How to Select the Right Payment Solution based on Features & Benefits

Choosing the right payments solution that supports your unique business case can be quite difficult and demanding. And, this is especially true if you have more than one use-case for your business. So, without further ado, let’s talk about the different payments solutions that you can opt for from the Razorpay product suite. To get there, let’s go through some basics.

What is a Payments solution?

A payments solution refers to a system or service that enables individuals, businesses, and organizations to send, receive, and process monetary transactions electronically. It provides a convenient and secure way to transfer funds between parties involved in a transaction, whether it’s for goods, services, or other financial obligations.

[Suggested read: What is a Payment Gateway and How Does it Work]

What is the need for a payments solution?

If you’re an online business, you know for a fact that you have to accept payments from your customers. In today’s time and age where cash is simply not the best option; choosing the right payments solution is your way to go. And, it comes with a multitude of advantages.

1. Enhance online payment experience

Consumers prefer convenient online payment options like cards, UPI, and EMI for their purchases, disrupting traditional cash transactions in e-commerce.

2. Streamline purchase process

Online payments ensure quick processing, confirming genuine buyers and improving cash flow for businesses.

3. Gain valuable insights

Utilize a payments solution to capture customer data, analyze transactions, and make informed business decisions. Access real-time statistics and generate customizable reports.

Expand globally: With the right payments solution, effortlessly accept international payments, increasing revenue streams and facilitating currency conversions into the base currency.

    [Suggested read: How to Choose the Best Payment Gateway for Your Business] 

Razorpay’s payment solutions for your business case

Let’s explore various payment solutions and their applicability to your business.

Razorpay, a leading payments solution in India, offers a comprehensive suite of products to accept, process, and disburse payments. It supports diverse payment modes such as cards, UPI, and mobile wallets.

For your specific business needs, Razorpay provides tailored payment solutions. It is crucial to select a payment solution that aligns with your unique requirements.

Payment Gateway – All payments on website and app

Razorpay Payment Gateway works best to accept payments on your website or app. The PG easily integrates with your system while providing you with a completely online onboarding experience. 

Features of Payment gateway:

1. Accept all payment modes – From domestic to international, Razorpay supports the most extensive set of payment modes. Credit cards, debit cards, UPI, EMI, mobile wallets, and netbanking. You name it. We got it!
2. Checkout and global card saving – Say goodbye to asking your customers over and over to provide their payment details. 
3. Developer friendly – Razorpay PG offers robust, clean, and developer-friendly APIs, with plugins and libraries for all major languages and platforms.
4. Learn: Boost your conversions with Flash Checkout Provide your customers with a seamless payments experience with Razorpay Payment Gateway.

Payment Links – Create & send links to accept payments

Businesses sometimes face the problem of upfront money collection and delayed payments from their customers. This can severely affect cash liquidity. Razorpay Payment Links is your way to go to steer clear of this problem.

Features of Payment Link:

1. Batch upload – Create and share Payment Links for hundreds of your customers in one go by uploading a .csv or .xlsx file with customer and payment details. Save time and effort in issuing Payment Links with reduced manual errors.
2. Partial payments – Provide your customers with the flexibility to make payments in parts against large orders, as an upfront token amount or an advance payment instead of making the entire payment at once.
3. Create Payment Links on the go – Razorpay’s free browser extension helps you create and share Payment Links via email, Whatsapp, Facebook Messenger and other online channels with ease.
4. Tidbit: Payments fail for various reasons. And, Payment Links works best to help your customer go over the transaction again. Simply create and send the Payment Link over SMS or email.

     [Suggested read: Why do Online Payments Fail?]

Also Learn:

• How E-commerce Companies can Reduce Abandoned Carts            
• How You Can Convert Cash-on-Delivery Customers Into Digital Payers

Getting paid is simply a Link away!

Payment Pages – Customized, hosted pages to collect payments

Offering online payments to your customers can sometimes be daunting. Creating a website, hosting it, integrating a payment gateway may consume too much of your time and resources. Razorpay Payment Pages is specifically designed to accept payments online, even for a business that doesn’t have a website or an app.

You can effortlessly create a Payment Page in less than 5 minutes, go live and start accepting payments from your customers, without any support. Create your own Payment Page from scratch or choose from one of the templates that are already available to you.

You can customize this Payment Page to suit your branding by including your logo and your brand colors.

                               Learn: How Razorpay Payment Pages can enable your business

See it, believe it the Payment Pages demo [https://pages.razorpay.com/schindler]

A few use-cases for Payment Pages

To further help you understand how Payment Pages can be used, here are some use-cases.

1. Events and tickets – Our hosted Event Registration Payment Page is a quick and efficient way to register event attendees online. 

                    Learn: How to Sell Event Tickets Online Without a Website

2. Accept donations – Razorpay’s hosted Donations Page is the way to go if you’re raising money for a good cause. This saves you valuable time, allowing you to focus on the cause. 

