Although credit cards are currently the preferred payment method for online consumers (42% prefer this method), electronic payment is not far behind, representing 39%, according to data from Statista. Its importance will be greater in the coming years, and that is why e-commerce looks closely at platforms as innovative as Razorpay.
The growth prospects for online payments are excellent. According to a Capgemini study published on CNBC, the volume of digital payments made in the world will reach 726 billion dollars in 2020. In this context, many innovative platforms have emerged in response to the growing demand for online payments: Payza, Android Pay, Bizum, Apple Pay, Twyp, etc.
Razor’s payment gateway is one of the most ambitious in its sector. Its founders, Harshil Mathur and Shashank Kumar, had the investment support of giants such as MasterCard, Tiger Global or Matrix Partners, so we are dealing with a platform that since its inception proved its value, quality and relevance for the future of this sector.
But what are Razorpay’s advantages over its competitors, is it a secure platform, is its integration with iOS and Android simple, can it be used via mobile devices, what facilities does it offer to developers and other ecommerce professionals? In the following lines we will answer these and other questions of interest.
What is Razorpay and why do more and more ecommerces decide to implement it?
Not all online payment providers are American or European. Asia has joined the fight to dominate this sector, with different platforms and services that have little to envy of PayPal, Payoneer or Skrill. If Japan has Line Pay and Thailand has Omise, India has Razorpay, an interesting online payment solution that allows you to receive and make payments quickly, securely and efficiently.
Headquartered in Bangalore, India, Razorpay was born with the goal of allowing companies and ecommerces to accept and process payments through APIs. Its technology and UX is focused on improving the user experience, to minimize frictions in checkout processes, responsible for the high rates of abandonment of shopping carts in e-commerce (70-80%, according to various studies).
The Razor payment gateway is compatible with credit and debit cards, bank transfers and ewallets as popular as Mobikwik, Airtel Money or PayZapp, among others. Razorpay can also be integrated into web applications and smartphones.
As for the operation of Razorpay, this platform provides an API to companies, with integration processes very easy for their developers. Thanks to this API, access to Razor’s checkout and the issuance of online payments is facilitated through any of its available payment methods: credit/debit cards, ewallets, etc. Its compatibility with the main e-commerce platforms and with back-end systems and developments makes Razorpay very attractive.
In addition, Razorpay does not aspire to be a clone of many other online payment platforms. It includes several features and functionalities that are surprising for their innovation. A good example is the Payment Links, links that can be shared by SMS, e-mail and other messaging systems and that facilitate the receipt of payments.
On the other hand, sending and receiving GST-compatible invoices is easy and fast at Razorpay. In addition, thanks to the presence of payment links integrated in the invoices, commercial transactions are faster, more convenient and efficient.
For the most sceptical companies and ecommerce with Razorpay, this platform offers a test mode option, which allows you to use all its services and check their quality before deciding to implement it definitively.
Knowing Razorpay in depth: 5 very interesting features of this new epayment
Accepting and sending international payments through Razorpay quickly and efficiently is not the only advantage of this platform. Its most interesting features include high quality checkout processes, a control panel with optimal usability or the ease of integration with Android and iOS. These and other attributes of Razorpay are discussed in more detail below:
Quick, visual and easy to integrate checkouts
From a technical point of view, its high quality means that no redirections are needed to make payments (as happens with PayPal, for example). The process starts and ends on the ecommerce page, without annoying redirects to other websites. Only in a few cases does a pop-up window open, but customers remain on the ecommerce site.
As if that weren’t enough, the checkouts of this Razor payment gateway are compatible with the 3-D Secure protocol, designed in XML to offer additional security in online monetary transactions through credit and debit cards. As will be revealed later, security and privacy occupy a prominent place in Razorpay.
Multiple payment modes
Another of Razorpay’s most outstanding attributes is its wide range of payment methods. The main cause of shopping cart abandonment is a low number of payment options, which has a negative impact on the user’s experience, thus damaging ecommerce sales.
The creators of Razorpay took this fact into account when offering multiple payment options. This platform works effectively with the following options:
- Credit and debit cards. As mentioned above, credit and debit continue to be the most widely used payment methods, and therefore could not be missing among the options available at Razorpay.
- Bank Transfers. Razorpay allows you to receive payments through more than 50 international banks, an astonishing number even for the highest level of epayment.
- eWallets. With Razorpay, it is possible to receive payments from customers through the main virtual wallets in the market. MobilKwik, Airtel Money, OlaMoney, Amazon Pay, FreeCharge or PayZapp are among the ewallets accepted on this platform.
