Terms and Conditions
General Terms
a) This promotional offer ("Offer") is provided by RZPX Private Limited (“RZPX”) to the Merchants who qualify per the terms of clause 2 of this Terms and Conditions (T&Cs).
b) By availing of this Offer, the merchant agrees to comply with these Terms and Conditions in its entirety.
Eligibility Criteria
Merchants who fulfill the criteria mentioned herein under shall be eligible for availing the Offers (Eligible Merchants): -
a) Merchants must be onboarded and integrated into the systems of RZPX Private Limited (RZPX) to avail the payouts services (RZPX Services), in addition to the Business Banking+ and Payroll services of RZPX.
b) Merchants must either open or have an existing current account (Account) with select RZPX partner banks ( which are RBL, Yes Bank, Axis Bank, and IDFC Bank) and designate RZPX as their technology service provider.
c) Merchants must utilize the Razorpay Software Private Limited’s (RSPL) payment aggregation service (RSPL Services), during the term of the Offer and while the payments are ongoing.
d) Merchants must designate the Account as the settlement account exclusively for RSPL Services, along with RZPX Services.
e) Merchants must be categorized as non-risk merchants during the RSPL’s Know Your Customer screening process, conducted before or during the term of these T&Cs.
Offer details and terms
a) Eligible Merchants will be provided with fee credits (Offers) and Same Day Settlement Activation Limits.
b) Against the T+1 day or T+2 day settlement cycle (as has been agreed between the Eligible Merchant and RSPL), the Eligible Merchants will get the settlement made on the same day, date of transaction or T+0 days (Same Day Settlement).Same-Day Settlement will be activated upon successful activation of Eligible Merchants’ Account, and will be valid for a period of 3 months. During the first month, up to 50% of Eligible Merchants’ daily Gross Merchandise Value (GMV) or ₹50,000 (whichever is lower) will be eligible for Same Day Settlement. From the second month onwards, subject to satisfactory risk checks, Eligible Merchants can withdraw 100% of their daily GMV. Starting from the fourth month, a fee of 10 basis points (10 BPS) will be applied to Same Day Settlements, as a revision of what was earlier agreed between the Eligible Merchants and RSPL.
c) Notwithstanding anything contained in these T&Cs or in any other agreement, the Same Day Settlement can be canceled/discontinued at any point of time, if deemed fit by RSPL’s or RZPX’s internal risk assessment.
d) These fee credits will be in the form of an amount decided by RZPX (maximum Rs.20,000/-), which will be credited to the Eligible Merchants’ Account.
e) The amount of fee credits will be divided into equal monthly installments as decided by RZPX (maximum Rs. 5,000/- per month).
f) For deciding the amount RZPX will take into account the monthly business volume with RSPL and/or RZPX, and other factors such as the intent of initiating the Business Banking+ and Payroll services from RZPX. The decision of RZPX in deciding the quantum of such amounts, monthly installments, and the number of months shall be final and binding on the Eligible Merchants.
g) The Eligible Merchants can utilize these fee credits for paying off the platform fee charges, charged for the RZPX Services.
h) The fee credits are non-transferable, non-redeemable for cash, and applicable only for the RZPX Services.
i) The fee credits will be credited into the Eligible Merchant’s Accounts on the 1st of the next calendar month from when the Offers have been availed. The fee credits must be utilized by the 6th of the same calendar month, for after the 6th of the same calendar month the fee credits will be forfeited.
j) Unutilized credits from the previous month(s) shall not roll over beyond the 6th calendar month of availing the Offer.
k) This Offer cannot be combined with any other promotional offers or discounts unless explicitly permitted by RZPX.
l) This Offer can be availed only once by the Eligible Merchant who accepts to avail the Offer.
m) At the sole discretion of RZPX, and post evaluation the core tier plan of the RZPX’s Business Banking+ (BB+) platform, which includes dashboard access, will be granted for a limited period to the selected Eligible Merchants.
Modifications and Termination
a) RZPX reserves the right to modify, extend, or terminate this Offer at its sole discretion without prior notice.
b) RZPX is and will not be liable for any claims arising from the modification or discontinuation of this Offer.
Dispute Resolution
a) Any disputes related to the Offer will be subject to RZPXs internal dispute resolution processes.
b) The decision of RZPX in all matters concerning this Offer will be final and binding.
Disclaimer
a) RZPX reserves the right to disqualify any merchant suspected of fraudulent activity or malpractice
b) RZPX reserves the right to disqualify you from the Offer in case you do not meet the Eligibility Criteria for such an offer or any other reasons thereof including but not limited to misuse of Offer, misrepresentation, fraud or suspicious transactions/activities, including but not limited to PMLA directives or any at our sole discretion without further notice.
c) Acceptance of these T&Cs shall imply that the Merchants have read and agree to the terms and conditions of RSPL and RZPX as well.
RSPL Payment Gateway Settlement account
a) RSPL Payment Gateway settlement account details will be updated in the system once the new RZPX powered current account with a partner bank gets activated and the Merchants provides approval for updating the account
Additional Conditions
a) All communication regarding this Offer will be sent to the registered contact details of the Eligible Merchant as available with RSPL.