpay are an excellent solution for merchants who are looking to sell their products or services and take payments from customers without having to integrate third-party sites.
Whether you have a brick and mortar store, run an e-commerce website, or simply want to accept online payments, a payment gateway is a right solution for you. The use of such a solution reduces costs, increases the speed of delivery across geographies, and makes it easier for consumers to make payments.