In a report published last year, the Global Trade Research Initiative (GTRI) said Indian e-commerce exports had the potential to be “a bigger success story than IT”. If the right steps were taken, the GTRI felt, Indian e-commerce exports could aim to hit $350 billion by 2030.
An EY report published in July this year said much the same thing, stating that e-commerce exports from India – estimated at $4 to $5 billion for FY23 – could reach “$200-300 billion by FY 2030” with the right support.
With over 150,000 exporters enabled, Amazon has played a vital role in India’s e-commerce exports story so far. For domestic e-commerce retailers with global dreams, Amazon’s Global Selling program has served as a popular and convenient channel.
At Razorpay, we have always enabled Indian exporters to grow globally with our International Payments suite. We have now taken a big leap forward in empowering Indian e-commerce exporters.
Razorpay is now Amazon-approved, becoming the first Indian payment aggregator to enable international payments for Amazon exporters. This means that Indian businesses in Amazon’s Global Selling program can now collect their global payouts with MoneySaver Export Account, Razorpay’s solution for international bank transfers.
Challenges Facing Indian Exporters
Indian e-commerce businesses – and exporters in general – aspiring to expand internationally face a number of challenges.
- Opaque Pricing: High FX markups and hidden fees eat into their hard-earned profits, making global expansion less profitable.
- Lack of Local Support: Payment providers offer global coverage but often fall short when it comes to localized support for Indian exporters. Waiting for email replies or navigating international customer service can cost them time and money.
- Complex Compliance Processes: Exporters frequently grapple with challenges like obtaining FIRCs and regularizing shipping bills. Existing solutions don’t make these processes easier to understand or execute.
Razorpay MoneySaver Export Account: Tailored for Indian Amazon exporters
What Indian exporters really need is a payment solution designed to meet their unique requirements. If you’re an Indian Amazon Global Seller, you will find that MoneySaver Export Account is built to help you thrive – with higher savings, better cash flow, seamless compliance, and round-the-clock support.
Higher Savings with Transparent Pricing
- Zero FX Markup: Save more on every payout you collect with Razorpay’s zero-markup currency conversion rates – you simply get the live rate.
- No Hidden Fees: Know exactly how much you’re paying, ensuring maximum profitability for your exports.
- Up to 1 lakh Free: Collect your first Rs.1 lakh at zero charges, for a limited time*.
Better Cash Flow with One-Day Settlements
Access your funds faster — your Amazon payouts are credited to your Razorpay account just 24-36 hours after release. Improved cash flow enables you to reinvest in your business quickly.
Easy Compliance to Save Time and Effort
1-Day FIRC: Get your Foreign Inward Remittance Certificate (FIRC) in just one day post settlement, ensuring seamless compliance with RBI guidelines.
IEC Registration Support: Simplify your Import Export Code (IEC) registration process with Razorpay’s guidance.
Shipping Bill Regularization: Avoid the headaches of complex export documentation with Razorpay’s solution.
India-Based Amazon-Specific Support
Real-time Help: Get 24×7 support from Razorpay’s India-based support team, built to understand the needs of Amazon exporters. Speak directly to someone who understands your world!
How to Integrate Razorpay MoneySaver Export Account for Indian Businesses
Streamline your global payouts in just 5 simple steps. Here’s how Indian businesses in Amazon’s Global Selling program can use Razorpay’s MoneySaver Export Account to simplify international bank transfers:
- Step 1: Access Amazon Seller Central Settings
– Log in to your Amazon Seller Central account.
– Navigate to Settings and click on Account Info.
- Step 2: Open Payment Information
– Under Account Info, locate and click on the Payment Information tab.
- Step 3: Add a Deposit Method
– Select the Deposit Methods option. Input Razorpay MoneySaver Export Account details.
- Step 4: Enter Account Details
– Input account details corresponding to the Amazon Seller Central country you sell in: ACH Account: For Amazon USA; FPS Account: For Amazon UK; SEPA Account: For Amazon Europe.
– Ensure you select the correct account type for seamless transactions.
- Step 5: Set Default Account
– Enable the Default Account checkbox to make Razorpay your primary deposit method.
-Click on Set Deposit Method to confirm your selection.
Are you an Amazon Global Seller? Why wait? Expand your e-commerce business with Razorpay today!
