Unveiling Razorpay’s Affordability Suite to Sail Through the Pandemic

Affordability suite Razorpay

We have built the Razorpay Affordability Suite to make things easy and smooth for the price-sensitive market of India.

With a majority of their customers under lockdown, shops with shutters down, cash flow almost dried up and the entire staff withered, the concern for most business owners is how they are going to survive the pandemic.

Amidst all of this, we also keep learning about companies trying and experimenting with innovative ways to plan the road ahead.

There is certainty in the fact that the post-COVID-19 world will accelerate some existing trends and create other new ones. Every business, whether online or offline, will have to evolve and iterate themselves in order to thrive. But the bottom line is, there’s no way to predict what will happen in the coming months and what the graph of our economy will look like.

Businesses, big and small, are all taking advantage of new commercial opportunities and while they are at it, we, at Razorpay, have something to offer from our end. Any individual or business can now start offering multiple options to make their offerings affordable and keep their customer happy and their business running. Read this article to know about one of our latest offerings.

Razorpay Affordability Suite: What, why & how

The current trends suggest that Indian consumers are getting used to checking for offers and EMI options when they make a purchase. These options, which were introduced by e-commerce giants, are transformed into a habit, influencing the cart value as well as overall buying patterns. 

That said, affordability has always been the central concern for every buyer. Businesses are looking for ways to make their products and services affordable. However, most SMBs and startups have to face a lot of challenges with banks when it comes to enabling the EMI option as a payment mode for their customers.

Razorpay’s Affordability Suite comes as a solution for these challenges. We are a one-stop solution for everything payments and we are only getting started! Listed below are three of the major offerings under our Affordability Suite.

EMIs

We all know what an EMI is and how it works. With Razorpay’s Affordability Suite, you can offer 3 EMI options to your customers. 

1. Credit card EMI

Oftentimes, if a business owner wants to offer an EMI option on credit cards, they are asked to meet certain requirements in terms of GMV, their credit history and so on. Infact, in most cases, banks look for a bigger name and in the process, growing businesses are overlooked. With Razorpay, you can start offering credit card EMIs to your customers without any intervention from banks.

2. Debit card EMI

As the name suggests, this option offers an EMI against a debit card held by the customer. Very few businesses get approval by the issuing banks to offer debit card EMIs. Infact, there are approximately 50.3 million credit card holders against 840.6 million debit card holders in India. This means that a majority of your customers never had access to EMIs in the past. With Razorpay’s Debit Card EMIs, you can now make your products/services more affordable for a much wider audience, including consumers in tier 2 & 3 cities.

3. Cardless EMI

One of the latest payment modes is cardless EMIs. Here, payments are made via credits approved by the supported cardless EMI payment partners without any need for an actual credit or a debit card. These partners are businesses like ZestMoney, EarlySalary, InstaCred etc. Cardless EMI has approximately 20 million active users, which is growing by 100% year-on-year. 

Razorpay has partnered with these providers and any business can add this option in their checkout to offer the best payment experience to their customers. 

PayLater

PayLater is a virtual credit card. This is a one-click checkout option that is preferred for on-the-go payments, especially by millennials.  For a business, it is a great option to have in the payment window as it helps in enhancing user experience and keeps calling your customer back because of your offerings. Infact, currently, the user base for this mode of payment is around 50 million!

However, as a business, it might get tedious to do individual integrations with each of these enablers. And this problem of multiple integrations is what the Razorpay Affordability Suite solves. We have directly partnered with the best players to help businesses offer the most trending payment solutions to their customers.

Offers

An offer is an incentive you provide to your customer to make a purchase decision on your website or app. One of the most commonly used offer types is ‘price discounts’. However, creating and running these offers comes with a lot of tech effort. 

We have built Razorpay Offers to ease this process. With this feature, you can run offers anytime, track them from the dashboard and analyse the performance to make better business decisions.

Read more about Razorpay offers and how to get started here.

These are the features of the Razorpay Affordability Suite. Let us now talk about some of the potential use cases in the current times of this pandemic.

Use cases of Razorpay Affordability Suite

While almost every sector has been massively affected by the pandemic and its consequences, the Razorpay Affordability Suite can help businesses in many sectors spring back to their feet. Some of these sectors and industries are:

Edtech 

Edtech is one of the sectors that has seen massive growth during the lockdown. People from all folds of society have experienced education online in some form or the other. While education should be and is equal for all, financial status isn’t. Some courses are expensive and people cannot afford to pay the lump sum amount. Businesses who are offering online courses can now offer options from the Razorpay Affordability Suite to make the purchase easier for their customers.

Ecommerce

E-commerce websites have seen a massive surge in orders since the lockdown restrictions have been lifted. Consumers are now buying essentials as well as non-essentials online.. The average basket size is expected to increase if the e-commerce businesses offer an option to pay through options like EMIs, offers and PayLater. 

