Many online shoppers often come across brands that they know very little about. As a business you may have exactly what these customers want and the pricing works. They add to cart, go to the checkout but they’re not sure if this brand is legit. What follows? Carts are abandoned, and for you revenue and an opportunity is lost. So what can be done?
Why customer trust is critical
You need to start gaining the trust of these potential customers. There’s two ways to do it. Well, you can wait a decade and let your actions speak for itself – stellar products, greater customer service, fair pricing and transparent processes. But what do you do if you are an upcoming brand that needs to start winning the trust of your potential customers right from the get-go.
Well, the biggest challenge is establishing trust. For businesses, gaining the confidence of new customers is a critical task, especially when faced with concerns about the authenticity and when considering the rising threat of online payment fraud. In the 2023 fiscal year, the total amount of fraud in the digital payment category stood at Rs 276 crore in FY23. So customers are justified in being cautious. But that doesn’t have to stop you!
This is why we needed to do something about building trust for brands and ensure that your customers feel comfortable, confident and assured while interacting with your business. In short, we wanted to ensure that we create an ecosystem where trust is born by association.
How Razorpay can help your business win customer trust
The trust businesses and customers have in us didn’t happen overnight. It’s a legacy we’ve meticulously crafted over the past nine years, becoming a marker of legitimacy for businesses and customers alike. Having proudly served over 8 million businesses in India, we understand the intricacies of money movement and have become an integral part of our clients’ success stories. Our commitment to providing seamless financial solutions has solidified Razorpay as a trusted name in the industry.
In a significant milestone, Razorpay received the final authorisation from the Reserve Bank of India (RBI) to operate as a Payment Aggregator (PA) under the Payment Settlements Act, 2007. This achievement cements our position as one of the first Payment Gateways to secure the final PA licence from the RBI, showcasing not just our commitment to compliance but also the recognition of our unwavering dedication to the highest standards in the fintech industry.
How we ensure trust in every transaction
When payments fail or when customers have a lacklustre experience at the checkout trust is broken. Having state of the art safeguards, hence, is paramount to ensuring seamless digital payments.
At Razorpay, we understand that trust is paramount in the realm of online transactions and we go to great lengths to fortify your payments ecosystem with cutting-edge technology, ensuring each transaction is safe, secure and seamless.
- Advanced Data Encryption (TLS & SSL Protocols)
Data encryption serves as the cornerstone of our commitment to security. This intricate process involves encoding payment information to ensure that only those possessing the encryption key can decipher it, providing end-to-end protection.
Key to this encryption are TLS (Transport Layer Security) and SSL (Secure Sockets Layer) protocols. Checking for SSL certification is easy – look at the URL. The presence of “https://” signifies a secure e-payment system, accompanied by a padlock icon. In today’s security-conscious era, web browsers mark HTTP sites as ‘insecure,’ reinforcing the importance of encryption.
TLS, a more recent protocol, can be seen as an upgrade to SSL, offering enhanced usability, dependability, and security. While SSL is less prevalent, TLS has become the gold standard in secure online transactions.
- PCI-DSS Compliance
Razorpay aligns with the Payment Card Industry Data Security Standards (PCI-DSS) to ensure the utmost security in managing cardholder data. The PCI Security Standards Council, formed in 2004 by major credit card providers, oversees and promotes compliance rules globally.
For PCI-DSS compliance, Razorpay adheres to specific directives, including maintaining a secure network, utilising robust firewalls, avoiding default credentials, encrypting all data during transmission, and keeping infrastructure secure through regular scans and updates. Restricting access to confidential information is a pivotal aspect, ensuring that only authorised personnel can access cardholder data.
- 3D Secure Payments
We’ve also employed 3D Secure to add an extra layer of authentication during the online checkout process. This security feature, administered by the cardholder’s bank, verifies the customer’s identity, preventing unauthorised use of cards.
The benefits of 3D Secure are manifold, including a reduced risk of online payment fraud, enhanced protection of customer data, and increased customer confidence. This additional layer of authentication may involve biometric scans or entering PIN codes, ensuring that every transaction is conducted with the highest level of security.
How we’ve built a community on trust with KYC
For us, every merchant on our platform needs to be seen as a beacon of trust. The key to this reliability lies in our stringent Know Your Customer (KYC) process, ensuring that every Razorpay merchant is one that we can vouch for. Our comprehensive KYC process includes:
Customer Information Collection: Gathering personal details like name, address, date of birth, government-issued ID numbers, and contact information.
Document Verification: Scrutinising the authenticity of provided documents, including government-issued identification, proof of address, and other official records.
Risk Assessment: Evaluating background, source of funds, and transaction history to accurately determine the merchant’s risk profile.
Compliance Monitoring: Regularly reviewing customer information to ensure it remains up-to-date and compliant with regulations. Involves periodic customer reviews, updates to information, and continuous monitoring of transactions.
By adhering to this stringent KYC process, every Razorpay merchant commands the trust of their customers. Businesses benefit from not just a robust payment platform but also membership in a community distinguished by trust, fostering confidence among their potential customers.
Growing with trust
For upcoming businesses, gaining customer trust has always been challenging. We wanted to ensure that it’s easier for you to win the trust of your customers by being a part of a trusted community. We’ve put in safe-guards to ensure that every business on Razorpay is a trusted business ensuring that your customers have nothing to worry about. Begin your journey of trust today.