About CheQ Digital
CheQ Digital, a FinTech venture based in Bengaluru, has been on a mission to reshape the digital credit services landscape.
Founded in 2022 by Aditya Soni, CheQ Digital has rapidly gained traction within the financial technology sector. With a commitment to empowering users to make informed and effective decisions regarding their credit utilization, CheQ Digital has quickly garnered attention for its innovative solutions and user-centric approach.
As the business grew, it encountered difficulties in streamlining payments. The overdependence on one bank terminal was challenging, as their payments traffic continued to grow. Cheq wanted a payments solution that not only exposes them to multiple payment providers but also reduces transaction failures and PG downtimes.
That is when, the team at Cheq started ruling out their payment challenges using Razorpay Optimizer, and the rest was history!
The Challenge
CheQ relied on UPI for a significant chunk of its payment traffic through a single Payment Gateway. This meant that any disruption on the PG would have a huge negative impact on revenue. As it turned out, the limited availability of alternative payment gateways did lead to poor customer experiences and affected their success rates.
Additionally, the absence of a robust solution for effectively routing transactions to the appropriate payment gateway emerged as a critical concern for CheQ. With this becoming a hindrance for a rapidly growing company, the team at CheQ Digital recognized the need for a payments routing solution that enabled them to seamlessly work with multiple payment gateways, avoid downtimes, and safeguard their UPI transactions.
The Solution
Razorpay Optimizer came as a helping hand for CheQ Digital. Upon onboarding on Optimizer, CheQ was able to reap three distinguished benefits from day 1.
- Unified dashboard for payment tracking
CheQ experienced enhanced efficiency in monitoring settlement and transaction details from external payment gateways through Optimizer. Optimizer’s Single view automated reconciliation helped them get consolidated payment reports from all PGs and Fastrack decision-making. This also enabled their finance team to save over 8-10 hours weekly in payment operations.
- Maximized Success Rates on transactions
Optimizer’s robust AI/ML routing significantly empowered CheQ in optimizing its payment gateway utilization. The dynamic routing feature enabled the team to write payment logic and route transactions to the preferred payment gateway. This control enabled them to write cost-based rules that helped them save money. Additionally, Optimizer’s Priority routing feature detected payment gateway performances, and routed transactions to PGs payments wouldn’t fail.
- Simplified and easy integration
CheQ Digital experienced enhanced flexibility in handling their high UPI traffic by seamlessly using multiple payment gateways through a single-click integration on Optimizer. This streamlined their payment processes and resulted in substantial time savings, eliminating the need for coding and reducing the integration timeline from 8 to 10 weeks to a simple one-click operation.
About Razorpay Optimizer
Razorpay Optimizer is the force behind a secure payments future. If your business works with multiple payment gateways and is looking to maximize payment success rates, mitigate downtime, and reduce costs, Optimizer becomes an indispensable choice for you. Our payment intelligence gathered over the last few years birthed our robust AIML models that give you a cutting-edge benefit over any other payment router in town.
