Are you losing out on valuable consumer transactions due to payment gateway downtime? You are not alone!The perception that having a single payment gateway is a low-cost solution has, in retrospect, proven to be quite the opposite for many. In this case, the idea of using multiple payment gateways seems promising as a solution. Razorpay Optimizer, India’s first AI-Powered Payments Router, helps make this multi-gateway approach successful for merchants.
The concept of managing multiple payment gateways might appear to be a dizzying downward spiral, but all you really need is a reliable, efficient payments router. That is why we introduced Razorpay Optimizer. This game-changing tool allows businesses of all sizes to effectively work with multiple payment gateways, route transactions to the preferred gateway, and achieve high success rates, while ensuring 99.99% uptime.
What is Razorpay Optimizer?
Razorpay Optimizer is a powerhouse of payment intelligence, offering businesses the options to manage payments as they want. For merchants handling payments on their websites or apps through various gateways, Optimizer gives merchants the autonomy to take full control of which Payment Gateways they want to route traffic through, on methods of their choice. You can also assign priority levels to various payment gateways, which means that transactions get routed to the most prioritized gateway in case where another faces a downtime.
Simple gateway configuration
With Razorpay Optimizer, merchants enjoy a streamlined integration process. Configuring new payment gateways is as easy as a few clicks, eliminating the need for complex coding. This simplicity allows merchants to swiftly expand their payment provider and method options, keeping pace with evolving customer preferences. Businesses that use Razorpay payment gateway can start using Optimizer using a single-switch enablement.
Uptick in payments success rates
Businesses can achieve success rates by defining routing logic on various PGs, based on gateway performances. With Razorpay Optimizer, configuring new Payment Providers becomes a breeze, as there’s no need for complex tech integration. Our intuitive menu-driven user interface simplifies the process of setting up rules without any coding. This strategic approach ensures a consistently high success rate, reinforcing platform reliability. Businesses have achieved as high as 10% uptick in payments success once they started using Optimizer.
Single window reconciliation on all payments data
With single view reconciliation, Razorpay Optimizer centralizes financial operations by providing a comprehensive overview of payments, refunds, and settlements in a single-window view. This consolidation enhances financial visibility, reduces manual effort on fin-ops teams, and cuts down reconciliation efforts by days.
Optimizer is built for infinite routing decisions, infinite flexibility in defining routing logic, and infinite visibility on all payments data. Merchants can seamlessly integrate all payment gateways and aggregators on Optimizer, in under a day. The adoption of Razorpay Optimizer leads to impressive outcomes, including an approximate 10% increase in success rates, a 30% reduction in operations costs, and a 15% boost in customer conversion rates.
Razorpay Optimizer: Diving Deep into Core Capabilities
- 100+ payments integrations
Razorpay Optimizer has been crafted to offer a seamless, cost-effective, easy- to-use payment experience. Merchants using Razorpay PG can get started using a single-click integration. It’s a game-changer, allowing businesses to enhance their payment options without the usual complexities associated with payment gateway integrations.
With Optimizer, you gain access to a broad spectrum of bank gateways and aggregators, offering a whopping 100+ payment integrations. This extensive range spans leading domestic banks and international cards across more than 160 currencies.
Such adaptability empowers merchants to diversify their payment methods to cater to their unique business needs. This ease of use can make all the difference for businesses looking to streamline their payment processes and stay ahead in the competitive landscape.
With Optimizer you now have the means to diversify payment options for your customers. Within just a few steps on the Razorpay dashboard, you can effortlessly add a new payment provider to your arsenal.
2. Robust intelligent routing
Razorpay Optimizer is driven by data models that empower intelligent routing decisions. This is achieved through a meticulous analysis of over 600 million+ data points for each routing decision. This makes our intelligent routing unmatched in the industry.
At the core of this innovative solution lies an extensive database, refined over many years. This database serves as the backbone, enhancing the precision and efficiency of Optimizer’s decision-making process.
