Razorpay, an India-based online payments platform, has introduced a new payment solution to enable Software as a service (SaaS) business to start accepting recurring payments from India and abroad.
The recurring payment feature auto-debits transactions from the customer’s account without the need for any manual intervention from the customer. It will also enable companies to reduce hours spent in collection of recurring invoices for online businesses. With this solution, users can also schedule payments for products or services rendered by online businesses automatically.
Razorpay said that the recurring payments feature has been launched for Zoho, a provider of SaaS applications space. The integration will enable Razorpay to offer its payment solution and technology to Zoho's products.
Zoho's customers from India can now offer a seamless checkout experience for one-time and recurring payments with a host of Razorpay’s payment options including card payments, multiple wallet offerings and net banking with over 50 banks.
Razorpay co-founder Shashank Kumar said: “Saas businesses find it extremely difficult to manage all the hassles that come with recurring payments from customers. We’ve had existing clients and customers reach out to us and ask for options to circumvent this complicated process.
“There are also companies who register outside of India due to these payment related issues. We are also glad to be the preferred payment gateway for Zoho’s bouquet of finance products in India. Globally, Zoho has partnered with major players like Paypal. The integration with Razorpay in India, is indeed a proud achievement for us.”