The internet is a happy global village for freelancers and individual businesses. But a secure method of accepting payments, combating unauthorised payments has always been the larger picture to look at.
Things can turn sour if there’s a security breach, especially for individuals who have recently decided to be a part of the gig economy revolution.
According to Nitin Bhatnagar, Associate Director in India, PCI Security Standards Council, “India witnessed around a 40% jump in cardless payments including debit pay and wire payments.”
“During the first quarter, as the global pandemic worsened, anywhere where payment technology is a struggle, the COVID-19 crisis has been around the rise of fraudulent transactions,” says Nitin.
“There is also a massive increase in cases of phishing, social engineering, critical cyber-attacks on transaction channels and more,” he concludes.
In this article, we will walk you through the security protocols and processes followed at Razorpay to ensure a secure transaction between different parties. Also, we will talk about a few benefits of choosing Razorpay as a freelancer, and how you can have maximum control over your payments.
Razorpay is an PCI DSS and ISO:27001 compliant
1. The Payment Card Industry Data Security Standard (PCI DSS)
PCI DSS is a global body that sets compliance rules for managing cardholder data for all online payment systems. It ensures that all companies who accept, process, and store cardholder data maintain a secure environment.
For example, your authentication data, card information, banking details, etc. are used only to complete the transaction. The payment gateway never stores sensitive information like CVV, pin or password.
2. International Organization for Standardization (ISO)
ISO/IEC 27001:2013 specifies the requirements for establishing, implementing, maintaining and continually improving an information security management system within the context of the organisation. An ISO certificate confirms that the business is following the ISO guidelines.
We also conduct frequent third-party audits and have a dedicated internal security team to make sure your data is always safe.
Razorpay uses tokenisation to prevent data exposure
Razorpay replaces your 16-digit card number with a single token, which is a unique set of characters that replace your original card number.
Tokens are assigned randomly, which makes it impossible to reverse-engineer the actual card number. In the end, payments are processed in ease without the risk of data theft.
Also, Razorpay uses the highest assurance SSL/TLS certificate, which makes sure that no unauthorised person can access your sensitive payment data over the internet.
With no setup or maintenance fees, Razorpay offers transparent and straightforward pricing. You can estimate how much fees you will be paying when collecting money. Check out our pricing calculator.
- Create your payment page in five minutes
- Accept advanced payments
- Secured and quick payment setup
- Create and share payment links and provide flexibility to your clients
- Send automatic reminders for payments
- Customise your brand
- Zero integration and tech efforts required
- Create professional GST compliance invoices
- Make better business decisions using insights from the real-time data and reports available on our dashboard
- Accept payments with Razorpay ePOS App
- 24/7 security to help detect fraud, prevent hacking and verify identity
To find out how much GST you must pay for your goods or services, simply use an online GST calculator.
You can easily verify any business using a GST Verification Tool and minimize cases of fraud or any wrongdoings in the name of your business entity.
Frequently asked questions
1. How does Razorpay work?
Razorpay allows you to securely accept and disburse domestic and international payments by creating a secure pathway.
2. Does Razorpay store any sensitive cardholder data?
No. We have invested heavily in industry-standard infrastructure to ensure that your private data is not compromised. Thousands of businesses trust Razorpay to accept payments. We process millions of transactions in over 100 currencies from across the globe, every day.
3. What payment modes can I offer my clients?
Razorpay supports over 100+ payment modes including credit and debit cards (Visa, Mastercard, Rupay, AMEX, Diners), net banking from top 50+ banks, UPI (Web Collect and UPI Intent), online wallets, EMI and NEFT/RTGS payments.
4. What documents are required to sign up on Razorpay?
To get started you’ll need a PAN and Aadhar card, driving licence or voter ID, and in some cases, a cancelled cheque.