Our product excels in routing transactions through multiple gateways with dynamic routing capabilities. This dynamic routing goes a step further by offering precise routing options tailored to accommodate a diverse range of transaction requirements.
Types of routing on Optimizer
- Dynamic Routing
Dynamic Routing streamlines payments for businesses by intelligently directing them to the most suitable acquiring bank or payment gateway in real-time. This leads to improved success rates, reduced failed transactions, and cost savings.
If you have integrated with payment providers A, B, and C, businesses can configure a rule to route a certain percentage of card transactions through each gateway, such as 50% through A, 30% through B, and 20% through C.
Watch this video to see how to perform priority-based routing
2. Default routing
For those without specific routing specifications for individual payments, the implementation of a straightforward routing rule proves beneficial. This is achieved through the establishment of a default rule, allowing the prioritization of gateways for all transactions.
Standard Routing provides the capability to:
- Set gateway priorities uniformly across all transactions.
- Equitably distribute transaction loads among designated gateways, for instance, allocating 50% of transactions to payment gateway A and the remaining 50% to payment gateway B.
3. Rule-based routing
Standard routing may not always work for all your transactions. Your business might have specific requirements based on various parameters such as payment method, bank, card networks, and more, which can be used to determine the most relevant payment gateway to handle a specific transaction.
Custom rules provide you with the capability and flexibility to define your business rules using various payment parameters.
Let us assume you want to set up a custom rule wherein 80% of Android and iOS transactions are to be routed via Paytm and 20% of transactions via PayU.
4. Priority-based routing
In addition to the routing mechanisms explained above, Optimizer also allows you to add gateways in order of priority when creating custom rules. Our AI-ML algorithm constantly monitors the traffic and routes transactions to the best-performing gateway, considering your priority order. The algorithm creates temporary downtimes for 20 minutes when the success rate (SR) drops below a certain threshold for high-priority gateways and starts routing transactions to the next gateway based on priority and performance.
This ensures that payment processing remains smooth and uninterrupted for your customers, even if some payment gateways experience issues. For example, if the success rate of a gateway assigned to Priority 1 drops below a certain level, transactions will be automatically routed to the gateway configured at Priority 2.
Watch this video to see how to perform priority-based routing
4. Smart routing
Merchants have the option to streamline their operations by eliminating manual rule setting. With Razorpay’s Smart Router, payments can be automatically routed to payment service providers known for their high success rates. This convenience applies to all card and UPI payments through the Routing as a Service (RAAS) feature.
This dashboard offers an in-depth analysis of your recent transactions. You can explore the specifics of each payment method by simply clicking on the respective options, whether it’s Cards, UPI, or Netbanking. To gain a comprehensive understanding of success rates, you can turn to the informative line graphs, supported by detailed infographics.
Adding to the versatility, you can apply various filters and subfilters. For instance, under the ‘all cards’ filter, you can further refine your search with subfilters like Credit, Debit, Prepaid, and Others. The SR Dashboard also sheds light on payment failures and their underlying reasons.
4. Single Reconciliation View
Whether your payments were processed via external payment gateways or not, Razorpay Optimizer Single Reconciliation View offers a comprehensive overview of your transactions and settlements.
You can access transaction details, delve into settlement specifics with various filters, identify the gateways used for payment processing, track refund statuses, view tax records, and stay informed about the last time reports were fetched for each settlement.
This level of nuanced data equips you with the tools to manage your payments with precision and gain a detailed understanding of your financial operations.
Merchants are harnessing the power of Razorpay Optimizer to revolutionize their payment strategies. By simplifying the integration of payment gateways, optimizing success rates, and gaining in-depth insights into transactions, businesses are achieving greater efficiency, cost savings, and, most importantly, a seamless payment experience for their customers. With Optimizer, you can not just streamline your operations but also future-proof your payment systems, ensuring you remain at the forefront of the ever-evolving digital commerce landscape.