- Unified Payments Interface (UPI). European and American companies and brands are unfamiliar with UPI payments, a real-time instant payment system developed by the NCPI (National Payments Corporation of India) and endorsed by the Reserve Bank of India.
- Equated monthly installment (EMI). This modality allows customers to pay a service by monthly instalments in an easy and secure way. NGOs and certain service companies will be satisfied with Razorpay’s payment option.
Easy integration into mobiles
Various reports and statistics have shown that mobile traffic already surpasses computer traffic. These users are becoming more and more important in e-commerce, which is why the integration of Razorpay into iOS and Android shines especially brightly. The SDKs used by this platform are notable for their low weight (about 100 KB), with automatic updates and other interesting features.
Very competitive commissions and tariffs
In addition to offering a first class service, Razorpay also stands out for having very competitive commissions and rates, adapted to the needs of startups, small businesses and ecommerce giants. Among the plans available on this platform, we can mention:
- Standard Plan. Designed for emerging businesses and small and large companies, this plan has a 2% commission per transaction in the case of using credit and debit cards in India, UPI payments and ewallets such as Freecharge and Mobikwik. On the other hand, the use of international debit/credit cards has a higher commission of 3% per transaction.
The most notable features of the Standard Plan include chat and email support, JS Checkout, developer API, Mobile SDK, dashboard payment gateway and international payment options, among others.
- Enterprise Plan. Designed for companies and multinationals with a high volume of payments, Razorpay has designed the enterprise plan, with personalized prices that adapt to the sales and payment needs of each customer.
Among the main features of the Enterprise Plan, it differs from the Standard in 24×7 Urgent Support, online activation in 24 hours and other benefits designed for large companies, in addition to the advantages mentioned in the previous plan.
A very practical dashboard
For many, the Razorpay control panel is one of the great strengths of this platform. It allows you to manage each payment individually, access key statistics and review important metrics and statistics. Through this dashboard, it is also possible to process refunds and perform other functions in a simple way, thanks to a very intuitive interface, reminiscent of WordPress dashboard and other similar platforms.
Razorpay and its support and customer service
It is therefore not surprising that BMW, Pizza Hut, Zoho, Mercedes-Benz, Airtel and other well-known brands and companies use Razorpay. We are really before one of the most outstanding platforms of its market niche. However, having a good product or service is not a guarantee of quality, as safety, support and other aspects are of paramount importance.
Customer service at Razorpay is outstanding. The documentation and resource center for developers is very complete and useful. The FAQ page provides a clear answer to dozens of service-related questions. Undoubtedly, these informative resources save efforts to the sales staff, which is however available for any consultation through the following channels:
- Web form. In its support page (razorpay.com/support) it is possible to find a series of options to solve doubts, queries and problems: Track refund status, File a grievance and Raise a request. This last option allows us to make a personalized query, which should be answered in a short period of time. The customer service of this platform is 24/7.
- Telephone contact. Through the toll-free number 1800-123-1272 it is possible to contact the Razorpay team.
- Livechat from Razorpay. When accessing the website of this platform (razorpay.com) we will see in its lower right end the text ‘How can we help?’ accompanied by an icon in the form of speech bubble. Clicking on it is enough to talk to Razorpay’s staff through this fast way of contact, developed by HelpNinja.
- Contact in social networks. Razorpay has profiles on Facebook and Twitter, which means that interested parties can contact them directly through their messaging systems.
Furthermore, Razorpay encourages companies and brands interested in its services to visit its physical office in Koramangala. This demonstrates the transparency of its creators and their intention to establish closer and more humane links with their customers.
Is Razorpay a secure payment method?
Computer attacks have become a constant threat to companies and ecommerces. At the end of 2012 PayPal received a series of attacks from activists belonging to the Anonymous group, causing losses estimated at 3.9 million euros, no less. If a giant like PayPal can be vulnerable to cyber attacks, can we expect Razorpay to be infallible? The most honest answer is no, because there is no payment gateway that is infallible.
However, Razorpay endorses the cybersecurity section with a note. All your transactions are protected throughout the process of sending/receiving payment. Credit card information and personal data, for example, is sent and processed through a PCI DSS certified system via HTTPS. This is beneficial for ecommerces that do not have HTTPS protection, as Razorpay brings them added value.
