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Razorpay is a popular payment gateway solution that allows businesses to accept online payments from abroad. Founded in 2014 by Shashank Kumar and Harshil Mathur, Razorpay has become one of the most trusted payment gateways in India, serving more than 5 million businesses across the country.
With its easy-to-use interface, robust security measures, and reliable payment processing, Razorpay has become a go-to platform for businesses of all sizes looking to streamline their online payment processes.
How to Get Started with Razorpay in India?
Currently, only authorised businesses are allowed to accept international payments in India through Razorpay.
Razorpay accepts credit cards from all main foreign banks, and payments are paid in Indian rupees in the merchant account.
Here’s how you can get started on Razorpay:
- Log onto your Razorpay account and go to settings.
- Go to payment methods and then click on International payments.
- Click on the “Request” button for the payment method of your choice.
- Fill in the details of your business form and click on submit. Then, accordingly, Razorpay will send you the approval within 5-7 days provided all your details are accurate.
How to Receive Money Through Razorpay in India?
There are plenty of options available through which you can accept international payments in India through Razorpay:
- Payment Gateway: Your clients can use the payment gateway platform that’ll send money directly into your bank account after converting the money.
- Subscriptions: With Razorpay Subscriptions, you can enable recurring payments, manage the billing cycle, and receive immediate alerts about subscription activity. Simply connecting a plan to a consumer is all that is required.
- Payment link: You can quickly create and send a payment link by email, SMS, WhatsApp, etc. to receive money right away. Your clients or customers can then make payments with ease.
- Invoices: To accept online payments using debit/credit cards, net banking, wallets, UPI, etc., send your clients GST-compliant invoices with proper breakdowns.
- Payment pages: To take payments online, quickly create Payment Pages with your branding and hosting. Your clients can pay you directly via your payment page.
How much is Razorpay fee in India?
The exchange rate which is close to 1% for the payment is decided by Razorpay and is typically expensive for you as the merchant. It also includes taxes and a 3% platform fee.
Time Taken for Razorpay Transfer in India
It takes around 7 days to settle international payments in your bank account via Razorpay.
Razorpay Vs Mulya Finance:
There are a few differences between Stripe and Mulya Finance:
- Transaction Fee: There is just a 1% flat fee on Mulya Finance whereas on Razorpay it's up to 3% platform fees+ 1% conversion.
- Transparency: Mulya Finance offers appropriate transparency about costs as well as payment tracking. Mulya provides you with information on the day when payments are due, the currency rate, transaction costs, and everything else. In contrast, Razorpay doesn't offer you as much detail.
- FIRC: In the first week of every month, Razorpay processes your FIRC certificate and distributes it on your Dashboard.
To learn more about how to use Mulya, click here to know more about how to get started on Mulya.
Written by
Samarth Srivastava has spent few years honing their skills and knowledge in the field of international payments. With a deep passion for finance and a keen eye for global business trends, the author has become a trusted authority on all things related to international payments.
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