Healthcare

While there are structured packages for tests across the healthcare industry, it would be a good time to start offering partial payments, EMIs and offers etc on those. Many people restrict themselves from undergoing even the basic tests as they are too expensive. If the laboratory owners and online pharmaceuticals can offer options from the Razorpay Affordability Suite, it might come as a relief to a lot of families during these tough times. 

These three are the major industries, but affordability options can be used by any business in any industry. Let us now talk about the benefits of Razorpay Affordability Suite for businesses. 

Benefits of Razorpay Affordability Suite for businesses 

Now that you know the basics of this product suite in detail, let’s talk about the advantages it brings to businesses:

  • Enabling one of these offerings on your business will help you acquire the customer who would have otherwise dropped off because of the higher ticket size, which is required to be paid upfront
  • Affordability tops the chart when it comes to any buyer’s priority. If you are able to make them believe that they can afford the product or service by paying in instalments, you will be able to keep them with you for longer 
  • Data shows that if there’s an option to pay through EMI, the buyer will end up shopping more than they would have otherwise
  • By offering options like cardless EMI & PayLater options, you will be able to invite the buyers from tier 2 & Tier 3 cities who do not have easy access to credit. In the long run, this will help you penetrate into new geographies and consumer segments
  • Running an offer will no more be a pain with this product suite. There’s no coding effort required and different offers can be managed from one dashboard
  • Lastly, all of this will lead to one major advantage: Superior customer experience. And remember, a happy customer is the biggest asset for any business! 

Conclusion

Even in the most normal situations, running offers, adding EMIs & PayLater options has become one of the mandatory things for businesses. With Razorpay, businesses from every vertical and of every size can make the best of the affordability trend. 

Recent statistics show us that the finances and budgets of individuals are not going as planned. This directly affects your customer’s buying patterns. Hence, during these times of pandemic and financial crunch, offering diverse modes of payments can help your brand stand out. 

Sign up on Razorpay to make the best of the Affordability Suite!

What Is eMandate and How Does It Work

emandate by razorpay

eMandate is a digital payment service initiated by RBI and the National Payments Corporation of India (NPCI).

Imagine it’s 2001. You are in need of money for some personal reason. The only option you have is to take a loan from a bank. You visit the bank with whom you have an account and enquire about the loan details. They handover a pamphlet that details out the interest rate, documentation and collateral requirements, terms and conditions and so on.

Now you visit two other banks to compare everything and finalize on one. Then begins the entire process of gathering and compiling documents, submitting them and further waiting for them to do a couple of verifications. The entire process sounds tedious, doesn’t it? 

The bottom line is, earlier all of the steps were done manually and hence it took months to get a loan amount approved and deposited. Infact, there were more rejections than approvals due to lack of data and bank account validation. 

Cut to 2018 when eMandate was introduced. Now, think about the time you approached a bank for a home loan or a car loan and realised that you can start availing the benefits without even visiting the bank? 

The service that is bridging the gap and making the process simpler between the service provider and the end customer is eMandate. Read this article to understand more about eMandate. 

What is eMandate?

eMandate is a digital payment service initiated by RBI and the National Payments Corporation of India (NPCI). It serves as an underlying infrastructure for businesses in India to collect recurring payments without any human intervention. A mandate is a standard instruction that you provide to your issuing bank and other institutions allowing them to automatically debit the mentioned amount from your bank account. 

eMandate is a convenient way for businesses and their customers to easily manage all the recurring payments like insurance premiums, SIPs, loan installment collections, etc. This eliminates the hassles of reminders and late penalty charges that eventually proves to be a win-win for both businesses as well as their customers. 

While recurring payments in India have been present for a long time, they were primarily authorized by a physical form that the customer had to fill, sign and submit. This was an operationally expensive and manual process which took days to process. API based eNACH more commonly known as eMandate, was introduced by NPCI around 5 years ago. 

Advantages of Razorpay eMandate 

Since its introduction, eMandate has come a long way, has added more than 30 banks, and introduced real-time authorization confirmation, which has helped more industries adopt the recurring business model. Listed below are some of the major advantages of eMandates:

  • Increase customer retention: One-time digital authentication allows you to auto-debit your customer’s bank account helping your customer enjoy uninterrupted service–in the longer run building customer loyalty and customer retention. No constant payment reminders to your customers
  • Reduces friction in payments: eMandate allows a business to auto-debit a recurring payment, thereby reducing the friction of a customer logging on to the website/app to make a payment. This assures the business of continuous cash flow that it can rely upon
  • Reduces administrative costs: As the amount is auto-debited, the business teams do not have to chase the customer to make the payment. This cuts down the operational effort,  invoicing effort and cost to the company
  • Auto-reconciliation: Most of the details are tracked and captured online, hence reducing the time, effort and money involved in buying and maintaining multiple tools
  • Simple and seamless process: The entire process is simple and just needs an active bank account and card details. One time enrollment for a lifetime of hassle-free service
  • Flexibility in plan: With eMandate, the ability to debit a customer in the hands of businesses. This allows them to change the payment cycle or skip a cycle if need be. This adds to good user experience

emandate and subscriptions in India

Which industries have adopted eMandate?

eMandate has steadily grown popular and has been adopted by multiple industries. Each industry has its own challenge and uses eMandate in a unique way. Let’s look at the industries that have benefited the most with eMandate.

