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!

Simplifying 80G Receipts for NGOs with Razorpay Payment Pages

80G receipts for NGO

In times of strife as in times of calm, NGOs have always strived to make the world a better place. Today, amid crises and turmoil, NGOs are working day and night to ameliorate the lives of those hardest hit.

Online donations are at an all-time high for NGOs. In fact, there was a 180% surge in NGO donation transactions in the first 30 days of the lockdown.

[Read more: Special Report: The Impact of Lockdown on Digital Payments]

With donations pouring in from all parts of the world at such a rate, keeping up with receipts and invoices is no mean feat. Accepting donations, providing confirmations and generating 80G receipts for tax exemptions should not bog NGOs down when working for the cause is paramount.

We, at Razorpay, have done our bit to make online transactions seamless for NGOs. Razorpay Payment Pages has been instrumental in running several successful donation drives and even routine donation acceptance.

We’re taking a step further in our quest for innovating and creating the finest payment solutions with Payment Page Receipts

What are Payment Page Receipts?

Razorpay Payment Pages, since its launch, has made waves in the not-for-profit sector, enabling several NGOs to collect donations and sell products for their causes.

With Payment Pages Receipts, NGOs no longer have to generate 80G receipts manually. Confirmation receipts are generated instantly and are sent to donors via email as soon as their transaction is successful.

Why NGOs need Payment Page Receipts

Payment Page Receipts aim to help NGOs streamline their operations and ease a major chunk of their administrative burden.

Heavy involvement of manual labour

Generally, NGOs using Razorpay Payment Pages use their own invoicing mechanisms to generate invoices and receipts based on transaction reports. They download the donors’ names, email addresses and other details, and send the receipts manually. 

NGOs end up hiring individuals to manage their receipts and confirmations. Using multiple channels for confirmation adds to the workload, thereby consuming a lot of manhours. Hiring more employees just to keep up with receipts simply increases their operational costs, making the entire process quite expensive.

Data storage woes

Sometimes, donors do not remember the information they have entered in input fields. The situation gets worse if they have made multiple contributions. It can, thus, be extremely difficult for NGOs to keep track of receipts, sent and unsent.

To counter that, NGOs often store customer data and receipt particulars. However, maintaining sheets with such voluminous data is very cumbersome and time consuming.

Roadblocks in claiming exemptions

This is a major issue for NGOs and donors alike when it comes to claiming tax exemptions. As per Section 80G of the Income Tax Act, taxpayers can claim tax exemption on the amount donated to certain funds or charitable organisations. 

Donors often provide insufficient information while making donations, which results in the generation of non-80G compliant receipts being given to them. Later, the NGO staff have to dive into their records to confirm the donors’ particulars and regenerate appropriate receipts when they need to provide complete details for tax exemption.

With manual reconciliation and several means of communication involved, NGOs often take a very long time to send out these receipts. This is stressful for donors and NGOs alike, especially if there are last-minute requests for receipts by donors when they claim exemptions.

The antidote: Payment Pages Receipts 

Here’s how Payment Pages Receipts can make your life easier and operations smoother.

  • Reduced operating costs: You no longer need to hire someone just to send out and keep track of receipts. Payment Pages does it automatically for you
  • Immediate post-donation confirmation: The donor receives a receipt instantly after making the payment. No more keeping track of unsent receipts and delayed manual confirmations
  • Fewer support queries: With instant automated receipts, support queries can be avoided as the donor knows exactly what they have donated
  • Better for your brand: Instant confirmation helps cement the brand image and trust for all the transacting parties. Let your donors remember the good cause, not the hiccups in the payment experience
  • Storage simplified: The Razorpay Dashboard serves as a handy tool when it comes to storing your donors’ details and receipt particulars
  • Tax filing made easy: NGOs no longer need to go fishing into their records for their donors in the tax filing season, when the donors wish to claim tax exemptions. The receipts generated for NGOs with all the claim related information will be sent to them the moment they donate successfully

It’s your turn

Excited to try out Payment Pages Receipts for your NGO? We bet you are.

Haven’t made your payment page yet? Check out our Payment Pages demo and unlock the secret to seamless, hassle-free payments!

