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!

Digital Payments in Delhi Grew by 235% in 2019 – The Era of Rising Fintech

Here we are with our 4th edition of ‘The Era of Rising Fintech’!

2019 was particularly a good year for fintech. Many innovations contributed to India becoming one of the most advanced countries in terms of digital payments. With the new year kicking in, we wanted to bring you a few insights on how India carries out digital transactions. 

As Razorpay oversees enormous volumes of digital transactions from all over the country, we were able to derive these insights based on how Indian businesses accept payments from their customers. Further, we also analysed how Indian consumers transact. 

All findings in this report are based on digital transactions made on the Razorpay platform from January 2018 to December 2019.

Here are a few nuggets:

  • Demand for digital payments have been at a consistent rise – 338% from 2018 to 2019
  • Bangalore was the most digitised city in 2019 with a contribution of 23.3% of the total digital transactions carried out in the year, followed by Delhi and Hyderabad at 10.4% and 7.4% respectively
  • UPI overhauled netbanking, cards, and other digital payments in September 2019, becoming the most preferred payment mode in India for the very first time
  • UPI also saw the highest growth at 885% in 2019 from 2018

Growth of digital payments in India

We enable payments of over 800,000 merchants from all over India. We studied all the P2M (Person to Merchant) transactions made in 2018 and 2019 throughout the country. Here are a few points that are mention-worthy.

  • Karnataka pitched in the majority of digital payments in both 2018 and 2019, at 30.7% and 24.6% respectively
  • After Bangalore (23.3%), Delhi (10.4%) and Hyderabad (7.6%) were the most digital payments friendly cities in 2019
  • In 2019, UPI exceeded its previous contribution at 38%, eating into cards’ share while credit and debit cards collectively contributed 46%
  • Google Pay’s reign continued through 2019 at 59%, becoming the most preferred UPI app of all time
  • Top sectors in 2019 were food and beverage (26%), financial services (12%), and gaming (8%) industries
  • Lending, mutual funds, and insurance were the top three verticals in the financial services industry, contributing 83%, 9%, and 8%

The Era of Rising Fintech – Delhi edition

In our last report, we focused on Hyderabad and its growth towards becoming one of the advocates for digital payments. Our star for the 4th edition is Delhi. 

We pooled in the transactions carried out in Delhi during 2018 and 2019 and inferred these insights.

  • Digital payments in Delhi saw a huge spike at 234.97% from 2018 to 2019 
  • In 2019, cards were mostly preferred for digital payments at 64% over netbanking and UPI 
  • UPI contributed 12% of the total digital transactions made in 2018, but saw a rise in adoption and usage in 2019 at 20%
  • Google Pay was the #1 UPI app in Delhi throughout 2018 at 39%, as well as 2019 at 50%
  • Amongst wallets, Ola Money (27%) was mostly used, followed by Amazon Pay (25%)

What we can expect in 2020

We, at Razorpay, love numbers. Over the years, we have spent long hours analysing numbers to draw insights, patterns, and trends. And, based on data and research, here’s what we can look forward to this year.

Trust is something fintech did not immediately win over from Indian consumers. But, with innovations that have made payments easier and much more secure, we believe more and more consumers will trust fintech, resulting in more innovations in 2020. 

We predict that this trend will continue in 2020, where UPI will thrive as the most preferred payment mode.

We also believe tokenisation of cards will cause the next big wave this year, helping credit card frauds go down. Also, consumers and businesses will become more aware of what neobanking is and how it can simplify financial operations. 

We can also expect the potential launch of next-gen NEFT that can lead to a higher degree of automation and features that conform to the global standards.

End of the line

India is becoming one of the leaders in fintech and digital payments. While tier 1 cities contributed to this growth, we are very excited to see tier 2 and 3 cities jumping on the bandwagon. 

Let’s meet again in our next edition of The Era of Rising Fintech, with insights about a whole new city!

fintech report razorpay delhi

Turnover of Over Rs 50 Crore? You Now Need to Accept Payments Using RuPay & UPI

The Indian government’s push for a digital economy is very much real. In the past couple of years, we have seen numerous endeavours from the government to drive the adoption of digital payments. The recent removal of MDR charges on transactions done using UPI and RuPay is a case in point. 

Coming on the heels of this move, the Central Board of Direct Taxes (CBDT) released a notification under Section 269SU that aims to increase the use of UPI and RuPay for business-to-business (B2B) payments. And why not? UPI has grown by leaps and bounds in the consumer payments space. Google Pay, PhonePe are now common household names and synonymous with P2P money transfers. It makes sense that the convenience and speed of UPI payments be utilized by businesses as well.

