If you want to start a web based business and sell something online, you need to have the ability to accept payments online. To ensure maximum revenue, you have to have the maximum payment options available for your customers. In India, the major online payment modes are net-banking, cards and wallets.
There are more than 55 banks in India which support net-banking payments. If you are a startup company, it is not practical for a small company to partner with 55+ banks in India, the various card networks and the wallet companies. You do not have the bandwidth, the time or the resources to setup a payments infrastructure.
That’s why it is advisable to sign up with a payment gateway aggregator like Razorpay. Once you sign up for an account at a payment gateway, you will be able to offer almost all the possible payment methods available to your customers.
Razorpay charges 2% flat fee on every transaction. This is called TDR – Transaction Discount Rate. This is a very nominal and marginal fee that you have to pay and it saves you time, money and accounting hassles.