Lending industry

Lending businesses have seen a drastic change in the way they operate. For the lenders, one of the benefits is the ease in the collection of loan repayment. They no longer have to go running behind an individual. The auto-debit feature of eMandate helps them deduct the said amount on a particular day each month. The customer on the other end does not have to go through multiple visits at the bank. The overall turn around time is also much lesser compared to the traditional method. Recurring payment model and eMandate in the said scenario have helped in reducing the operating costs to a large extent. This has also assisted a smooth money movement for both the ends. 

Wealth management platforms 

In recent times, platforms like Wealthy, Groww, PaisaBazaar have emerged, which have made it easy for an individual to manage their portfolio, meet their financial goals, have a retirement plan in place and a lot more. Usually, these platforms offer you to consult with a dedicated counsellor or to create a plan by yourself. The risk appetite of customers has also gone up, and they are willing to invest in instruments such as mutual funds, equities, ULIPs and more.

Once a customer has decided on the instruments they want to invest in and the amount they wish to invest, businesses ask for an authorization for recurring debits. This authorization can be given digitally, authorizing your bank account via netbanking credentials or debit card details.

That’s it! With a few simple steps, you are all set to make wise choices with your finances. The best part is, neither of the parties has to manually visit a brick and mortar building. Mandates make sure a hassle-free experience for an investor and an ongoing business, without disruptions for the business. 

Life insurance

Individuals have always made it a point to invest in life insurance policies so that they can make use of them in case there comes in some unseen disaster. Earlier either an individual was asked to pay the entire amount in one go or had to make sure they did not miss out on a single instalment. With the advent of eMandates, these life insurance providers have been able to ease the process. They can now sell a plan to the customer online. And the moment the customer signs up for a plan, they can set a particular date and an amount which will auto-debit without any manual intervention from the individual’s end. Hence, in the long run, easing the way life insurance companies used to operate so far. 

Sponsorship programs By NGOs 

We are living at a time where people have understood the value of CSR activities. A lot of people have started coming forward to help those in need. Some of the activities in which people are engaged to include sponsoring education for kids, taking care of the grocery needs of a household, bearing expenses of a pet in an NGO and a lot more. 

However, with so much to do, there are chances that an individual misses out making the donation for a month. Many NGOs have started using eMandates to ease the entire donation flow so that they can do the needful at the right time without reminding the payee a number of times. 

  1. Customer raises a request for a recurring mandate
  2. The business sends an authorization request on their own portal or via a link
  3. The customer gives the authorization via netbanking credentials or debit card details.
  4. Details are sent to the sponsor bank who forward it to NPCI
  5. NPCI sends the requests to issuing bank
  6. Issuing bank either accepts the authorization request.
  7. Issuing bank shares the status with NPCI, who in turn shares it status with the sponsor bank. This status is then shared with Razorpay who in turn informs the business. All this in real-time!
  8. Razorpay activates the mandate.

subscriptions and emandate statistics

How to integrate eMandate for your business 

API Integration of Razorpay Subscriptions is simple and easy. What’s more? There is a single integration needed to go live on all modes of recurring payments – cards, eMandate, PaperNACH and the upcoming UPI Recurring mandates. 

However, if you wish to use Subscriptions on any of these modes without any integration, you can easily use the Razorpay dashboard to send out subscription links.

Conclusion

eMandates are a step forward in the world of digital payments. Many business verticals have been able to adopt this business model and have seen significant improvement in metrics like customer retention, cash flow management and a steady decline in delinquency

What are you waiting for? Sign up with Razorpay and plan your business growth now! 

Recommended Read

Retain, Engage, Scale: Three Reasons To Build A Subscriptions Business 

Razorpay ePOS App – Simplifying Digital Payments for Offline Businesses

payment app by razorpay

The issues that offline businesses usually face with accepting digital payments include ease of use, lack of expert knowledge, multiple apps for different modes and so on.

The fact is that while we have come a long way with the digitization of payments, there are still a number of businesses that are waiting for their perfect match when it comes to digital payment apps. We, at Razorpay, are glad to announce the relaunch of our new and improved ePOS app. Read this article to know what this payment app has in store for you.

Razorpay ePOS: Not just another digital payment app

During our research, we found that the current payment collection process is complex and time-consuming in the informal sector. 