Recommended Reads

 

Introducing Automated Receipts On Razorpay Payment Pages

Razorpay payment receipts

In a world where online payments are the norm, giving your customers a seamless payment experience has become absolutely essential. Hiccups in the online payment process bring customer drop-offs, which are bad for business in this super-competitive environment.

We, at Razorpay, constantly strive to make payments simpler, smoother, and faster for the benefit of our customers. 

We’re taking a step further in our quest for innovating and creating the finest payment solutions with Automated Payment Pages Receipts.

But before we jump into those details, let’s rewind a little.

What are Payment Pages?

Razorpay Payment Pages enables you to create a page to accept payments without writing a single line of code. You could use a template from the vast array offered by us or customize the page to your liking. 

What’s more: your page will be made to your branding needs and even have a custom URL that reflects your brand! So, whether you have a website or you don’t, you can sell your product and accept payments with your custom payment page. All this and more, enabled in a matter of minutes!

[Suggested reading: Razorpay Payment Pages: The SME Payments Enabler]

Why automated Payment Pages Receipts?

Reassuring customers that their payment has gone through successfully is paramount in business. Businesses, therefore, take several steps to ensure timely confirmation of orders received. However, there is no shortage of problems in this regard.

Manual labour across multiple channels

Generally, businesses using Razorpay Payment Pages use their own invoicing mechanisms, generating invoices and receipts based on transaction reports. They download the customers’ names, email addresses and other details, and send the receipts manually via email, phone calls, text messages or Whatsapp. 

Businesses end up hiring individuals to manage their receipts and confirmations. Using multiple channels for confirmation adds to the workload, thereby consuming a lot of man-hours. Hiring more employees just to keep up with receipts simply increases the operational costs of businesses, making the entire process quite expensive.

Loss of customer experience

With manual reconciliation and several means of communication involved, businesses often take a very long time to send out their receipts. In fact, NGOs take up to two months to send 80G receipts to donors.

Moreover, the business also requires a quick confirmation of the successful payment and payer. A lack of instant confirmation on this end further delays the process of sending receipts. All in all, the customer experience remains incomplete until the final receipt arrives.

Data storage woes

Sometimes, customers do not remember the information they have entered as input fields. The situation gets worse if the customer has paid more than once. It can, thus, be extremely difficult for businesses to keep track of unsent receipts.

To counter that, businesses often store customer data and receipt particulars. However, maintaining sheets with such voluminous data is a very cumbersome process. 

In any case, there is an absence of instant confirmation, a lot of manual effort, and some lack of clarity on the customer’s end. A system to churn out instant confirmations with receipts is, therefore, in order.

The solution 

The Automated Payment Pages Receipts feature allows instant receipts to be sent to all your customers instantly when they make payments. As soon as the transaction is successful, the customer instantly gets their receipt via email. 

Here’s how Automated Payment Pages Receipts can make your life easier and operations smoother.

  • Reduced operating costs: you no longer need to hire someone just to send out and keep track of receipts. We’ll do it for you
  • Immediate post-purchase confirmation: The customer receives a receipt instantly after making the payment. No more keeping track of unsent receipts and delayed manual confirmations! 
  • Fewer support queries: With automated receipts, support queries can be avoided as the customer knows exactly what they have purchased, and the amount paid
  • Better for your brand: Instant confirmation to a digital purchase also cements the brand image and trust for all the transacting parties
  • Storage simplified: The Razorpay Dashboard serves as a handy tool when it comes to storing your customers’ details and receipt particulars
  • Tax filing made easy: NGOs no longer need to go fishing into their records for their donors in the tax filing season, when the donors wish to claim tax exemptions. The receipts generated for NGOs with all the claim-related information will be sent to them the moment they donate successfully

A few use cases for Payment Pages Receipts

Accepting donations 

Automated Payment Pages Receipts will ensure that NGOs no longer have to look for donor details to generate 80G-compliant receipts. Donors get an instant receipt with the information they provide, which makes claiming exceptions a breeze.

Payments for homepreneurs

Whether you are a home baker, a tutor, or an artist selling your finest pieces, Payment Pages enable you to take orders and receive payments seamlessly. And, with Automated Payment Pages Receipts, say goodbye to manual order confirmations and unsent receipts!

