With digitalisation taking over the world, we are heading towards a new phase of normalising cashless money transactions for the seemingly easy and flexible experience it offers. This hassle-free payment gateway has increased the preference for cashless transactions over other payment modes both by businesses and customers.
This calls for the need to adopt the best payment gateway for ecommerce websites to make payment processes simpler for customers while also protecting sensitive data. One of such popular and best payment gateways in India is the Razorpay payment gateway. In this blog, we will break down the process of setting up Razorpay for your ecommerce website in simple steps.
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For some, everything related to finance and money might sound like a tough nut to crack. So we will attempt to simplify the definition of Razorpay in the easiest way possible for you. Razorpay is a digital platform that enables businesses and customers to facilitate money transactions through various modes of payment such as credit cards, debit cards, net banking, UPI and digital wallets.
It integrates banking systems for an easy flow of cash through websites and apps, making it simpler for businesses to collect payments from their customers. Among its features are easy integration, real-time payment tracking, automated reconciliation, and customisable payment methods. Razorpay has now become the best payment gateway in India providing services to businesses regardless of their size. This payment gateway for websites has garnered positive attention among people for the easy-to-use interface and the security it offers to customers as well as businesses.
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The COVID-19 pandemic has a major contribution to the rise of online money transactions where people are shifting from direct payment to digital transactions of money for the convenience it offers. So without any doubt, digital payment gateway integration to your ecommerce website is a necessary step to take to stand a chance in both the local and global market.
The Razorpay payment gateway platform takes over the payment process when a customer purchases on a business's website or app. Payment gateway integration is the first step towards flexible processing of payments and transaction tracking. After integration, it securely processes customer payments using industry-standard encryption and security protocols. Offering a diverse range of payment options, customers have the opportunity to choose the method that best suits their needs.
Following the successful processing of the payment, Razorpay provides both the business and the customer with real-time transaction updates. Those who make payments can track the progress of their transactions, while those who make payments will receive confirmation of their transactions. Additionally, Razorpay also offers a feature called automated reconciliation, which simplifies the process of matching payments with corresponding orders or invoices, providing businesses with an easy way to maintain their financial records. All these automated features and user-friendly experiences have led Razorpay to become one of the best payment gateways in India.
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It is important to set up a Razorpay payment gateway for websites to compete in today’s competitive commercial market. Follow the below steps to set up Razorpay for your website and track your customer transactions seamlessly.
To register with Razorpay, create an account on the website and enter your business information and bank account details. Your Razorpay dashboard will be accessible for you to manage payments and configurations after registration.
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You can integrate Razorpay with your ecommerce website using the provided APIs and developer documentation. Payment gateway integration will enable a wide variety of payment options for your customers to make payments easily.
You are required to create an order on your server by using the Razorpay Orders API when a customer makes an order, and you need to associate it with a unique transaction ID. This allows efficient tracking and managing of orders. You can easily reference and sync the order IDs generated by Razorpay with the corresponding transaction IDs on your server by mapping them.
You can use Razorpay Checkout to collect your customers' payment details securely, after which you pass them the generated order ID. Checkout provides customers with an easy-to-use interface when reviewing their order details, selecting payment options, and completing the order payment process.
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For transaction security and validity, Razorpay works with the customer's bank to authenticate the payment. To verify the payment details of customers, they are securely transmitted to their respective banks or payment providers.
Capture the payment amount after authentication of the payment either automatically or manually. Automatic captures capture the payment right after authentication whereas manual captures allow you to capture the payment later at your convenience and requirements.
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Following your settlement schedule, Razorpay settles captured payment amounts into your designated account. As defined by your preferences and agreement with Razorpay, the settlement period can be daily, weekly, or monthly. The settlement process ensures that funds from successful transactions are transferred to your bank account, enabling you to better manage your finances.
As we move towards a more digitalised society, preferring easy and convenient options in the comfort of our homes, it does not come as a surprise that digital payment gateways are going to make it a point of concern for customers before buying the product or service. Adopting the Razorpay payment gateway is the right choice at this time to adapt to the changing payment methods of businesses and industries. With the plethora of features and automation services, integrating Razorpay into your website won’t disappoint you.
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To learn more about ecommerce websites and businesses, check out our other blogs.
, Yourstore
7th August 2023