With all of the technological advancements around us, no business should struggle to get paid by their consumers. They should rather be able to focus more on their business growth. They should be able to reach a wider audience spread across geographies.

And hence, we came up with Razorpay ePOS: the easiest way to accept digital payments instantly. One of the latest offerings from the Razorpay product suite, this product is custom-tailored to fuel the growth of growing offline businesses. 

Razorpay ePOS for businesses and beyond

Our aim with this payment app is to provide a real alternative to cash and deliver a hassle-free user experience without compromising on user data. Whether you are waiting to integrate a payment gateway or looking out for an alternative to door-to-door payment collection, ePOS is the solution for all of it. 

With this app, all growing businesses across sectors can create payment links within minutes. They can share these links via Facebook, Instagram, Whatsapp, email, SMS and any other social media platform. Your customers can then choose to pay via any mode of their choice, like credit/debit card, netbanking, UPI, wallets and more!

To make it the best experience for you and your customers, we offer no monthly limit, online KYC and a lot more- with zero maintenance charges!  

Use cases of Razorpay ePOS app

Before we dive deep to understand the offerings of Razorpay ePOS app, let’s understand who it is designed for.

Kirana store owners

Let’s start with one of the most prominent use cases. There are approximately 6.65 million kirana stores in India. Until 5 years back, all of these shops used to accept payments in cash. 

Cut to 2020 and almost everyone from a tea-stall owner to a supermarket owner is sticking a couple of QR codes to accept payments. How about collating all the payment modes in one place with one QR code? Or even better, train the cashiers at those stores to share a payment link real-time and accept payments. No POS machines, no QR code and yet the payment is done! 

Delivery based businesses

There are a number of tiffin service providers, bakers etc who provide on-the-go services. You place an order with them over a call or WhatsApp and they send an executive to deliver your items. Often, either the buyer is short of cash or the delivery executive has to spend a lot of time hunting for exact change. 

The ePOS app can be of great use to ease this process. The seller can send a payment link either when the buyer places an order or when a delivery executive departs. The buyer can pay the exact amount instantly, that too with a payment mode of their choice. 

Freelancers

Often when we hear the word ‘freelancer’, we think of the comfort they avail. But that’s not always the reality. Freelancers are often seen waiting for their payments. They are also used to hearing excuses like, ‘Its a bank holiday.’ 

Razorpay’s ePOS app can be a saviour to this struggling group of people since they can send the payment link via any channel with all the details and breakdown of the final amount. In fact, they can also send a payment reminder if needed, bringing in relief from those awkward follow-up calls. 

Homepreneurs & tutors

There has been a rise in home-based businesses in the last few years. There are a lot of people selling decor items, handicrafts, fabrics and so on right from their home. Often, they market those goods via WhatsApp, Instagram and Facebook. However, the only hurdle they face is accepting payments, due to which they also see higher drop-off rates. 

With the Razorpay ePOS app, they can create payment links for all of these products while sharing them with people. A potential buyer can choose to buy and proceed right away. The best part is that these homepreneurs can also manage their business right from the Razorpay dashboard and make better decisions. 

There’s a strong use case for teachers, trainers and therapists, who either provide in-person sessions or online sessions. They can create and send payment links via a platform of their choice and manage their funds in a much better way while avoiding the hassles of the in-cash payments. 

Features of Razorpay ePOS app

One of the most frequently asked questions to us during our launch was: How is this app different from the others? There are two things you can trust Razorpay with closed eyes: security and speed. Here are some of the features of this app:

Accept payments 24*7

Forget the hassle of visiting your bank or customer’s door a number of times to get your own money. Razorpay allows you to accept payments anytime, from anywhere. All you need is an active internet connection and you are set to accept payments directly from any of your social media channels. 

No mandatory business registrations

One of the issues that a lot of freelancers and unregistered businesses face with digital payments platforms is the requirement of a company PAN or documents alike. With Razorpay, it doesn’t matter if you are a private or a public limited company, LLP, kirana store owner, NGO, a contracted freelance service provider, a homepreneur, we have a working solution for you. 

Also, Razorpay offers 100% digital onboarding and KYC experience. All you need to do is, enter some basic details about your business and you are all set to accept digital payments! 

Go cashless

There’s a drastic change in the way people have started buying and paying. Both, the consumption habits and the way of paying have now turned online. And the fact is that this trend is here to stay. Make sure you cater to your audience their way by going cashless! 

Payment Links, the major offering of the Razorpay ePOS app is the easiest substitute for cash-on-delivery and point-of-sale payment methods for your business. The ease of use of this application empowers you to teach every member of your staff: cashier, delivery experts, account manager and so on to send a link within minutes. Not just this, they can also send a reminder in case the payment has not been made. 