Take your brick and mortar store online

In times when stepping out of the house is a risky affair, many businesses are setting up shop online. If you have a physical store and want to build an online presence, Payment Pages is here to take away your woes. 

Automated Payment Pages Receipts, further, ensure that you build a robust brand image by enabling instant order confirmation and receipt generation.

[Read more: Build Your Own Online Store with Razorpay Payment Pages

It’s your turn

Excited to try out Automated Payment Pages Receipts for your business? We bet you are.

Haven’t made your payment page yet? Check out our Payment Pages demo and unlock the secret to seamless, hassle-free payments!

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 

The “Hype” is Real in Luxury Mobility

Hype Luxury Mobility

Fast, flashy and chic luxury cars, among all the other machines, are a part of our genetic make-up, which makes them unavoidable. 

I mean, who wouldn’t love to drop a gear and disappear, right? Most of us would, but the option of renting a luxury car was only available to only a few. 

Dealing with unknown vendors, non-transparent pricing, safety issues, and poor customer experience was a perpetual problem, says Raghav Belavadi, CEO, Hype – Luxury Mobility.

Hype – Luxury Mobility was founded in 2017 to eradicate the above problems faced by people. The company offers self-drive luxury car rentals, chauffeur-driven and long-term rental services.

With over 2,800 luxury cars in 7 cities of India, Hype provides the most extensive fleet size with the broadest range of selection to premium customers.

As a tech company selecting a competent tech-driven partner was our primary focus.

Razorpay offered excellent technological innovation, price model, security to Hype’s high-value transactions and customer management. 

The multi-level payment process, updated Github code, and the ability to choose many functions like security deposit, wallet partners, EMI, and Pay Later immensely helped Hype’s customers. 

Later, the company piloted it’s high-value transactions on Razorpay for 30 days and observed 100% efficient systems and 0% downtime on their national and international transactions. 

Razorpay payment gateway

The integration was flawless and boosted our transaction speed by 40%, POD efficiency by 23% and reduced the pricing overhead by 72%.

Hype has grown over 6X in 2019 and expects to expand its operations in two more countries by 2022. The company aims to become the largest luxury mobility company on land, water and air globally. 

Q&A with Raghav Belavadi, CEO, Hype – Luxury Mobility

What was the idea behind your company’s inception? 

Hype was founded in 2017, Bengaluru to address the perpetual problem associated with luxury car rental. People who wanted luxury cars for specific occasions got tangled with various issues like renting from unknown vendors, non-transparent pricing and zero customer service.

Luxury cars have always been eye candy for people, but everybody cannot own a luxury car. Also, there was no option for luxury car rental or self-drive. 

 Tell us about Hype’s offerings. 

Hype offers car rentals in self-drive, chauffeur driven and long-term rental options. With over 2,800 luxury cars in seven cities of India, Hype provides the broadest range of selection to premium customers.

We have started a new luxury yacht rental service in Goa and plan to expand to other regions like Mumbai and Kerala. One hundred twenty thousand hours of rentals, 465 crores of assets driven, and zero incidences reflect the supreme technology-driven operations management of Hype.

Why did you choose Razorpay as your payment service provider?

We are a technology company at the core, and selecting a competent and tech-driven partner is always the focus of our operations. 

There’s a small story behind it, too. One fine day, Harshil Mathur, CEO and Co-founder, Razorpay rented a sports car from Hype. And as a happy customer, he talked to me about the advantages of partnering with Razorpay. 

The timing was right! Excellent technology innovation, price model, customer management and easy integration made Razorpay our natural selection. 

Power your payments with Razorpay Payment Gateway

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.

 

Healthifying Your Fitness and Weight Loss Goals

HealthifyMe

From being primarily a services company that provided access to nutritionists and fitness trainers anywhere-anytime, HealthifyMe has evolved into a pure-play product company.

With over 10 million users and a consistent 4.6-star rating, India’s largest and most-loved health and wellness app, HealthifyMe has continued to grow beyond the Indian subcontinent.

HealthifyMe needed a payment solution that made two things happen – seamless user experience and the ability to experiment fast. As a universal app, HealthifyMe has already proven to be successful in Singapore and Malaysia.