Hence, as per the government’s latest notification, businesses with gross receipts of more than Rs 50 crore need to provide the facility to their customers of making payments through UPI, UPI QR codes and RuPay debit cards. 

Here’s the circular for your reference.

Source: IncometaxIndia.gov.in

This notification under Section 269SU came out from the Central Board of Direct Taxes on 30th December 2019. It set the deadline of 31st January 2020 for businesses to install this facility into their systems. The penalty for not meeting this deadline has been set as a fine of Rs 5,000 per day from 1st February 2020 onwards.

The nitty-gritty of the notification is that the rule has to be followed by businesses where the turnover exceeds Rs 50 crore in the immediately preceding fiscal year. Besides any electronic payment modes you may already have, every applicable business needs to mandatorily also support:

  • Debit card powered by RuPay
  • Unified Payments Interface (UPI) (BHIM-UPI)
  • Unified Payments Interface Quick Response Code (UPI QR Code) (BHIM-UPI QR Code)

UPI and RuPay are both properties of the National Payments Corporation of India (NPCI). Apart from promoting digital payments within the country, the government also aims to increase the adoption of state-sponsored payment infrastructure through the adoption of UPI and RuPay.

As mentioned earlier, UPI has seen immense rise in usage all through 2019. It contributed to 37.7% of all digital payments through 2019 on the Razorpay platform. While most of this contribution came from the B2C space, we believe that UPI has great usability in the B2B space as well.

How to accept B2B payments in UPI and RuPay

Coming back to the CBDT notification, with the 31st January deadline looming, the best way for businesses to fulfill the notification would be by integrating with a payment platform like Razorpay.

A payment gateway is a system that is designed to handle end-to-end payments. A payment gateway, when integrated with a business’s website or app, allows the business to accept domestic as well as international payments through all electronic modes. This includes netbanking, credit cards, debit cards and the notification’s requirements of UPI and RuPay. 

The best part about the Razorpay Payment Gateway is the ease of integration. With well-documented SDKs, RESTful APIs and support for popular plugins, getting onboard with Razorpay Payment Gateway will be a breeze to help your business meet the government’s deadline.

Features of Razorpay Payment Gateway:

  • Quick onboarding and integration
  • Developer-friendly APIs and plugins
  • PCI-DSS Level 1 security
  • Support for all payment modes 

The other options that your business can explore are Razorpay Payment Pages and Razorpay Payment Links. Payment Pages allows you to build a custom-branded page to showcase your brand, products and services, and accept payments on the go. 

Features of Razorpay Payment Pages:

  • No coding required
  • Go live in minutes
  • Meet your brand guidelines
  • Create a memorable URL

razorpay payment pages

With Payment Links, your business can send individual links to customers through email, SMS, chatbots and messengers. The recipient has to just click on the link to make the payment.

Features of Razorpay Payment Links:

  • Customise to your brand guidelines
  • No coding required
  • Automate through powerful APIs
  • Get started instantly 

razorpay payment links

Both Payment Pages and Payment Links support all payment modes, including the ones stipulated in the notification, that are supported by our Payment Gateway. If integrating with the Payment Gateway would be difficult before 31st January, then the best bet for your business would be to set up a Payment Page and fulfill the government’s ask in a matter of minutes. 

The CBDT notification under rule 119AA has come into force under the Income Tax Act from 1st January 2020. If your business exceeds the turnover of Rs 50 crore, you should get the facility to accept UPI and RuPay payments right away. Write to us at enterprise@razorpay.com to expedite the process through our banking partners.

The Easiest Way for Freelancers to Accept Payments Online

Accepting payments for freelancers

The definition of a dream job is not what it was a few years ago. Gone are the days when a “dream job” was working in a nice office or a well-established company. Today, the so-called dream job is to freelance. It’s to do one’s own thing and work on one’s own terms. 

It’s not surprising then that the Indian workforce is swapping the security of a 9-to-5 job for the flexibility of freelancing. Millennials and Indian workers facing significant lifestyle changes such as motherhood or adapting to newer lifestyle choices like working remotely have started to adopt more flexible and empowering ways to work. 