100% safe and secure money movement

Razorpay’s security channel and risk detection work 24*7 to detect fraud, prevent hacking and cases like money laundering. Besides, we are also PCI-DSS compliant which makes sure that your money is in the safe hands. 

Accept payment via any social media platform

As mentioned earlier, after you create a payment link, you can choose to copy and paste the link to share it across through any social media channels like WhatsApp, Facebook, Instagram etc. Decrease the drop-off rates and convert potential customers in real-time.

Multiple modes of payment

Razorpay supports over 100+ payment modes including Credit and Debit Cards (Visa, Mastercard, Rupay, AMEX, Diners), Net Banking from top 50+ banks, UPI (Web Collect & UPI Intent), Online Wallets, EMI and NEFT/RTGS payments.

Easy tracking and reporting 

Analyze your earnings from the Razorpay ePOS app on the go & stay on top of your goals. Make better business decisions using insights from the real-time data and reports available on the dashboard. You can also choose to download the reports for your convenience! 

24*7 Support

One of our core aims is to provide our customers with the best-in-class service. Our customer support experts are available any time of the day through email, live-chat interface and call to ensure that you get answers to all your queries instantly. 

In conclusion

If you are a business owner and want to speed things up and keep a track of all the incoming payments even when you are away from your factory, office or shop, download this app right away. Give your business the digital push it deserves with the Razorpay ePOS app.

Download the Razorpay ePOS app.

Also Read

Retain, Engage, Scale: Three Reasons to Build a Subscriptions Business

razorpay subscriptions

Here’s what a typical morning looks like for most people. After a few minutes of scrolling through the headlines on your preferred news app, you check how long it will take for your breakfast to be delivered. While you wait, you select your morning playlist on your favourite music app, and just like that, you enter the world of subscription services.

Today, most of our basic requirements are fulfilled by businesses running on the subscription model. Swiggy, Netflix, Amazon, BigBasket Daily, Spotify and most of the other big players are betting big on this model and it’s quite a shift from how we have started paying for just what we want, how we want!

But what has caused these companies to move from their traditional model? Subscriptions help these companies provide their users with the following:

1. An excellent experience to their customers by letting them enjoy the service seamlessly

2. Reduction in the friction of a consumer coming back to go through the checkout journey again

3. Affordability to customers, as they only have to pay for the services on a monthly basis versus a yearly lump sum amount. This, in turn, improves customer retention

Go ahead and check the trends of purchases on your website. Does 80% of your sales come from 20% of your existing customers? If yes, the retention of these customers is critical for your business and the subscriptions model allows you to do just that. 

Let’s deep dive and take a look at why subscriptions can make sense for your business.

What are subscriptions?

Subscriptions are the payments made to businesses in accordance with a predetermined schedule that customers sign up for. These types of payments are processed electronically, usually from a customer’s preferred mode of payment- credit or debit card, bank account, physical mandates and UPI.

Depending on the payment gateway that a business uses, they can give their customers the option to set up recurring payments using different payment modes. 

How did Razorpay subscriptions start in India?

Traditional modes of subscriptions like physical NACH and ECS have been prevalent in India for a number of decades. They have been helpful in allowing customers to invest money, borrow money and insure their assets.

However, with the increase in disposable income and opening up of digital modes of payments by the government of India, digital modes of recurring payments such as cards and e-mandate have become more popular. 

Customers have started trusting the subscription model not just for their financial needs, but for other necessities like groceries, rentals, online educational courses and more as well.

While businesses work hard on encouraging customers to go for the subscription model, a payment gateway plays a big role in helping them convert the customers. This includes:

  1. Clear messaging on the user interface which creates trust in the mind of the customer
  2. Wide number of payment options for the customer to choose from
  3. Easy to follow steps for the customer to reduce drop-offs

A number of gaps in the existing products on the market encouraged us to build something what we today call Razorpay Subscriptions. 

[Also Read The Secret Sauce Behind Running A Successful Subscription Business]

Razorpay Subscriptions

Razorpay subscriptions offer quick and easy integration for businesses. With a single integration, you can go live on all modes of a recurring payment, something that none of our competitors offer.

It is one of the easiest products to use and is designed for businesses of all types. 

It offers multiple modes of setting up recurring payments for customers such as recurring on cards, e-mandates, physical mandates and UPI mandates.

Go live instantly by using subscription links via the Razorpay dashboard or integrate our APIs to give a seamless experience to your customers.

What modes does Razorpay Subscriptions support?

With Razorpay Subscriptions, you can offer a number of payment options for your customers. These include recurring on using credit cards and debit cards. Recurring on bank accounts using e-mandate, physical mandates and UPI mandates.