As we spread our wings across more countries, we are sure that Razorpay is going to be an integral part of that journey as well.

How HealthifyMe uses Razorpay

Razorpay enabled a flawless integration, and the growth engine of HealthifyMe now extensively uses Razorpay as the only gateway. The web vertical is a significant space for HealthifyMe. 

We went back to the web because we have a lot of users who we cannot reach through our regular channels of marketing. Razorpay powers 100 percent of our web payments.

HealthiFyme

Razorpay as the payment gateway powers purchases directly from HealthifyMe’s Facebook and Google ads. The company has noticed a massive increase in conversion rates and has been able to iterate and experiment to learn and fail quickly. 

We are hoping that Razorpay will power over 30% of our revenue by March, next year. We are sure that this is one partnership that will last for a long time to come.

Q&A with Anjaan Bhojarajan, VP, Growth and Head of Product, HealthifyMe

HealthifyMe is one of the largest and most loved health and wellness apps in India. Could you tell us more about your product and business model? 

In terms of product lines, HealthifyMe is a premium app. The business model can be compared with Tinder and Linkedin, who have done well in the freemium model business. 

If you go premium, you get access to fitness trainers, workout plans and many more. This is our core business model. We don’t run Ads in our app.

Generally, people work with a nutrition and fitness trainer for 6-12 months. The business has grown, we have built credibility around it over the last five years, probably the only app in India or around the world that has scaled to this level. 

The free version of our app has calorie counting. With our workout-tracking, you can check your calorie burns, intake, weight and water consumption, which makes sure that you are hydrated enough. 

Tell us about your AI nutritionist Ria. Do premium subscribers get access to this classic coach model? 

Ria is our knowledgeable AI nutritionist and has been in existence for the last three years. As part of the coaching plan, Ria helps us with real-time analysis. The feedback from Ria keeps our premium subscribers on track and makes sure they are eating healthy and stay fit. 

Meanwhile, Ria learned from the behaviours of trainers and became powerful enough to launch its plans. Courtesy of Ria, our Smart Plan is an AI-powered offering. 

We have 10 million users across the world and about 1 million from South East Asia because we went local in Singapore and Malaysia last year. 

Why did you choose Razorpay as your payment service provider?

Razorpay has helped us build a whole new business line. The payment service provider powers 100 percent of our web payments. 

Razorpay has a great checkout mechanism, helped us educate users about our plans, and the new conversion ratio has been through the roof after the integration. 

Integration was flawless. You have the best inline checkout page. Business point of view Razorpay has done wonders for us. 

Power your payments with Razorpay Payment Gateway today.

Why Are Payment Gateway Settlements Not Instant?

Every business or enterprise expects its customer’s transaction to reflect in their account directly. But even today, in the era of digital-first platforms, these settlements are not instant. To give you more clarity on the payment gateway settlement process, let us show you what happens behind the scenes. 

Settlement process: A business’s perspective

Settlements is a process through which a business receives a certain amount paid by their end-users via online transactions for a particular product or service.

In this case, an individual pays via a payment gateway on the business’s website or app, and that amount is transferred to the business’s account by the payment gateway. 

Here’s what a typical settlement process looks like:

Step 1: The cardholder inputs their bank account or card details on the Razorpay checkout form to pay for a product or service 

Payment Checkout

Step 2: After successful authentication via OTP or 3D secure, the money is debited from the cardholder’s account, and the individual receives a confirmation notification for the same

Payment Checkout

Step 3: The transaction amount is routed via the card networks to Razorpay’s acquiring banking partners

Payment Checkout

Step 4: Once Razorpay receives the amount, it is settled to the seller’s bank account after the deduction of a specific fee

Payment Checkout

Why don’t payment gateways settle instantly? 

Payment settlements may look like a very straight-forward process, but they are not. The primary reason why settlements are not instant is that money movement at every step of the process is not immediate.

Also, the underlying complexities of reconciliation is an additional challenge that stands in the way of instant settlements. 

