Imagine you’re a freelance copywriter in India working with clients in Europe. You’ve just wrapped up a major project, and your client is eager to pay. But instead of a smooth transaction, you’re met with hefty SWIFT fees, tedious bank paperwork, and frustrating delays. The excitement of completing your work is overshadowed by the cumbersome process of receiving your payment. Sounds familiar?

But what if there was a way to tackle these challenges and keep your focus on what you do best: delivering top-notch services to clients worldwide.

The Freelancer Solution: Razorpay MoneySaver Export Account 

Don’t worry, we’ve got you covered! If you’re a freelancer Razorpay’s MoneySaver Export Account – India’s First Smart Account, is the easiest way for you to accept payments from international clients. It offers a seamless, cost-effective solution to these challenges, ensuring freelancers like you receive your hard-earned money quickly and efficiently.

Freelancers can now effortlessly open Razorpay MoneySaver Export Accounts in their preferred countries (US, UK, Canada, Australia, Europe, and more) and receive local bank transfers through Razorpay. By integrating with popular International wire transfers like ACH, SEPA, FPS, and SWIFT, this smart account simplifies global payments and maximizes savings. 

Integrating Razorpay MoneySaver Export Account With Various Freelancer Platforms

Razorpay’s MoneySaver Export Account can be integrated seamlessly with popular freelancer platforms like Upwork, Deel, Fiverr, and Toptal. 

Here’s how you can do it!

Plugging in Razorpay MoneySaver Export Account with Upwork:

Step 1: Log in to Upwork

Begin by logging in to your Upwork account. From the Upwork dashboard, navigate to ‘Settings’ via the dropdown menu.Step 2: Access Payment Settings

In the Settings menu, select ‘Get Paid’ under User Settings. This will take you to the payment settings area where you can manage your payment options. Click on ‘Add Method’ under the Payment Methods section to start adding a new payment method. 

Step 3: Choose Direct to U.S. Bank (USD)

From the available options, select ‘Direct to U.S. Bank (USD)’ as your preferred payment method. This is where you’ll integrate your Razorpay MoneySaver Export Account. 

Step 4: Input Razorpay MoneySaver Export Account Details

Enter the details of your Razorpay MoneySaver Export Account as requested, including your account number and any other necessary information. 

Step 5: Set Up a Timeframe for Withdrawals

Choose an option from the ‘Preferred withdrawal schedule’. Select either ‘Quarterly’ or ‘Monthly’.

Step 6: Enter your Details and Confirm

Enter your account details and click on ‘I attest that I am the owner and have full authorization to this bank account’. Once done, check all your details for the final time and save changes.

Once your account is verified, Upwork will activate this payment method within three days. You’ll then be ready to receive payments directly into your Razorpay MoneySaver Export Account for your Upwork freelance projects.

That’s it! It was that easy, wasn’t it?

Plugging in Razorpay MoneySaver Export Account with Deel:

Step 1: Log in to Deel

Begin by logging in to your Deel account. This will take you to your  Deel ‘Home Page’.

Step 2: Withdrawal Methods

On your Deel Home Page, Click on ‘Withdrawal Methods’ which is located at the left corner below.

Step 3: Add Methods

Under ‘Withdrawal Methods’, click on ‘Add Methods’ to select your preferred method.

Step 4: Select your Method

Select your preferred methods under the below options. Here, select ‘Bank Transfer’ as your method.

Step 5: Input Razorpay MoneySaver Export Account Details

Enter the details of your Razorpay MoneySaver Export Account as requested, including your account number and any other necessary information. 

Step 6: Fill in your Personal Details

Enter your details such as ‘Name’, ‘Address’, ‘City’ etc. Once done, click on ‘Add’.

Step 7: Enter Code to Verify

Do enter the verification code that will be sent to your authenticator app. Once verified, you’re done!

Plugging in Razorpay MoneySaver Export Account with Toptal:

Step 1: Log in to Toptal

First login to your Toptal account. Then, click on ‘Transfer’ and select ‘New Transfer Method’.

Step 2: Select a Country and Currency 

Under the ‘Select Country/Region and Currency’ section, opt for ‘United States and ‘USD’.

Step 3: Select a Payment Method

Here, click on ‘Bank Transfer’ and then press on ‘Continue’.