How Razorpay is disrupting this space

Razorpay is building the future of payments with its robust product suite. Here’s how Razorpay is disrupting this space:

  • Avail industry best success rates on credit cards with Razorpay’s homegrown banking solutions
  • Beat the competitive pricing and get industry-best plans with Razorpay
  • Accept payments from across the globe with utmost ease
  • Our physical NACH product – Razorpay PaperNACH – reduces the traditional TAT of 2 weeks to just 5 days, at the same time cutting down extensively on your operational costs
  • Make the best of open APIs, easy and quick integrations and 100% online processes
  • 24*7 support by our payment experts
  • One-time sign up to avail all of the Razorpay products 
  • One point integration to offer multiple payment options to your customers

Which industries rely on Razorpay subscriptions?

razorpay subscriptions

All of the above-mentioned facts clearly state that the model of recurring payments is here to stay!

Advantages of Razorpay Subscriptions

Customer retention

It is not wrong to mark this as one of the most important benefits of recurring payments. The core idea of recurring payments is to accomplish the objective of the customer and keep providing value to them over time. It helps a business build a substantial level of trust and a higher number of your customers turn into what businesses call “sticky” customers.

Ability to scale

Often, customers’ needs change dramatically, depending on a number of factors like budgets, available resources, options etc. Recurring payments offers your business a way to adapt to changing needs and keep growing at the pace you want.

Stronger relationships

The recurring payments model is not about finding one customer and moving onto the next one. As a service provider, it allows you to build a relationship with your customers in a way that they value you as much as you value them.

Does Razorpay Subscriptions sound like a plan for your business? With all the changes in the ways customers behave, it has become important to bring about a change in the way you do business as well. Check out Razorpay Subscriptions and take your business a step ahead.

 

Scale Your Business by Creating Offers with Razorpay

It has become a habit for consumers today to try and add vouchers when they order food or other items from websites and apps. It’s also common for them to add additional items to their carts to avail discounts on purchases over a certain threshold. 

The power of ‘offers’ is very evident in the present-day market and businesses from all verticals are directly or indirectly benefiting from it. 

Read this article to know more about offers and how you can create and run them to scale your business.

What is an offer?

An offer is an incentive you provide to a visitor or customer to make a purchase decision on your website or app. An offer can be in terms of discounts, free trials, free shipping, free additional products, etc. 

Offers, in general, are one of the best ways to invite customers on your platform and to retain the existing ones.

Why should businesses run offers?

Entrepreneurs running a business understand the importance of getting customer data. Furthermore, they know that the key to increasing the lifetime value of an existing customer is by gratifying them at certain points and getting them hooked to your product or service. 

Having a lucrative offer in place does wonders on all of these fronts. Here are a few points to support this:

  • By gratifying the user with a quality offer, you can get more data. A potential customer won’t mind sharing their contact number or their company name if you have something good to share 
  • Running a high-value offer for a limited period of time will help you attract more customers in a short span of time, hence assisting you to leverage your business’s growth 

For the latter part, to increase the lifetime value of your customer, planning the right offer at the right time can help businesses meet their targets. Here’s how:

  • By running a sale during a festive period when customers are on the lookout for the best price, you can hit two birds with one stone: clear your existing stock and get more eyeballs to your business
  • Gratifying the right set of people when they achieve a milestone like completing a year with your business ensures that the customer stays with you for longer

What are the different types of offers?

Most of the existing offers in the market are self-explanatory by their names. Here’s a list of the most popular offers:

  • Discounts on MRP
  • Certain amounts off on purchases over a threshold
  • Buy one get one free
  • One-month free trial
  • Free vouchers
  • Free credits 
  • Cashback offers
  • Free resources (white papers, ebooks, reports etc)

How you can run offers on Razorpay

With Razorpay, you can run offers by providing:

  • Instant discounts
  • Cashbacks
  • No-cost EMIs

Now that you know the prerequisites of offers and how they can help you scale your business, it’s time you know how you can run an offer right from the Razorpay dashboard. 

You can create, run and track an offer and its performance right from the Razorpay dashboard. Follow these simple steps to get started:

  • Login to your Razorpay dashboard and navigate to the ‘Offers’ tab and click on ‘Create New Offer’ on the top right corner

  • Fill in the required details 

Please note: The offer name is for the creator to keep a track of all the offers. It is for internal use only. Display text is the text that your customer (end-user) will see during checkout.

  • Under ‘Offer Type’, choose from the below-mentioned types depending on your requirement

  1. Instant: Offer will be applied as soon as a user selects it
  2. Cashback will be provided by the cashback provider as per the terms and conditions agreed with the creator
  3. Already Discounted is to be used by the creator to keep a track of already discounted items
  • Enter relevant details under the ‘Discount Type’ menu

  • Choose where you want to run your offer: payment method, card type, bank, network, limit on card usage and so on

  • Set the offer validity as per the dates you want to run the offer on

  • Check the offer overview and agree to the terms & conditions  before you make your offer live

  • You can track the offer by logging into your dashboard anytime

In conclusion 

There you have it! An offer is basically a type of high-quality incentive that can help you make the best of your business from time to time. What are you waiting for? Sign up on Razorpay and get started by creating your offers now! 

