Empowering MSMEs with Razorpay Integration via Finviral

Background: The Challenge

An emerging MSME in India, engaged in both e-commerce and subscription services, faced persistent challenges with payment gateway management. Previously, they used two separate payment gateways to handle their transactions. This led to several operational issues:

• High Downtime: Frequent downtime during peak hours, which impacted customer experience and caused loss of sales.
• Operational Inefficiencies: Juggling between two payment gateways resulted in duplicated efforts and high operational overheads.
• Limited Payment Options: The existing payment systems did not offer the flexibility of multiple payment methods, including UPI, wallets, and recurring payments.

To continue scaling efficiently and reduce operational overheads, the business needed a more reliable, scalable, and feature-rich payment solution that could integrate seamlessly with its existing tech stack.

Solution Delivered by Finviral: The Razorpay Advantage

1. Seamless Integration with Razorpay Through Finviral’s strategic partnership with Razorpay, the MSME was seamlessly onboarded with the payment platform at an exclusive rate. Finviral handled the entire integration process, from API setup to ensuring the smooth migration of data and payment history. Razorpay's advanced technical support team was involved in the onboarding process, ensuring that the transition was completed with zero disruptions to the business’s operations.

2. Comprehensive Product Suite Razorpay offers a comprehensive set of products that perfectly suited the MSME’s needs:

• Payment Gateway: Razorpay’s Payment Gateway was at the core of the integration, offering a secure and efficient platform for handling both one-time and recurring payments. The high success rate of 99.99% uptime significantly reduced downtime risks, something their previous payment gateways struggled with. Razorpay’s solution also offered multiple payment methods, including debit and credit cards, net banking, UPI, wallets, and EMI options, providing customers with a seamless checkout experience.
• Razorpay Subscriptions: For the MSME’s subscription-based services, Razorpay’s Subscriptions product simplified recurring payments, offering automated billing cycles and reducing manual intervention. This not only improved cash flow stability but also reduced administrative work. Razorpay’s Subscriptions solution supports multiple payment modes, providing flexibility to customers while improving collection efficiency.
• Razorpay Payouts: Razorpay’s Payouts feature enabled the MSME to easily pay vendors, employees, and partners directly to their bank accounts, improving operational efficiency and reducing delays. The platform offered secure, real-time bank transfers, enhancing the MSME's operational speed.
• Razorpay Routes: For better payment routing, Razorpay Routes allowed the MSME to manage transactions across multiple payment providers in real-time, optimizing payment success rates and ensuring the best payment route at all times.

3. Reduced Costs and Improved Scalability Through Finviral’s exclusive partnership, the MSME enjoyed an attractive pricing model, which was substantially lower than what they had been paying with the previous providers. Razorpay’s transaction fees were competitive, and with Finviral’s negotiated rate, the MSME realized cost savings of up to 20%. Additionally, Razorpay’s ability to handle large transaction volumes without compromising on speed or security helped the MSME scale quickly during peak seasons.

Razorpay’s platform also provided the MSME with the flexibility to scale across geographies. Whether expanding into new regions or handling seasonal demand spikes, Razorpay’s solution was equipped to handle the increase in transaction volumes seamlessly.

4. Enhanced Customer Experience and Operational Efficiency The switch to Razorpay resulted in tangible improvements in both customer satisfaction and operational efficiency:

• High Transaction Success Rates: Razorpay’s reliability meant fewer transaction failures and better customer experience, especially for international transactions.
• Faster Payment Processing: With the efficient payment routing capabilities, payments were processed faster, reducing checkout abandonment and improving conversion rates.
• Unified Dashboard: Razorpay’s easy-to-use dashboard provided real-time insights into transaction analytics, helping the business make data-driven decisions. The MSME could now monitor payments, refunds, settlements, and other operations from a single location, saving time and improving workflow management.

5. Automated Recurring Payments and Subscription Flexibility The MSME’s subscription-based offerings were seamlessly integrated with Razorpay’s Subscription tools. Razorpay’s system handled all the complexities of recurring payments, offering customers the flexibility to manage their payment schedules while ensuring that the business received timely payments. Additionally, Razorpay’s auto-detection of failed payments and retry mechanisms improved subscription retention and reduced churn.

6. Developer-Friendly API Integration Razorpay’s APIs were simple to integrate, which reduced the development time significantly. As the MSME already had an existing platform, Finviral worked closely with the development team to ensure smooth API integration, testing, and implementation. Razorpay’s robust documentation and developer-friendly features made the entire process seamless, and the MSME could quickly leverage the platform’s advanced features.

Results Achieved

Since onboarding Razorpay with Finviral’s support, the MSME has achieved remarkable improvements across various business metrics:

• 99.99% Payment Uptime: Razorpay’s high uptime ensured that the business never faced disruptions during critical periods, particularly during high-traffic sales events.
• 20% Cost Reduction: By consolidating payment gateways and switching to Razorpay, the MSME reduced operational and transaction fees, leading to cost savings.
• Higher Conversion Rates: The business saw a 15% increase in conversion rates due to smoother checkout experiences, multiple payment options, and fewer transaction failures.
• Scalability for Growth: The business successfully scaled during high-demand seasons, with Razorpay’s platform handling peak loads effortlessly.
• Improved Customer Retention: Subscription-based payments saw a 25% improvement in customer retention rates thanks to Razorpay’s automated subscription management system.

Conclusion

Finviral’s collaboration with Razorpay has proven to be a game-changer for this MSME. By transitioning to Razorpay, the business gained access to a comprehensive suite of payment solutions that provided superior uptime, flexible pricing, and easy scalability. Razorpay’s integration enabled the MSME to streamline operations, reduce costs, and enhance customer satisfaction, creating a more efficient and sustainable business model.

This case study highlights how leveraging Finviral’s strategic partnerships and expertise can help businesses find the right payment solution that meets their unique needs.

?? Start your journey with Razorpay today through Finviral: Razorpay Integration.

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