Razorpay Review: 2 Years of My Life With Payment Gateway

Are you running either a small or a Multi-National Corporation business and you are in search of the most detailed review of Razorpay?

If yes, then, you are in the best place as in this Razorpay review, we are going to touch on every possible aspect of Razorpay like What is Razorpay?, features of RazorPay, How to setup Razorpay payment gateway WordPress or any other Content Management System?, How to get approved?, and many more.

Let’s start the detailed review of Razorpay:

What is Razorpay?

Razorpay is a Payment Gateway company based in the IT hub of INDIA Banglore. There are more than 50,00,000+ local businesses are using Razorpay. Businesses use to offer more than 100+ payment modes to these businesses.

I got a transaction success rate of 99.96% In Razorpay which is pretty high for its competitors like PAYU, Paytm Business, and many more.

At PayPal, the markup charge is about 4.5% while Razorpay only offers a markup charge of 3.54% which is pretty low. So, by signing up Razorpay can increase your revenue by 1%.

SignUp Now

What a Payment Gateway is and how it works?

A payment gateway is a technology used by merchants to accept debit or credit card purchases from customers. It’s essentially the bridge between the merchant’s site and the financial institutions involved in the transaction, facilitating the transfer of payment information.

How a Payment Gateway Works:

Customer Initiates Payment:

A customer selects a product or service and proceeds to checkout.
At checkout, the customer enters their payment details (e.g., credit/debit card information).

Encryption:

The payment gateway encrypts the customer’s payment information to ensure that the data is securely transmitted from the customer’s browser to the merchant’s server.

Authorization Request:

The payment gateway sends the transaction details to the acquiring bank (the merchant’s bank) to be authorized.
The acquiring bank forwards the transaction to the card network (Visa, MasterCard, etc.).

Card Network Approval:

The card network routes the transaction to the issuing bank (the bank that issued the customer’s credit or debit card).
The issuing bank checks if the customer has sufficient funds and if the transaction isn’t flagged for fraud.

Authorization Response:

The issuing bank sends an authorization response back through the card network to the acquiring bank, and then to the payment gateway.
The response is either an approval (if funds are available and the transaction is deemed legitimate) or a denial.

Payment Confirmation:

If approved, the payment gateway sends a confirmation to the merchant’s website or app, and the transaction is completed.
The customer receives a confirmation of the payment and the merchant can proceed to fulfill the order.

Settlement:

The transaction is settled by the acquiring bank, which credits the merchant’s account with the funds from the transaction, minus any fees.

Fund Transfer:

The issuing bank transfers the funds to the acquiring bank, and the customer sees the charge on their bank statement.

Extras To Read:

Key Features of a Payment Gateway:

Security: It must comply with the Payment Card Industry Data Security Standard (PCI DSS) to protect customer data.
Encryption: Ensures that payment data is transmitted securely.
Fraud Detection: Many gateways include tools to detect and prevent fraudulent transactions.
Integration: It can be integrated with various e-commerce platforms, point-of-sale systems, and other merchant software.

Payment gateways are critical for online and in-person transactions, ensuring that payments are processed quickly, securely, and reliably.

Features and Benefits of Razorpay

Razorpay is one of the leading payment gateways in India, offering a suite of products designed to facilitate online payments, manage business finances, and automate the payment process. Here are the key features and benefits of Razorpay:

Features of Razorpay

Multiple Payment Options: Supports a wide range of payment methods, including credit/debit cards, net banking, UPI, wallets, and even EMI options.
Payment Links: Allows businesses to create and share payment links via SMS, email, or chat, enabling customers to pay without the need for a website or app.
Subscription Billing: Razorpay offers a subscription service for recurring payments, ideal for businesses offering subscription-based services.
Razorpay Payment Pages: Helps businesses create customizable payment pages without needing to have a website. These pages can be used for events, fundraisers, or any other type of online transaction.
Smart Routing: Uses smart routing to choose the best payment option for faster and more reliable transactions, improving success rates.
Instant Settlements: Provides the option for businesses to receive payments instantly, reducing cash flow issues.
Fraud Detection: Razorpay’s in-built risk management system detects and prevents fraudulent transactions using AI and machine learning.
Custom Checkout: Provides a customizable checkout experience that can be tailored to match the look and feel of a business’s brand.
RazorpayX: Offers business banking services, including automated payouts, expense management, and payroll processing.
Razorpay Capital: Provides working capital loans to businesses, making it easier to access funds when needed.
Easy Integration: Offers seamless integration with various e-commerce platforms (like Shopify, WooCommerce, Magento) and supports multiple programming languages (PHP, Python, Ruby, etc.).
Developer-Friendly API: Provides a robust API that developers can use to build custom payment solutions.
Dashboard and Analytics: Razorpay’s dashboard offers real-time tracking of payments, settlements, and insights, helping businesses manage their finances better.

Benefits of Razorpay

Comprehensive Payment Solution: Razorpay provides an end-to-end payment solution that caters to various business needs, from payment acceptance to business banking and financing.
Ease of Use: The platform is user-friendly, making it easy for businesses to set up and start accepting payments quickly.
Security: With PCI DSS compliance, SSL certification, and a robust fraud detection system, Razorpay ensures secure transactions for both businesses and customers.
Wide Reach: Supports payments through a vast range of methods, including UPI, which is immensely popular in India, making it accessible to a broader customer base.
Scalability: Razorpay is suitable for businesses of all sizes, from startups to large enterprises, allowing for easy scaling as the business grows.
Instant Access to Funds: The instant settlement feature helps businesses maintain healthy cash flow, which is crucial for day-to-day operations.
Customer Support: Offers robust customer support, including documentation, developer guides, and a dedicated support team to help resolve any issues quickly.
Transparent Pricing: Razorpay offers clear and competitive pricing without hidden charges, making it cost-effective for businesses.
Business Automation: With RazorpayX, businesses can automate their financial processes, such as payouts and payroll, saving time and reducing manual errors.
Flexible Payment Plans: Businesses can offer their customers the flexibility of EMI payments, which can help increase sales by making products or services more affordable.

Razorpay is a powerful and versatile platform that simplifies payment processing and provides a range of financial tools to help businesses grow and manage their operations effectively.

How to Signup for Razorpay?

In this section of Razorpay reviews, we are going to list the ways a business can use Razorpay. These ways are listed below:

Go to the official website of Razorpay – Signup
Submit the documents
Get Approved
Your Account is Live
Now, integrate it with your platform

How to get approved for Payment at Razorpay?

In this section of RazorPay.com Review, we have listed the ways and documents to get the approval of your payment gateway at Razorpay. Let’s get approval from Razorpay.

Go to the Razorpay website and click on the Sign-Up Button.
Fill in your email address and password for your Razorpay account and click on the Create Account button.
Now, You have to fill pre-signup form
Select your business type, in my case, I have filled propertiership
Select Your Monthly Revenue,
Fill in Your Name and phone number, then, click on the next button,
Now, you have to verify your phone number
Thus, you are on board for testing purposes

Now, you have to integrate Razorpay into your website. If you want to integrate successfully, you must have to fill out the KYC form of Razorpay.

Review your prefilled details in the Contact Info tab. This all includes Contact Name, Contact Number and Contact Email. Then click on Save & Next.

In the Business Overview tab, enter the following details:

Business Type: Select the appropriate business type. For example, Proprietorship.
Business Category: Select the business category. For example, e-commerce and service-based.
Sub Category: Select the business sub-category. For example, Books and Publications, Digital Service.
Business Description: Give a brief description of the nature of your business. Include examples of products you sell, the business category you operate under, your customers, and the channels you primarily use to conduct your business(Website, offline retail, and so on). You must enter a minimum of 200 characters.
Average Order Value: Select the average order value range.
How do you wish to accept payments: With a URL as well as deep integration in the platform
Submit the form by clicking on submit.