Razorpay Partner Program: Earn Commissions by Becoming a Reseller

razorpay partner program

The payments landscape in India is at its most evolutionary path. Digitization of payments is a win-win for everyone involved, after all.

Having already offered digital payment solutions to over 8,00,000 businesses in India, we believed it was time for us to build an affiliate program for partners to bring more businesses on board the digital payments ecosystem. 

We had opened the doors to the Razorpay Partner Program a few months back with that in mind.

With the Razorpay Partner Program, not only will you have a channel to earn a sizable side income but also assist growing MSMEs in combating one of the biggest challenges – hassle-free and secure online payment systems.

What is the Razorpay Partner Program?

The Razorpay Partner Program is a referral program through which you can offer the Razorpay product suite to your clients or customers and get rewarded for the same. The program then becomes a source of additional income for Razorpay partners.

razorpay partner program

This affiliate program is not just limited to agencies and companies alone. Even individuals, freelancers or unregistered businesses can be a part of this program and earn commissions by referring businesses to Razorpay.

Who can be a part of the Razorpay Partner Program?

Simply put, anyone from a student to an e-commerce consultant can partner with Razorpay for the affiliate program. Here’s some of the popular categories amongst existing Razorpay partners:

  • Web & app developers
  • Digital marketing service providers
  • Web hosting services
  • Bloggers and influencers 
  • Freelancers & unregistered businesses
  • E-commerce consultants
  • Individuals & students

Anyone ranging from an enterprise business to an individual with a client base that needs online payments solutions for their business can be a part of this referral program.

Here are the primary reasons to help you understand why should you become a part of the Razorpay referral program:

  • Fast & seamless onboarding: Get started with Razorpay in less than 5 minutes with 100% paperless onboarding
  • Lucrative rewards for all: Earn commissions for every transaction carried out by your affiliate accounts
  • Extensive partner support: Get features like bulk email, chatbot support, refund tracking system along with a dedicated account manager
  • Powerful dashboard: Take better business decisions by analysing detailed reports about payments, settlements and refunds
  • API driven products: Save on time by using our ready-to-use integration kits for leading service providers like Magento, WooCommerce, Shopify and so on
  • Multi-currency support: Razorpay supports over a 100 foreign currencies 
  • Robust product suite: Get a solution to all your payment issues on one platform: Payment Links, GST-compliant invoicing, Payment Gateway, subscriptions and a lot more

We are trusted by thousands of partners coming from all across India.

Here’s what Shashwat Swaroop from Marmeto has to say about the Razorpay Partner Program:

The suite of products Razorpay has is just amazing. They are easily integrable, super user-friendly and highly reliable. The Partner Program has pushed the horizons even further with an amazing support and handhold approach. We now have more power to build secure and scalable solutions for all our merchants. Kudos to the team!

How to get started with the Razorpay Partner Program

The process to start referring and earning is as simple as it could be. Just follow these steps:

Step 01- Visit https://razorpay.com/partners/ and enter your details 

Step 02- Once the signup is complete, you will get access to the Partner dashboard 

Step 03- Add your merchants’ details and invite them to complete their KYC 

Step 04- Earn a fixed commission the first time a merchant transacts and continue earning a variable commission right through his journey with Razorpay 

What makes the Razorpay Partner Program different from others?

While there is a list of affiliate programs that are up and running, there arises a question: What makes the Razorpay referral program better than the rest? Here’s your answer:

  • Widest range of payment methods, ranging from credit cards, debit cards, netbanking, EMI, wallets, UPI, BharatQR. You name it, we have it
  • 100% online onboarding for merchants across any line of business
  • Dedicated account manager for each partner
  • 24*7 assistance by our team for a hassle-free experience
  • Personalized dashboard for every partner for easy tracking and better decision making

What’s in it for your customers to onboard?

No more worries about collecting online payments! While you as a business will earn awesome incentives, the customers you onboard enjoy a list of perks like:

  • No setup fee, no annual maintenance charges
  • 24/7 fraud protection via Razorpay Thirdwatch
  • Wide range of products
  • Frill-free solutions like Payment Links and Payment Pages
  • Easy and quick integration kits 
  • Industry best success rates 
  • Subjective free credits

The Razorpay Partner Program is a win-win for partners and their customers. While partners earn commissions by providing the most trusted payments solutions at special prices, their customers are able to grow their business & earn their trust.

Become a Razorpay Partner today!

Introducing the Payment Links Chrome Extension By Razorpay

Introducing Payment Links Chrome Extension By Razorpay

With all the ease that online payment can bring, there still remains hope and scope of hustling to keep making it better. That said, in the online ecosystem, payments are not just limited to monetary exchange. They contribute to aspects like conversion rates, trust and loyalty as well.

