Choose 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 is a service that receives an online payment request from your website. It further validates the payment details of your customer and checks for sufficient funds in their account for them to make the purchase.  Then, the transaction is authenticated, and the funds are transferred from your customer’s account to your merchant account.

[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.

Provide good payments experience

Most consumers are getting exceedingly comfortable with online payments. If they’re getting a cab ride or going to the movies, online payments have pretty much disrupted e-commerce to a great extent. And, the payment process is quite simple too. Consumers prefer cards, UPI, EMI, and other payment modes over cash to make their online purchases. 

Most payments solutions provide multiple payment options for consumers to choose from. By choosing a payments solution, you provide a good payments experience to your customers by allowing them to pay online, using the payment mode they’re most comfortable with.  

Accelerate the process

When your customer chooses to pay online, you don’t have to wait a long time to start processing their purchase. This also confirms that they’re a legitimate buyer who’s interested in your product, and not conning you by simply placing an order.

Your customer need not wait too long to receive their purchase. Their transaction takes a few seconds to go through, resulting in a quick confirmation of their purchase. A payments solution also helps improve cash flow for your entire business.

Make informed business decisions

Using a payments solution allows you to have complete control over the customer data you’d like to capture, to better assess your business strategy. Further, you can manage all your payments, refunds, transfers, subscriptions, webhooks, invoices, and more, all in one place (dashboard).

Based on the transactions and captured customer data, you’ll be able to receive key statistics based in real-time. You also get access to insights that can help you make better business decisions.  With different views, you can easily generate customizable settlement and reconciliation reports. 

Open your business to the international market

Accepting payments not only locally, but internationally also becomes a cakewalk with the right payments solution. This helps you open revenue streams from many countries, helping improve cash inflow. 

A good payments solution also supports transactions in many different currencies, while converting payments into your base currency. All the payments you receive in foreign currencies are also settled in your base currency. 

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

Razorpay’s payment solutions for your business case

Alright, now that we’ve gone over the fundamentals, let’s jump right into understanding the different payments solutions, and how each one of them can apply for your business case.

Razorpay is the only converged payments solution company in India that allows your business to accept, process, and disburse payments via its product suite. With Razorpay, you have access to all payment modes, including credit and debit cards, UPI, and popular mobile wallets.

No matter what your business case is, Razorpay has a payments solution for you. Ideally, you’d want to choose the payment solution that supports your business case.

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!