In the business tab, you have to fill in the details such as PAN number, GST number and many more.

Razorpay Review: 2 Years of My Life With Payment Gateway 4

Now, you have to add your bank details and wait for the approval. After 2 or three days your account at Razorpay has been approved for the transaction.

Razorpay Review: Walkthrough of My Experience

It was 2018 when I filled out the form of the Razorpay. I got approved within two weeks. These two weeks are full of ups and downs. One thought comes to my mind “I have to leave the company and shift to another Payment Gateway company”.

After 2 two weeks, the account of our digital Agency at Razorpay has been created. Till Now, My experience is seamless. In these two years, we have transacted over 5000 transactions with a success rate of 99.96%.

Within the same time frame, In PayPal, we transact over 1000 transactions with a success rate of 99.94%.

The support we got from Razorpay in the initial days was pretty bad but now the support is good.

Features: Razorpay.com Review

In this section of the Razorpay review, we have listed the best 7 features that will help you to consider Razorpay as your primary business gateway to your business. These features are listed below:

Easily add payments to your website or app, with a seamless checkout experience
You need a wide range of payment solutions and services to support your versatile business
You want to target your efforts towards specific areas of your business based on data and insights
Want to manage and track money movements to vendors, customers, employees, and more
You leave no stone unturned when it comes to providing your customers with the best support there is
Want to open up new revenue streams by expanding your business on a global scale
Highly reliable fraud prevention and security

Pricing: Razorpay Review

Razorpay offers a simple and transparent pricing plan which has no hidden fees. These prices are listed below:

2%* | Razorpay platform fee
Get access to Flash Checkout, Dashboard, Reports & much more
Instruments like Diners and Amex Cards, International Cards, EMI (Credit Card, Debit Card & Cardless) & Corporate (Business) Credit Cards will be charged at 3%
No setup fees;
No Annual maintenance charges;

To be more specific, on domestic transactions, we levy a 2% Platform Fee + 0.36% GST* = 2.36%

On International / AMEX / EMI transactions, we levy a 3% Platform fee + 0.54 % GST* = 3.54%.

Please note GST of 18% is applicable on the Platform Fee and not on the entire payment amount.
For example, if a customer pays INR 100.00. The fees of INR 2.36 (2.36%) would be deducted and you would receive INR 97.64 as per your settlement cycle.

is Razorpay legit or fake?

When we searched the Razorpay on the internet, I was shocked as there are tons and tons of people discussing the Genuity of the platform. Some of the people also talk about it on Quora.

But within these two years, I must say I haven’t faced any type of issue with my payment. Thus, I must say Razorpay is a very legit Payment Gateway made by India for the world. It is also safe to use for local businesses around the globe.

How to file Complaints at Razorpay?

Log into the Razorpay Dashboard.
Navigate to My Account and open Support Tickets.
Click on the ticket for which you want to file the grievance.
Click Raise Concern to escalate this ticket.
Provide the basic details of the
Click Submit.

Razorpay Complaints:

In this section of the Razorpay review, we have listed the major complaints of the business about Razorpay. Some of these complaints are listed below:

Pls stay away from Razorpay…worst customer support team has not responded even by email…or toll-free number… without notification hold your money and block…not ask for the required documents to reactivate the account or anything.
Razor Pay is the worst service provider in the country they don’t care about merchant business our settlement of 265000 ₹ on hold for the last 5 weeks. They are making excuses in the first two weeks they told sir 24 hrs but now 5 weeks are complete still my settlement on hold, don’t use razor pay if you care about your business, and many more……

Razorpay Account Suspended:

If your account at Razorpay is suspended, then, you can only talk with their support or you can go to court to get your account initiated.

