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API ReferenceIntegrationsKnowledge Base

Receive Payments via Bank Transfer

You can now accept payments from customers in the form of bank transfers, using the Razorpay Payment Links. Customers can select Bank Transfer as the payment method on Checkout and copy your account details. They can then initiate online bank transfers from their netbanking account.

Normally, businesses accept online payments from their customers via NEFT. However, the payment reconciliation process requires a lot of time and manual efforts. Razorpay virtual accounts allow you to accept payments through online methods such as NEFT, RTGS and IMPS via transactions made to a virtual bank account. Since each Payment Link is associated with a virtual account, payment reconciliation is effortless.

Feature Request
This is an on-demand feature. Please raise a request with our Support team to get this feature activated on your Razorpay account.

Note:
Currently, this feature is not available for UPI Payment Links.

Use Cases🔗

Payment via bank transfers are useful for:

  • Personal loan payment recollection
    If you are a credit provider who offers personal loans, your customers can now repay the loan amount through online bank transfer.

  • Advance or token amount collection in case of large transactions
    If you operate a business which requires you to collect an advance or token booking amount, your customers can now pay the amount through bank transfer.

How it works🔗

  1. You create Payment Link and send them to you customers:

  2. Each Payment Link will have a designated virtual account. This virtual account has an account number and IFSC associated with it.

    Read more: What are virtual accounts?

  3. Customers open the link and select Bank Transfer as the payment method.

  4. Customers copy the account number and IFSC number provided on Checkout and make a NEFT or RTGS transfer to the mentioned virtual account.

  5. The amount is transferred to the designated virtual account. Later, based on your settlement schedule, the net amount (payment minus fees and tax) will be settled to your bank account.

  6. You can view the payment in TransactionsPayments tab in the Razorpay Dashboard.

FAQs🔗

1. What is a virtual account?🔗

Normally, businesses accept online payments from their customers via NEFT. However, the payment reconciliation process requires a lot of time and manual effort. Razorpay virtual accounts allow you to accept payments through online methods such as NEFT, RTGS and IMPS via transactions made to a virtual receiver, that is, a virtual bank account. Since each Payment Link is associated with a virtual account, payment reconciliation is easy.

2. How will the payments made by customers be settled to my bank account?🔗

The net amount (payment minus fees and taxes) is transferred from the virtual account to your bank account as per your settlement schedule.

3. If I enable Bank Transfers as a payment method for Payment Links, will it appear as a payment option on other Razorpay products as well?🔗

Yes, once this feature is enabled, it will appear in all instances of Razorpay Checkout, be it Invoices, Payment Pages or the Checkout integrated on your website. You cannot enable or disable it for specific products.

4. Will a new virtual account be created for multiple partial payments made on a Payment Link?🔗

No. Each Payment Link will have only one virtual account associated with it. Even if multiple partial payments are made against the link, the amount will be received by the same virtual account.

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