In today’s fast-paced global market, exporters face unique challenges when it comes to collecting international payments. Managing multiple international bank accounts and sharing export payment details can be cumbersome, especially for those handling high-frequency orders. Razorpay’s new Public Account Pages provide a streamlined solution that simplifies this process, making payment collection easier and more trustworthy for exporters and their clients.
The Problem: Inefficiencies in Payment Collection
For exporters, managing international payments across different geographies involves a complex web of account details and banking protocols. Currently, most exporters have to share their account details for international payment systems like ACH, SEPA, FPS, or SWIFT transfers manually. This often involves creating individual payment links through a dashboard or copying account details and sending them via email, WhatsApp, or other chat platforms.
While this process may work for occasional international wire transfers, it becomes a significant challenge for exporters dealing with multiple orders daily. Creating numerous payment links or sending out multiple emails each day is not only time-consuming but also prone to errors. Additionally, communicating account details through chat can lead to misunderstandings and delays.
Beyond the operational challenges, exporters often face another issue with international money transfers: a lack of trust from buyers. Many exporters use smaller community banks in the US, which might not be well-known to their international customers. This can create a trust deficit, with buyers questioning the authenticity of the account details and, by extension, the legitimacy of the exporter. In some cases, exporters might only share the details of one account, such as a US ACH account, even though they have other local bank accounts (like FPS for GBP transfers) that could offer more convenience and lower fees for wide range of other global customers spread across the world other than the US.
Introducing Razorpay’s Public Account Pages
Razorpay’s Public Account Pages address these challenges by providing a centralized, static page where exporters can display all their connected bank accounts. This solution simplifies payment collection and enhances trust between exporters and their customers.
- Centralized Account Management
With Razorpay’s Public Account Pages, exporters can display all their bank accounts on a single page. Whether it’s USD (ACH), EUR(SEPA), GBP(FPS), or SWIFT payments, all connected accounts are shown clearly and concisely. Exporters no longer need to create multiple payment links or send countless emails. Instead, they can simply share a single link that customers can access anytime.
- Easy Sharing and Accessibility
The Public Account Page is designed for easy sharing. Exporters can include the link in their invoices, websites, and chat communications. Customers can bookmark the page for future reference, ensuring they always have the latest payment details.
- Automatic Updates
One of the standout features of Razorpay’s Public Account Pages is the automatic updating of bank account details. When an exporter connects a new local bank transfer rail, such as FPS for GBP transfers or a SEPA account for Euro transactions, the account automatically appears on the public page. This ensures that customers always see the most relevant payment options, tailored to their location and currency.
- Building Trust Through Razorpay’s Brand
Trust is a critical factor in international transactions. By using Razorpay’s Public Account Pages, exporters can leverage the trust and credibility associated with the Razorpay brand. Each Public Account Page prominently displays the “Powered by Razorpay” logo, reassuring customers that their payment is being processed through a reputable and reliable platform.
The Impact: Streamlining Operations for Exporters and Their Customers
Razorpay’s Public Account Pages offer significant benefits for exporters, customers, and the platform itself.
For Exporters
- Reduced Manual Work: No need to repeatedly share account details. The Public Account Page centralizes banking information, saving time on administrative tasks.
- Comprehensive Account Visibility: Displaying all compatible accounts ensures customers are aware of every available payment option, reducing payment friction.
- Increased Convenience for Repeat Customers: Regular buyers can easily access the Public Account Page, simplifying and speeding up repeat transactions.
For Customers
- Convenient Access: All necessary bank details are in one place, making transactions easier without needing to request information repeatedly.
- Confidence in Accuracy: The “Powered by Razorpay” logo reassures customers of the legitimacy and accuracy of the account details, building trust.
- Faster Payments: Instant access to correct bank details allows for quicker payments, reducing delays and enhancing the customer experience.
Razorpay Public Account Pages: A New Standard for Payment Collection
Razorpay’s Public Account Pages represent a significant advancement in payment collection for exporters. By centralizing account management, simplifying the sharing process, and building trust through a reputable brand, Razorpay is making it easier for exporters to focus on what they do best: growing their business. In a global market where trust and efficiency are paramount, Razorpay’s Public Account Pages set a new standard for effortless payment collection, empowering exporters to conduct business with confidence and ease.
Are you an exporter looking to streamline your payment collection process?