With multiple channels of online payments opening their gates in the market, there is a need for businesses like yours to reduce the number of hops and leave payment worries to solutions providers like us! With this, here comes one of the most simplified payment solutions: Razorpay Payment Links.

What is a payment link?

Razorpay Payment Links is the easiest way to accept payments from your customers 24*7. Simply put, payment links are easy-to-use, versatile and mobile enough to manage all your online payments. 

Creating a payment link is as simple as it could be! Just follow these steps: 

  • Login to the Razorpay dashboard and create a payment link via API or the dashboard
  • Share the payment link via SMS, email, WhatsApp etc
  • Let your customers pay you via their preferred options (credit cards, debit cards, netbanking, UPI, wallets etc.)
  • Get notified once the customer completes the payment

Here are the perks of using Razorpay Payment Links for your business:

  • Works even without a website: Don’t have an app or website ready yet? Collect online payment by these easy-to-use payment links
  • Alternative payment option: These versatile payment links can be a quick replacement for all your cash-on-delivery customers
  • Easy chatbot integration: Integrate payment links with your chatbots so that your customers can enjoy a seamless experience
  • Social media sharing: Make the best of social media platforms by using them to send these payment links and get the amount directly in your bank account

That’s not all. Here are a few things that make Payment Links the best and the easiest way to accept online payments:

  • Customers don’t need an app
  • All payment options available
  • No monthly limits
  • Easy tracking via a powerful dashboard 

Different use cases of Razorpay Payment Links

When a customer is making an online purchase, the step where the payment comes into the picture is one of the most crucial ones. Razorpay Payment Links can help you win over your customers and reduce the number of drop-offs. 

Here are some of the use cases of Razorpay Payment Links:

  • The link can be created and used by any business, no matter the size. Even if you don’t have an app or a website, you can easily create and share payment links and get amount settled directly in your bank account
  • These links reduce the hops and minimizes friction points. Let’s say you are a car rental service provider. A prospective customer calls you to enquire and plan a journey. Fortunately, the customer sounds satisfied and you sense a higher chance of him or her proceeding with you. But chances are that after he or she might get distracted or be unsure. There, you can create and send the payment link via SMS, WhatsApp, email etc. within seconds while they are on call and have a successful conversion right there!
  • Payment links are best when it comes to providing quality service to your customers. Let’s say, unfortunately, a payment method is failing and your customer is unable to complete the transaction. You can easily choose to create and send these payment links to them and they can pay as per their convenience. The best part is, you can track the status of the payment easily.
  • Another use case is for businesses that provide home delivery services. There can be multiple cases when the customer is not at home and want the parcel to be handed over to a neighbour or, he or she does not have enough cash. In such a situation, payment links can be a big help. The deliverer can simply create the link there and the customer can pay via a range of options from anywhere, anytime!

With this, we are excited to roll out one of the finest features of Payment Links.

Razorpay Payment Links Google Chrome extension

Razorpay now powers a Chrome extension to accept payments via links! 

Sounds super-simplified, doesn’t it? Read on to know more.

The Razorpay Payment Links Chrome extension lets you easily create and share a payment link with your customers right from your browser window. The only prerequisite is to have an active Razorpay account. 

Simply follow these steps to get started:

Installing the extension

To install the extension:

1. Visit the Chrome Webstore and add the Razorpay Chrome Extension

Payment Link Chrome Extension

2. In the Add ‘Razorpay Payment Links’? dialogue box, click Add Extension

Side menu options

The following options are available on the side menu:

  • Dropdown
  • View the merchant ID
  • Find the document link 
  • Log out of the extension
  • Filter By (to help you check the statuses of different payment links) 
  • Go To Dashboard (to take you to Razorpay dashboard)

Perform action

Create a payment link:

1. Ensure that you are logged in to Razorpay Dashboard

2. Click on the Razorpay Payment Links extension icon on the browser’s toolbar

Payment Link Chrome Extension

3. In the payment links extension screen, click on ‘New Payment Link’

Payment Link Chrome Extension

4. In the window that opens, enter the following details:

Payment Link Chrome Extension

5. After you enter the information in all the required fields, click on ‘Send Link’. This will generate a new payment link 

Payment Link Chrome Extension

6. Copy the link address and click on ‘Done’. You can now share the link via the option of your choice and accept online payments easily.

Payment Link Chrome Extension

Please note: If you have selected the ‘Notify via SMS’ and ‘Notify via email’ checkboxes, the links are also sent to the specified phone number and email address.

So, are you ready to simplify the way you accept online payments? Sign up on Razorpay if you haven’t and stay a step ahead while you leave all your payment worries to us!

Also read: Build Your Own Online Store with Payment Pages