If you are using PayPal to collect payments from your clients and customers in India, here’s bad news. PayPal is shutting down its domestic business as it shifts its priorities in India.
“From 1 April 2021, we will focus all our attention on enabling more international sales for Indian businesses, and shift focus away from our domestic products in India. This means we will no longer offer domestic payment services within India from 1 April,” said a company spokesperson.
However, this will have no impact on international transactions, and you will still be able to send and receive international payments.
If you are using PayPal for processing payments on your website or business, and are looking for an alternative to fill in, RazorPay will be a good option, among many that are available in the market.
What is RAZORPAY
Razorpay is one of the leading payment gateways in India that is being used by many big corporations and organizations.
It’s Payment Pages are specifically designed to accept payments online without a payment gateway integration. You don’t even need to have a website.
You can use the Payment Page link as the landing page to accept payments for your events.
Register at Razorpay and activate your account after duly submitting the KYC documents. Basic documents will include Organization Name, Address Proof, PAN copy, etc. Once you have created your account, login to your dashboard.
Razorpay follows a simple and transparent pricing structure. They have two plan, Standard Plan for small and medium organizations, and Enterprise Plan for big organizations with large transaction volumes.
Here’s the Standard Plan pricing of Razorpay. In the startup plan, there’s 0% fee for the first three months or upto Rs 3 lakhs whichever is earlier. Post this, the fee will be 2% per transaction.
With no set up fee, no maintenance fee, and low transaction fee of just 2%, RazorPay is the best alternative to PayPal, in case if you are using PayPal for domestic transactions.