Top 20 Razorpay Alternatives & Competitors

Overview of Razorpay Alternatives for Payment Gateway Solution

Razorpay is a best payment gateway for online payments. Most of the users of Razorpay are eCommerce websites, BPOs, KPOs, service providers, etc. Most businesses are looking for substitutes for Razorpay for better pricing, more features, and lower latency. There are dozens of Razorpay alternatives available, each having its specialized features.

Businesses looking for Razorpay alternatives aim to enhance their payment gateway experience with better pricing, integration ease, diverse payment options, and faster customer support. Key considerations include identifying specific needs, assessing ease of use, ensuring scalability, and understanding competitive offerings. Whether you're a small eCommerce vendor or a growing startup, finding the right payment solution is crucial for efficient and reliable transactions.

Why are Businesses Looking for Alternatives to Razorpay

Razorpay is a widely used online payment platform because of its hassle-free integration features and low initial cost. However, lately many of these online businesses and eCommerce vendors are looking for alternatives to Razorpay for the following reasons.

• High Fees per transaction: Small eCommerce vendors are looking for better payment gateway options other than Razorpay to avoid high transaction fees.
• Integration: Few payment gateway integrations only allow card payment and do not show other payment modes.
• Downtime: There have been reports of Razorpay downtime, which means that customers are unable to make payments during that time.
• Transaction Processing: Businesses are looking for a better payment gateway solution as Razorpay sometimes takes a lot of time to credit the vendor's account.
• Dispute Resolution: It is essential for small eCommerce vendors that their dispute is resolved at the earliest.

Must-Have Features in Payment Gateway Services Similar to Razorpay?

Every payment platform better than Razorpay must have some basic functionalities. These features can vastly affect the usability and pricing of payment processors. Some of the must-have features of any payment gateway solution are:

• Enterprise-Grade Security: While accepting online payments, it is vital to take care of the user's security. The payment gateways like Razorpay must ensure that users cant be tricked through their payment gateway.
• 24/7 Customer Services: Users are looking for the best payment gateway services like Razorpay because it must be client-centric. The service provider should ensure that users can avail of round-the-clock support through phone calls, email queries, or live chat.
• Privacy Settings: Privacy is an essential factor in online payments. It is necessary to have privacy settings in the payment gateway service similar to Razorpay so that users' data is not shared with third parties easily.
• Integration: Payment processing solutions similar to Razorpay must integrate with existing systems like ERP, CRM, etc., for timely charging the customers. This will ensure that the vendors don't have to do manual processing to receive payments from the clients.
• Multiple Payment Options: Most online sellers need an online payment gateway that provides the maximum number of payment methods to their customers. Today, Indian eCommerce businesses seek options to receive payment via UPI, PayPal, and even Cryptocurrency.
• Easy Dispute Resolution: Organizations are looking for a better payment gateway service to resolve their disputes at the earliest.
• Reconciliation: Reconciling payments, refunds, transfers, and chargebacks are tedious tasks for the organization. Reconciliation is a must-have feature for payment gateways.

What To Consider When Looking for a Software Like Razorpay?

Whenever you are looking for a Razorpay substitute, here are a few things that you should consider:

• Identify the Pain Points: You should identify your business's significant problems while receiving payments online. This will help companies to choose better payment platforms than Razorpay.
• Analyze Your Competitors: It is necessary to check out what kind of Payment Gateway Services are other eCommerce vendors using. It will help business owners to determine the best service provider to suit their needs.
• Identify the Right Features: Different businesses have different requirements. So, you should identify the features in a payment gateway service that are useful to you.
• Ease of Implementation: You should check out how easy or difficult it is to implement the payment gateway on your website. Payment gateway service provides must have
• Scalability: You should ensure that you look for a payment gateway that provides scalability as your business grows.

Drawbacks of Using Razorpay Software

• Although Razorpay is a comprehensive online payment processing solution, it does have some drawbacks. Disadvantages of Razorpay software are as follows:
• Razorpay is slightly expensive for small businesses with a higher frequency of transactions.
• Sometimes the time taken by Razorpay to credit the vendor account takes longer than usual.
• Many people both customers and vendors have complained that they have lost money while processing through Razorpay
• The onboarding process is longer, and more complex compared to other similar payment gateways.
• The customer service of Razorpay has been time and often criticized by their clients for the slow response.
• Users and customers of Razorpay across eCommerce websites often witness downtimes.
• The reconciliation process of this online payment platform is considered to be the worst among its competitors
• No defined SLA is provided by Razorpay to its vendors.

What Type of Businesses is Looking for Alternatives of Razorpay?

Almost all the businesses whose revenue models are dependent on receiving payment online need a third-party payment gateway to run their operations. Here are the few companies looking for online payment processing platforms similar to Razorpay because of its limitations.

• eCommerce Vendors: Vendors selling products on eCommerce websites need solutions like Razorpay for their day-to-day transaction processing.
• B2B Businesses: B2B businesses across India have been rapidly integrating online payment methods due to the increase in competition, low-cost transactions, and easy reconciliation.
• SaaS Providers: Cloud computing companies accept payment from across the world for their services. Therefore, they are looking for substitutes for Razorpay, which can help them streamline their operations.
• Non-Profit Organizations: Many NGOs and INGOs are looking for a reliable payment gateway to receive donations and funds.
• BPOs/KPOs: Most of the BPOs and KPOs require an easier-to-use solution to receive payments from their customers through multiple payment methods.
• Startups: Startups and SMEs across India need an online payment gateway that is useful for their businesses and offers scalable features in the future.
• Service Providers/ Freelancers: Freelancers and service providers such as marketers, web designers, and writers need a simple payment portal to process online payments efficiently.