A full-stack payments platform enabling payment acceptance and disbursement for businesses, Razorpay is disrupting conventional payment mechanisms across the country. Today, the company announced the launch of an upgraded version of Payment Links, making it the first company to introduce new features to provide a more customised experience to all businesses. Payment Links, which can be sent via an SMS or email, are securely generated web addresses that allow end-users to make payments using the supported payment methods.
Striving to always make online payments more simplified for businesses, Razorpay has launched two new features, Partial Payments & Batch Uploads. The ‘Partial payments’ feature provides better control over how businesses accept payments by allowing end-users to make payments in part against a particular order_id instead of making the entire payment at once. With a unique payment_id tied to the same order_id, it allows end-users to easily make multiple payments against the same order using the same Payment Link. This also makes it easier for businesses to confirm a lead and track status of an order.
Businesses grow on a daily basis and so does the number of transactions they handle. The other new feature, ‘Batch Uploads’ allows businesses to generate and process Payment Links in bulk instead of creating individual links by uploading a single file containing collect order details (often called the batch file), via a single dashboard click and without having to use an API. The accounting and reconciliation of these payments also gets automated, thereby simplifying the collection process. Businesses which need to collect cash on a daily basis will find this feature very helpful. Here is a short video which shows how Batch Uploads work https://bit.ly/2L2CItM. In addition, this version of the product allows creation of customizable payment links that helps businesses to brand as per their design requirements.
Commenting on the launch, Shashank Kumar, Co-founder and CTO, Razorpay said, “In the few months of launching the Payment Links product, we have been working hard to live up to our promise of providing a universal payment solution which caters to small and larger enterprises. These new features are designed to drive digitisation in traditional businesses and will provide efficient ways to increase revenue for new age businesses. With the ability to save upto 30% cost and time of businesses, we are looking forward to see more traction for the upgraded version of payment links.”
Since the launch of Payment Links in September last year, over 20000 businesses are transacting using payment links, Razorpay plans to double it in the next six months.
Payment links can also be used as reminders to accept scheduled or recurring payments. Soon with AI becoming the driver of next stage growth for businesses, payment links will become the defacto way of receiving payments, where a chatbot could generate a payment link on its own and share with the end customer. Given the simplicity of the payment solution, payment links are perfectly suited for all businesses, online and offline.