As consumers increasingly shift to digital platforms, online trade has seen significant growth globally. This trend has encouraged an increasing number of Indian businesses to expand their operations beyond domestic borders and establish themselves in the international market.
In FY 2023, Indian exporters shipped goods worth US$417.81 billion to the United States, Europe, Middle East, and other parts of the world. This represents a 43.18 percent increase from FY 2022 and highlights the growing trend of Indian businesses venturing into the international market. With the increasing use of e-commerce platforms and digital payments, it has become easier than ever for Indian businesses to connect with customers around the world and expand their reach globally. This highlights the importance of cross-border payments for Indian businesses and the need for reliable payment partners to ensure smooth transactions and reduce payment-related risks.
If you’re an Indian business seeking to broaden your reach and receive international bank transfers, Razorpay is your perfect payment ally!
Razorpay has introduced its International Money Transfer solution, which simplifies the process of collecting cross-border payments. With this solution, you can now focus on growing your business while Razorpay takes care of the complexities of payments. Enjoy complete peace of mind, knowing that you have a reliable payment partner in Razorpay!
Limitations of existing international money transfer methods
With many limitations (as seen above), it is challenging for Indian exporters today to find a solution that simplifies the receiving of money from abroad, which offers them the collection of payment via local methods in different countries.
But don’t worry, Razorpay is here to solve your payments challenges!
Fast, Easy, and Global: Razorpay launches ACH, FedWire, SEPA, BACS, SWIFT and other international local payment options
Say goodbye to the hassles of cross-border payments as Razorpay introduces its latest solution to empower Indian exporters to effortlessly collect international payments via local payment methods from different regions worldwide!
With this cutting-edge solution, Indian exporters can now seamlessly receive money from abroad from their international customers and have their funds settled directly in their Indian bank accounts. Moreover, international buyers can now enjoy a hassle-free payment experience as they can make payments in their local currency through a wide range of payment methods like ACH payments, FedWire, SWIFT money transfer, and more. Through Razorpay, Indian exporters can now focus on their business without worrying about payment processing, as they are guaranteed the best-in-country success rates and can provide their buyers with an exceptional payment experience!
Fastest international bank account you can ever get!
International transactions and exports usually come with large amounts of painful paperwork, which is a source of unnecessary friction and frustration for businesses to export services internationally. With the latest Razorpay solution, exporters can open up a foreign currency bank account with a single click.
Our product has been launched with multiple local payment methods to cover different geographies, such as ACH payments, FedWire, SEPA, bacs payments, and SWIFT.
Our endeavor is to include other local payment methods spanning globally in our offering in the coming months such as AFT and CHAPS.
How do Indian businesses benefit from this solution?
With Razorpay, Indian exporters can offer a class-leading payments experience to their end customers globally, every time!
- Seamless onboarding: It is easy for businesses to integrate with Razorpay’s RESTful/developer-friendly APIs and enable a whole host of payment methods and features. The account enablement process is also simple where the business gets onboarded with the KYC details as per their jurisdiction. The easy integration and simple account enablement process make the entire onboarding experience seamless and fast for the business.
- Best-in-class success rates: With an understanding and depth in the payment space, Razorpay provides best-in-class success rates to businesses for accepting payments globally.
- Hassle-free experience: Razorpay offers payment flow (or products) to provide a hassle-free experience with the choice of local payment methods for global customers.
- Multi-currency settlement support: Razorpay supports 100+ foreign currencies, including USD, SGD, AUD, CAD, EUR, GBP, HKD, INR, MYR, etc. for collecting funds globally.
- Powerful dashboard: Take better business decisions by analyzing detailed reports about payments, settlements, and refunds.
- Pay in native currency: Customers can initiate payments in their native currency, and payments will be settled in your Indian bank accounts
Unlocking Global Markets: Indian Exporters Accepting International Payments
If you’re an Indian business looking to expand your horizons and accept international payments, Razorpay is your ideal payment partner. We prioritize the safety of our customers by offering a high success rate with the highest level of protection against fraud and chargebacks. We also ensure a smooth transition for our customers in complying with new regulatory requirements, so that your business can thrive in international geographies. If you’re an Indian exporter in search of a reliable payment partner, consider Razorpay.
For more information on Razorpay’s cross-border payments, click below and get in touch with us. If you’re already a Razorpay user, simply visit your dashboard for more details. Have questions or feedback? Leave a comment below, as we always value and appreciate your input.