Here are some statistics that paint a clear picture – 

  • It is predicted that freelancers will contribute to 50% of the nation’s workforce volumes by 2025
  • The Indian freelance market size is estimated to touch USD 25 billion by 2025
  • 60% of Indian freelancers are under the age of 30 years today
  • On average, Indian freelancers work up to almost 40 hours a week; 160 hours a month
  • The average income of freelancers across India is Rs 20 lakh per annum; 23% of them make over Rs 40 lakh per annum

However, despite the fast growth and healthy predictions for the future, the reality is that freelancers and unregistered businesses within this ecosystem are facing numerous challenges. 

Problems freelancers face

While talking to our existing merchants as well as the potential ones, it came as a surprise to see the kind of hassles these users were facing and the need to build a unique solution for them. Here are the top problems that the unregistered businesses face on a day-to-day basis:

Lack of knowledge around GST  

To some, it seems that GST is just for registered businesses but nothing could be farther from the truth. Unregistered businesses and freelancers also come under GST laws. This raises the demand for freelancers to create GST-compliant invoices. 

Freelancers are usually required to raise GST-ready invoices for their customers and their lack of knowledge in creating these invoices becomes a real challenge in the way they accept money.

Irregular & late payments

For freelancers, payment cycles are always irregular and this can create an unpredictable financial crunch. To make things worse, freelancers often have to deal with late payments and in some rare cases, clients renege on payment commitments. In fact, studies show that 58% of freelancers have experienced not getting paid at all for their work. They end up spending inordinate amounts of time following up with clients for unpaid dues. 

Inability to showcase their brand

Branding isn’t just for large organizations or registered businesses. Branding is the secret sauce that aids in the success of a business of any size. And for freelancers, this becomes more important than ever.

While most freelancers have a basic social media presence, they lack the technical know-how to be able to amplify their digital brand presence through websites and customized landing pages. 

This creates a significant difference in the perceived value that a freelancer brings to the table compared to a registered business. 

Absence of seamless digital payment solutions

The most common way for freelancers to accept money today is through cash or bank transfers. In both cases, management and reconciliation becomes a big headache, this problem is especially more pronounced for unregistered businesses that have large customer bases or handle significant volumes. Think of a homepreneur who sells homemade pickles around town – reconciling payments received could take up a significant part of their time, which could be better spent on growing their business.

A holistic solution for freelancers to accept online payments

We are more excited than ever to announce the launch of our much-awaited product – Razorpay for Unregistered Businesses. Whether you are a freelancer, teacher, boutique owner or a professional, now accepting payments is going to be easier than ever. We promise!

Our research of the freelancer universe-spanning our existing customer base, social media and platforms such as Product Hunt has unearthed insights that we have channelled into our new product offering. 

Presented below are the key elements of our new product – 

Payment Links for quicker settlements

  • Say hello to accepting payments via WhatsApp, email, Instagram, Facebook, SMS & more
  • Send quick payment reminders and accept recurring payments

accept payments via social media

An instant personalised page for better conversions

  • Create a storefront with zero-coding and start selling, even if you do not have an app or a website
  • Add this Payment Page to your Facebook, Instagram or any other social media page and accept online payments instantly

create a payment page

One-stop solution for easy GST-ation

  • Just add GST, discounts and shipping details to a single invoice and the calculation will be done automatically for you
  • Send these invoices through any channel and get paid via credit/debit cards, netbanking, UPI & wallets 

GST invoicing

Does this look like a tool designed for you? Sign up today and get started in a matter of minutes.

At Razorpay, all we do leads to a single aim: asking our customers to leave their payment worries to us while they plan and unlock growth for their business. With this launch, we are looking to empower the gig economy to work better, faster and more efficiently. 

Freelancing is no cakewalk and we’re here to help you ride over the bumps with ease.

Get started with Razorpay 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

Build Your Own Online Store with Razorpay Payment Pages

razorpay payment pages build your own online store

Today, most Indian consumers rely on online stores to make their purchases. With online commerce penetrating the Indian market by 74%, close to 329.1 million people are projected to buy goods and services via online stores by 2020.

With that being said, we can all agree with the fact that there’s a massive rise in online stores in the e-commerce industry today. But, we simply cannot put aside the problems these stores face. Amongst choosing the right niche and profitability, most small online businesses face trouble with infrastructure. 

From building a solid, functional website, hosting it, all the way to integrating the right payment gateway, online businesses fall back on these basics that can really help them click. 

It’s also difficult to understand complex documentation with off-the-shelf e-commerce plugins or to find alternate solutions as they can be very pricey and time-consuming.

