Why You Should Use RazorPay Gateway on Your eCommerce Site

Considering the year 2020, many parameters of Online Shopping have changed. Customers are now demanding Online Payments on the eCommerce website. Do you know, many people won’t buy your product if you don’t have their preferred payment gateway? There are many preferred payment gateways like PayPal, InstaMOJO, Stripe, RazorPay, M-Pesa, etc for Online Store owners.

Let’s dive in a little deeper and see things from start.

To begin with, you will first need a way to accept the payments online. To accept it, you can use a payment gateway to make things easier and faster.

 

What is Payment Gateway

The payment gateway is a solution using which you can accept online payments. Customers can pay through various online means such as debit/credit card, net banking, UPI, etc. The number of ways depends on the payment gateway you are using.

The payment gateway will collect the payment from the customer and thereafter, it will send a confirmation response to your eCommerce website. Your store will automatically capture the response and mark the order as successful or it will show failure in payment.

 

What is Razorpay?

Most of you might be getting the point here by now. Razorpay is a payment gateway that allows you to collect payments from an eCommerce website. It integrates with your eCommerce website to mark the orders from “pending payment” to “payment successful”.

Razorpay Payment Gateway acts as a middle man to collect payments from customers using their desired payment method whether they want to pay you through UPI or they want to pay you using wallets, you will get the amount directly in your bank account from Razorpay. As a middle person, payment gateways have a small transaction fee that you will have to pay on every successful transaction.

 

How does the RazorPay payment gateway work?

It’s super easier to set up a Razorpay payment gateway for an eCommerce website. You can simply head over to the official website and complete your registration. You will have to add the documents to make things simple. Thereafter, you can surely see the interaction docs which you can pass on to your developer.

If you are using CMS, you can directly integrate it. Razorpay Supports all the popular CMS including WooCommerce, Prestashop, etc. You can easily integrate the payment gateway on your website.

 

Why use Razorpay on your web store

There are many reasons why Razorpay is the best payment gateway for an eCommerce store, here are a few of them.

• There are hundreds of payment methods including UPI, debit card, credit card, 8+ wallets, 50+ net banking options, EMI, and the customers can also pay later. This will allow customers to make the payment in a few clicks using their preferred payment method.
• It charges a very low transaction fee. Further, the setup and maintenance cost is 0.
• It allows a flash-checkout option along with native OTP to make things easier.
• You can also collect recurring payments and add a payments button if you want.
• You can accept payments globally as they support 92 currencies with real-time conversion.
• Razorpay gives you detailed analytics and reports about the payments. You can access those reports anytime you want and see the sales you are making.

 

Closure

To summarize, this was all about Razorpay. Razorpay is one of the best ways to accept payments on an eCommerce store. If you have a huge amount of daily transactions, you can request an enterprise plan which will remove the transaction fees. So, you can also request it if you are selling high-ticket products. For the rest of the people, the standard plan is the best. There are no hidden fees here.