Well, reconciling transactions can be a nightmare for accountants, and here’s why:  

  • Every bank has or offers a different settlement cycle. Hence, the time-frame for the acquirers can vary. For example, Bank A may usually settle within a day, whereas Bank B may take two days to pay. Keeping track of these timelines and consolidating it all in a single sheet does take time
  • Bringing along a whole new level of complexity are refunds and chargebacks. In case of refunds, a customer expects them immediately. But refunding the money without reconciliation puts the business at risk
  • The business owner can end up paying back an amount that was never received. Also, it would be a disaster when the bank statements and reconciliation documents would fail to show a clear picture

When does Razorpay settle a business?

For every business on the Razorpay Payment Gateway, we define a settlement schedule–the time from the date of payment capture to when the business should receive the due amount.

As per the schedule established for the business, the settlement is created only for captured payments and refunds requested for the captured payments. 

Earlier, the complete process used to consume T+3 business days for domestic transactions (T being the date of payment capture).

Today we are glad to announce that customers can unlock faster settlements at no additional costs. Yes, the settlement cycle has been upgraded from T+3 to T+2 by default. 

Note: Razorpay doesn’t schedule settlements on weekends.

Here’s the Razorpay T+2 settlement chart:

Razorpay Settlements

Note: Maximum settlement time – four days

To settle this

Settlements usually depend on the multiple intermediary hops. In the case of cards, the acquiring bank, card network and issuing bank are involved.

In case of a payment method like UPI, along with the acquiring and issuing bank, NPCI also plays a role. This is why the amount of time taken to process the settlements also depends on the mode of payment used to make the transaction. 

The entire money movement process in online payments happens via nodal accounts. This means that payment gateways cannot earn interest from the money they hold or move on behalf of their customers.

At Razorpay, we are genuinely devoted to providing the best payment experience, not just for the businesses that work with us, but also for their end customers.

We truly believe that if online payments have to replace cash, then it has to provide the same ease of use, which is what we strive to achieve. 

To make settlements even smoother, and to help businesses manage their working capital requirements efficiently, we also provide 24x7x365 On-Demand Instant Settlements. Read about that here.

Click here to accept payments with Razorpay Payment Gateway.

Manage Working Capital Efficiently with 100% Visibility in Settlements

razorpaysettlements

Working capital is more than just a financial metric. It is the fuel that allows companies to run their day-to-day business operations. Its management, or mismanagement, can have a very direct impact on a company’s financial health and operational success.

For businesses that accept payments online, working capital is a function of incoming settlements from their partner payment gateways. As a result, a lack of visibility in settlement timelines can end up creating a plethora of  challenges for companies. Some of these include:

  1. Lack of clarity around settlement timelines: Wondering when their payments will get processed can keep businesses worried and make it difficult for them to manage working capital efficiently
  2. Expected settlement amount: Knowing how much they are going to be paid is a crucial piece of information for companies to plan their day-to-day operations
  3. Settlement status on the transaction page: It is important for businesses to know which transactions have already been paid for and which are still pending
  4. International payments: Answers to questions regarding the settlement cycle of their international payments and service fees on the same are crucial for businesses
  5. Route settlements: Companies organized in a parent/child network or partner network should not find it very difficult to keep a track of how much each entity will be paid and by when

Settlement UX changes

To equip our merchants with the armor to handle these challenges, we’ve made the following UI/UX enhancements on the Razorpay dashboard:

Transparency on upcoming settlements 

  • The amount and date for your next settlement will now be visible on your Home page, Transactions page & Settlements page
  • This is the go-to metric for businesses of any size to quickly assess when their next settlement will happen and how much will they be paid

Settlement cycle in the ‘My Account’ section

  • New to Razorpay and want to check what your default settlement schedule is? This information is readily available on the dashboard. No need to reach out to the support team
  • Want to start accepting international payments? Check your international settlement schedule through your dashboard to better manage your cash flow

 

Settlement status for each and every transaction

  • No more confusion on which transaction you have received payment for and which is still pending
  • This feature also provides visibility on service fees paid to Razorpay

The above changes will significantly enhance visibility on settlements and provide our merchants with the information they need to efficiently manage their working capital. 

An essential quality of a payments solution is the ability to scale to meet the growing demands for our customers. Transparency in settlements is another endeavour by us to give you the best payments infrastructure.

Are you ready to simplify the way you accept online payments? Sign up on Razorpay if you haven’t and leave all your payment worries to us!