If you run an online business trying to set up your online store, or if you’re a freelancer trying to build your website so you can sell your products and services, then you know what we’re talking about. 

So, how do we make this process effortless? 

Razorpay Payment Pages – collecting online payments just got easier!

No need to build your website and host it. No need for a payment gateway integration.

Payment Pages is specifically designed to accept payments from your customers, even if you don’t have a website. You can easily create a storefront for your online store in less than 5 minutes and start accepting payments from your customers from all over the world, in 100 international currencies. And, this requires absolutely no coding experience or support.

Razorpay Payment Pages build your own online business

In just about six months, Payment Pages took off and skyrocketed, enabling payments for numerous small and medium-sized (SME) businesses. The response we received was truly overwhelming. While being so, our customers also made multiple requests for a small tweak here and there so that Payment Pages would be an absolute match for their business use-case. 

  • In just about two months, more than 5000 businesses started using Payment Pages
  • By the end of 6 months, we saw a 114% uptick, powering over 11,000 online businesses
  • 89% of businesses said it significantly brought down their tech efforts
  • 63% of freelancers said accepting payments became much easier
  • 84% of businesses without a website said Payment Pages helped them retain their brand image
  • 93% of businesses also said their customers had a seamless payment experience 

At Razorpay, we believe we can empower businesses to meet their fullest potential. While Payment Pages was already contributing towards our belief, we knew we could help these online businesses so much more.

Although the use-cases are different from one business to another, we tried accommodating as many requests as we could.  

What’s new with the updated Payment Pages?

With the update, Payment Pages is now much more functional than ever! The new power-packed features enable your online store to collect payments seamlessly, while you focus on providing your customers with brilliant user experience.

Multiple listings

List any number of products/services you wish to sell on your Payment Page, along with images and descriptions for each one of the items you list.

Smarter purchase controls

Have control over the minimum or a maximum number of products your customers can buy, set a minimum amount your customers can donate, and more.

Razorpay payment pages

Reordering input fields

Move the input fields/items on your Payment Page to arrange newer items or frequently purchased items higher by simply dragging them up or down in your list of items.

New input fields

Select from the many input fields supported by Payment Pages to capture customer data. From alphanumeric input fields and email address to PAN number and PIN code, select the right input field to ensure proper validation. 

build your pwn online store with Razorpay payment pages

Intuitive reporting

Get detailed insights for each item sold, based on real-time transactions from the dashboard to help you make better business decisions.

razorpay payment pages

Dynamic mobile experience 

Provide your customers with a dynamic, on the go mobile payments experience while giving them the option of choosing from many payment modes.

build your online store with Razorpay Payment Pages

Embeddable Payment Request button

If you already have a website but no Payment Gateway integration, simply embed the Payment Pages CTA button where you want to call for action. On click, your customer will be taken to the respective Payment Page.

Redirecting your customer

While you can customize the text on the CTA, you can also redirect your customer to your merchant page. Or, you can simply show a custom message to let them know the payment was successful.

How to build your Payment Page

Step 1: Login to your Razorpay Dashboard and navigate to “Payment Pages”

Step 2: Click on “+ Create Payment Page

Step 3: Choose your template from the ones that are already available, or create your own

Step 4: Fill in the details of your product/service/event and add pictures and videos of the same

Step 5: Click on “Add social media share icons” to enable social sharing

Step 6: In the “Payment Details” section, add the required input fields, product, and images, and customize them. You can also reorder the fields by dragging them wherever you need

Step 7: Click on “Save and publish

Share your online store’s Payment Page on various channels

Payment Pages can be shared with your customers on Facebook, Instagram, Messenger, WhatsApp, Twitter, and more!  Let’s take a look at how most online businesses and freelancers share Payment Pages on various channels.

razorpay payment pages online store

How online businesses use Payment Pages – popular use cases

Although the use cases for Payment Pages are many, tickets and events, donations, fee collection, and online product sales have been the predominant ones.

razorpay payment pages

Learn how you can

See it to believe it!

Experience how your Payment Pages powered online store works! Check out the demo.

What our customers have to say

online store razorpay payment pages

The upshot

Razorpay Payment Pages has truly stood up to our tagline: #PoweringDisruptors. Forget the hassle of going through with building and maintaining a website when we will do it for you!

Payment Pages boasts of over 11,000 customers as of October 2019, with the likes of Swiggy, Decathlon, BloombergQuint, Goonj, Brigade Homes Group, and Innov8, among others. 

 

Ready to Start Accepting Payments Online?

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