                    Learn: Accept Donations the Easy Way

3. Sell products – Take orders around the clock using our Online Order template.

                   Learn: Sell Online Without a Website

4. Fee collection – Collect fees within seconds with our hosted form, without any paperwork. Let’s worry about simplifying payments for you!

Subscriptions – Collecting recurring payments made easy

Many companies are turning towards subscription models to reduce periodic collection cost, increase monthly recurring revenue, reduce churn, and offer a better user experience.  With Subscriptions Platform, you can offer your customers plans with automated recurring transactions on many payment modes.

[Suggested read: Subscription Economy: Business Impact of Rapidly Changing Consumer Needs]

Features of Payments for Subscriptions:

1. Run on autopilot – Link your customer to a plan, create a subscription, and leave the rest on autopilot to work best for you.
2. Easy Reporting – Track all your subscriptions and make informed decisions using dashboard reports.
3. Handle edge cases – Razorpay takes care of all scenarios such as declined card, retries on a failed transaction, change of card, etc.
4. Own customer experience – Personalise the customer experience by communicating the subscription status and prompting the next steps.

More benefits of Subscriptions

You can onboard subscribers for your services from all around the world. Razorpay’s Subscriptions supports 100 currencies!

1. Offer your customer the option of a trial period with a subscription plan that automatically starts charging at the end of the trial period
2. Charge your customers a one time fee at the time of creating subscription before the actual billing starts
3. Add charges easily for any overhead expenses, extra services used etc. in the billing cycle
4. Allow your customers to upgrade or downgrade their subscription plans anytime they want, with proration
5. Offer your customers a variety of payment methods to choose from for the subscription. Subscriptions supports credit cards, debit cards, e-mandate, and more.

 Keep your customers coming back for more with Razorpay Subscriptions.

Smart Collect – Automate NEFT, RTGS, IMPS payments

Does Your Business Collect NEFT/RTGS Payments? If so, you’d know that reconciliation is a huge problem – it’s manual, tedious, time-consuming and error-prone, leading to poor accounting of cash flows. 

Razorpay Smart Collect is a powerful system to easily automate reconciliation for NEFT/RTGS payments through a real-time Customer Identifier and Virtual UPI ID system. Create as many Customer Identifiers as you want and receive one or many payments per Customer Identifier. Easily customize these as per your business use case.

Features of Smart collect

1. One time payments – Accept a single, large payment from a customer via NEFT, RTGS or IMPS. Close the account as soon as you receive it. 
2. Regular payments – Create dedicated Customer Identifiers for each customer and easily keep track of each incoming payment.
3. Event-based payments – Create unique Customer Identifiers for each campaign, efficiently segregating the incoming payments for maximum control and visibility. 
4. Seamless Refunds – Send out full or partial refunds to customers via Dashboard & API and your customers will receive it directly in their bank accounts. 
5. Custom Account Numbers – Create account numbers the way you want. Highlight your company name or assign account numbers specific to customer IDs or any other custom fields.

Benefits of using Razorpay Smart Collect

• Generate Customer Identifiers and Virtual Payment Addresses on-demand and accept payments via bank transfers or UPI
• Create unique VA and VPA tagged to individual customers
• Manage payments through Merchant Dashboard or via API
• Real-time payment notifications via Webhooks
• Instantly refund payments. Improve customer experience and trust by cutting down refund period from 3 business days to a few minutes

Popular business use cases

1. Fee Collection – Accept payments with multiple payment modes to a Customer Identifier
2. Loan Repayment – Accept multiple loan repayments 
3. Payments for Investments Plans – Receive payments towards investment plans
4. Insurance Payments – Accept payments of insurance premiums periodically

Invoices – Get paid on GST compliant invoices 

Let your customers know what they are charged with a detailed breakdown of the expenses, including price, taxes, and discounts. Provide your customers with accurate information and yourself faster access to funds through online payments.

Razorpay Invoices provides customers with a seamless buying experience through beautifully designed invoices that speak your brand language.

Features of GST Invoices

1. GST compliant – Add GST, discounts and shipping details, all in an invoice and let our invoicing solution do the calculation for you.
2. Partial payments – Enable partial payments for your customers at the time of invoice creation directly from the dashboard
3. One time effort – Save time and effort on entering the same line item again, instead, save it as a template and use it across invoices
4. Download Option – Let your customers save and download a .pdf version of invoices for future reference. With Invoices, you can create and send GST compliant invoices that your customers can pay online instantly.  Get paid faster and improve your cash flow.

What more?

If your business has a very unique use case, you can try a combination of products to help you meet your goal. All you have to do is let us know and we’ll figure things out for you.

[Suggested read: 7 Reasons why Razorpay is Right for You]

End of the road

And, there you have it! All of Razorpay’s payments solutions to accept payments from your customers, broken down to understand what kind of product you would essentially use for your use case. What are you waiting for? Get started now!