Listed below are business models across industries that can benefit from Razorpay Route:
A business can have multiple bank accounts for various reasons and may want to route payments to these accounts based on some rules, such as:
- Route payments based on geography.
- Centralize and schedule payouts to bank accounts based on business requirement.
- Control settlement schedules for each account.
For example, Acme Corporation is a business operating in various locations in India, such as Chennai, Bangalore, Hyderabad, Lucknow and Delhi. It collects payments centrally and disburses payments via bank accounts created for every location. If Chennai location makes a sale of say ₹ 10,000 for the month and Hyderabad location makes ₹ 15,000, Acme Corporation has to process the respective payouts and decide the settlement schedules for each.
A business that is essentially a platform created by you but the products and services being sold not only by you but also the third-party sellers.
Let’s take an example: an e-commerce site is run by Acme Corporation. When a customer buys a phone (₹ 10,000, let’s say) and a case (₹ 500, let’s say) for it, the phone could be sold by Seller A and the case by Seller B. Acme Corporation collects the payment from the customer and then has to transfer the funds to Seller A and Seller B. Acme Corporation will probably also charge these sellers because their platform was used.
Businesses that offer its customers various services like home repairs, delivery and courier, health and wellness, etc. and need to make payouts to service providers on demand.
Take for example, a company, Acme Corporation that provides various services to its customers and routes payments to its service providers based on the services rendered. Let’s say, a customer avails plumber’s service worth ₹ 1500, and an electrician’s service worth ₹ 1000, Acme Corporation would have to split payments against the service provided for each service provider after deducting the commission charges.
Razorpay Route can be extended and utilized in all models where you need to automate disbursal of funds to one or more bank accounts. If you'd like to explore how Razorpay Route will best fit your unique business model, you can get in touch with our Support team for any queries.