In addition, this platform informs its customers that an internal security team works exclusively to ensure the security of each and every transaction. Thanks to these and other security measures, Razorpay complies with the PCI DSS (Payment Card Industry Data Security Standard) Level 1, which demonstrates the high security of this payment gateway.
Therefore, Razorpay is secure, and the process of creating an account stands out for its simplicity, as will be revealed in the following point.
How to create an account at Razorpay in 3 simple steps
Registering at the Razor payment gateway is a very fast process, which can be completed in a few steps. Thanks to the possibility of contracting a test without commitment, interested ecommerce will have the opportunity to check its quality without commitment. Registration takes place in 3 simple steps:
Step 1. After accessing Razorpay (razorpay.com), we will slide the mouse pointer over the ‘Sign Up’ button, which will show a field for the customer’s email. After filling in this field, we will click on ‘Sign Up’, which will redirect us to a second page.
Step 2. In this second page, we will have to fill in the fields with the requested data: Name and surname, email address, etc. An email with a unique ID will be sent to your email inbox. This ID allows Razorpay to validate the registration and give us access to your dashboard with a personalized email and password.
Step 3. In the dashboard, the last step is the activation of the account. For it, we will go to the left sidebar, where the options of the menu are, and we will make click in, click in Activation.
Razorpay, a platform designed for developers
Razorpay is a platform considered with developers. Another of the most outstanding aspects of this platform is the presence of documents and informative resources, SDK codes and other facilities, which make the life of these professionals easier.
Razorpay offers the following content and resources to IT development professionals:
- Informative documents. In one of the sections dedicated to developers, this platform has a list of manuals and informative articles on mobile integration in iOS, Andoid or React Native, checkout forms, etc..
- Resources SDKs and other codes. A collection of manuals and SDKs, plugins for ecommerce and codes such as PHP, Ruby or Python, which facilitate the integration of Razorpay in any ecommerce market.
- Razorpay API. Finally and most importantly, Razorpay has its own API (Application Programming Interface). Its use is indispensable to authorize and validate practically all the functionalities and options of this platform, as a protection system that seeks to provide an additional level of security.
Consequently, the integration of Razorpay in Android, iOS and other systems does not present great difficulties for professionals specialized in this technology. This advantage should not be underestimated. When a company wants to update its structure and payment system, it is not only looking for an optimal quality-price ratio; it also needs all possible facilities.
In addition to these informative resources, Razorpay also shines in the section of integration with hundreds of platforms and plugins. We especially value its compatibility with SDK platforms (Android SFK, Web Integration, iOS SDK, Ionic and React Native), plugins specialized in electronic commerce (WooCommerce, Magento, CS Cart, OpenCart, Shopify, Arastta, PrestaShop and of course WordPress) or the most used programming languages (Ruby, PHP, Java, Nodejs or Python).
What is the story behind Razorpay?
The founders of Razorpay are Harshil Mathur and Shashank Kumar, two former students of IIT Roorkee (Indian Institute of Technology at Roorkee University). These entrepreneurs started this project in 2013, and two years later raised $2.5 million in their funding campaign. Matrix Partners and private investors such as Justin Kan, Ram Shriram and Kunal Shah did their bit to get the project off the ground.
Several publications, such as Bloomberg, have echoed the success of Razorpay, considered to be one of the biggest fintech success stories in India. Due to the great growth prospects of this expanding economy, Razorpay has an astonishing margin for improvement.
Conclusions about Razorpay
In short, Razorpay is one of the most interesting payment methods on the market. Among the keys to its success is the presence of a support team committed to customers and companies, with a transparent and close way of working, in constant contact with the problems and needs of the online payment sector.
In short, what are Razorpay’s strengths? Let’s see:
- Its multiple payment methods make Razorpay a very attractive option for ecommerces, who can receive payments by credit card and debit card, bank transfers and by the main eWallets, without forgetting UPI payments.
- Razorpay’s 2% and 3% commissions are very competitive, with two plans to choose from (Standard Plan and Enterprise Plan) that adapt to the needs of each company.
- From the point of view of the developers, Razorpay is a very friendly platform. It has a large number of manuals and informative documents related to SDK codes, APIs, etc., which speed up its integration for programming and web development professionals.
At least in the Indian market, we can predict a very promising future for Razorpay. According to a report by Ken Research, the issuance of payments will exceed 8,172.7 trillion rupees in 2019. Today, this platform works closely with banks and commercial giants in your country to take online transactions to the next level.
For international ecommerce, it would be a mistake to underestimate the importance of this market or the qualities of Razorpay, an epayment that has nothing to envy of PayPal.