Things to Read:

Best Alternatives to Razorpay

Here’s a comparison of Razorpay with some of its popular alternatives in the Indian market, including PayU, CCAvenue, and Instamojo. The comparison considers factors like pricing, features, ease of use, and customer support.

Comparison Table

Factor	Razorpay	PayU	CCAvenue	Instamojo
Pricing	2% + ₹3 per transaction (domestic) 3% + ₹3 per transaction (international)	2% + GST for PayU Biz 2.9% + GST for PayU Enterprise	2% + GST (Economy plan) 1.99% + GST (Premium plan)	2% per transaction + GST
Payment Methods	UPI, cards, net banking, wallets, EMI, BharatQR	UPI, cards, net banking, wallets, EMI, PayLater	UPI, cards, net banking, wallets, EMI, BharatQR	UPI, cards, net banking, wallets, EMI
Integration	Easy integration with APIs, SDKs, and plugins	Extensive APIs and plugins, especially for SMBs	UPI, cards, net banking, wallets, EMI, pay later	Simplified integration, ideal for small businesses and freelancers
Subscription Billing	Yes	Yes	Yes	No
Payment Links	Yes	Yes	Yes	Yes
International Payments	Yes, with competitive pricing	Yes, supports over 100 currencies	Yes, supports multiple currencies	Limited
Fraud Detection	Advanced AI/ML-based tools	Risk management tools included	Customizable fraud detection tools	Basic fraud protection
Settlement Time	T+2 days, instant settlement available	T+2 days	T+2 days	T+3 days
Customer Support	24/7 support, detailed documentation	24/7 support, good documentation	24/7 support, multilingual support	Limited support, mainly through chat and email
Ease of Use	Highly user-friendly, modern UI	User-friendly, optimized for SMBs	Comprehensive but can be complex	Extremely easy to use, ideal for non-tech-savvy users
Dashboard & Analytics	Comprehensive, real-time analytics	Good analytics tools, focused on business insights	Extensive, detailed reporting options	Basic reporting and analytics
Unique Features	RazorpayX (business banking), Instant settlements, Razorpay Capital (loans)	Custom payment pages, Express payments	Multilingual checkout, Brand domain	Easy setup, Digital product selling features

Use Cases of Razorpay

Here are the use cases of Razorpay with its better alternatives:

When Razorpay Might Be a Better Choice:

Tech-Savvy Businesses: Razorpay offers a highly customizable and developer-friendly platform, making it ideal for businesses with in-house tech teams or those who need advanced payment solutions.
Subscription-Based Services: Razorpay’s subscription billing feature is robust and well-integrated, making it a top choice for businesses offering recurring payment models.
Comprehensive Financial Tools: Businesses looking for more than just a payment gateway will benefit from RazorpayX and Razorpay Capital, which offer business banking services and loans.
Instant Settlements: Businesses that need faster access to funds can take advantage of Razorpay’s instant settlement feature, which is not as widely available among competitors.

When Alternatives Might Be a Better Choice:

Simplified Payment Processing (Instamojo): For small businesses, freelancers, or those who want a simple, easy-to-use payment gateway with minimal setup, Instamojo is an excellent choice.
Multilingual and Multi-Currency Support (CCAvenue): If your business needs extensive multilingual and multi-currency support, especially if you’re catering to a diverse or international audience, CCAvenue provides more options.
Focus on SMBs with Specific Needs (PayU): PayU is particularly strong in serving small and medium-sized businesses, offering customizable solutions and express payments that cater well to the unique needs of SMBs.

Conclusion

Razorpay stands out for its advanced features, ease of integration, and comprehensive financial tools, making it ideal for businesses looking to scale and automate their payment processes. However, depending on the specific needs of a business—such as simplicity, multilingual support, or specific features like express payments—alternatives like Instamojo, CCAvenue, or PayU might be more appropriate.

Razorpay Review: 2 Years of My Life With Payment Gateway

What is Razorpay?