Indian payments company Razorpay has introduced an upgraded version of Payment Links in a step to help businesses in reducing costs and time in carrying out transactions.
The upgraded version of Payment Links, which are securely generated web addresses sent via SMS or mail to enable payments, includes the Partial Payments feature.
Razorpay upgrade: what does it offer?
The Partial Payments feature facilitates greater control to the businesses by enabling end users to make payments in tranches instead of paying the full amount at once. All such payments can be made by carrying a unique payment_id tied to the same order_id to enable swift tracking and status of the order.
The other feature called Batch Uploads will allow businesses to generate and process Payment Links in bulk instead of creating individual links through a single dashboard click and without an API.
The upgrade also automates the accounting and reconciliation processes, enabling businesses to manage more transactions.
Razorpay co-founder and CTO Shashank Kumar 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.”
Razorpay noted that more than 20,000 businesses are now transacting using Payment Links since its inception in September last year. The company plans to double the figure in the coming six months.