Step 4: Input Razorpay MoneySaver Export Account Details

Enter the details of your Razorpay MoneySaver Export Account as requested, including your account number and any other necessary information.  Once done, click on ‘Continue’.Plugging in Razorpay MoneySaver Export Account with Freelancer Platform:

Step 1: Log in to Freelancer

Begin by logging in to your Freelancer account. This will take you to your  Freelancer ‘Home Page’.

Step 2: Withdrawal Methods

On your Freelancer Home Page, Click on ‘Withdrawal Methods’ which is located at the right corner below.

Step 3: Choose your Preferred Withdrawal Method

Here, choose the ‘Express Withdrawal’ option as it is considered to be the fastest method to withdraw your funds. Step 4: Select a Country and Currency 

Under ‘Country of bank account’ choose ‘United States’. Also, under ‘Withdraw amount’ enter a specific numerical value to withdraw.

Step 5: Input Razorpay MoneySaver Export Account Details

Enter the details of your Razorpay MoneySaver Export Account as requested, including your account name and address.  

Conclusion

Razorpay’s MoneySaver Export Account empowers freelancers like you to overcome the challenges of international payments with ease and efficiency. 

Whether you’re a seasoned freelancer or just starting your journey, the Razorpay MoneySaver Export Account empowers you to scale your business globally. 

Ready to get started? Sign up today and experience the freedom, flexibility, and efficiency it offers your freelancing business!

The Problem: Inefficiencies in Payment Collection

For exporters, managing international payments across different geographies involves a complex web of account details and banking protocols. Currently, most exporters have to share their account details for international payment systems like ACH, SEPA, FPS, or SWIFT transfers manually. This often involves creating individual payment links through a dashboard or copying account details and sending them via email, WhatsApp, or other chat platforms.

While this process may work for occasional international wire transfers, it becomes a significant challenge for exporters dealing with multiple orders daily. Creating numerous payment links or sending out multiple emails each day is not only time-consuming but also prone to errors. Additionally, communicating account details through chat can lead to misunderstandings and delays.

Beyond the operational challenges, exporters often face another issue with international money transfers: a lack of trust from buyers. Many exporters use smaller community banks in the US, which might not be well-known to their international customers. This can create a trust deficit, with buyers questioning the authenticity of the account details and, by extension, the legitimacy of the exporter. In some cases, exporters might only share the details of one account, such as a US ACH account, even though they have other local bank accounts (like FPS for GBP transfers) that could offer more convenience and lower fees for wide range of other global customers spread across the world other than the US.

Introducing Razorpay’s Public Account Pages

Razorpay’s Public Account Pages address these challenges by providing a centralized, static page where exporters can display all their connected bank accounts. This solution simplifies payment collection and enhances trust between exporters and their customers.

1. Centralized Account Management

With Razorpay’s Public Account Pages, exporters can display all their bank accounts on a single page. Whether it’s USD (ACH), EUR(SEPA), GBP(FPS), or SWIFT payments, all connected accounts are shown clearly and concisely. Exporters no longer need to create multiple payment links or send countless emails. Instead, they can simply share a single link that customers can access anytime.

2. Easy Sharing and Accessibility

The Public Account Page is designed for easy sharing. Exporters can include the link in their invoices, websites, and chat communications. Customers can bookmark the page for future reference, ensuring they always have the latest payment details. 

3. Automatic Updates

One of the standout features of Razorpay’s Public Account Pages is the automatic updating of bank account details. When an exporter connects a new local bank transfer rail, such as FPS for GBP transfers or a SEPA account for Euro transactions, the account automatically appears on the public page. This ensures that customers always see the most relevant payment options, tailored to their location and currency.

4. Building Trust Through Razorpay’s Brand

Trust is a critical factor in international transactions. By using Razorpay’s Public Account Pages, exporters can leverage the trust and credibility associated with the Razorpay brand. Each Public Account Page prominently displays the “Powered by Razorpay” logo, reassuring customers that their payment is being processed through a reputable and reliable platform.

The Impact: Streamlining Operations for Exporters and Their Customers

Razorpay’s Public Account Pages offer significant benefits for exporters, customers, and the platform itself.

For Exporters

• Reduced Manual Work: No need to repeatedly share account details. The Public Account Page centralizes banking information, saving time on administrative tasks.
• Comprehensive Account Visibility: Displaying all compatible accounts ensures customers are aware of every available payment option, reducing payment friction.
• Increased Convenience for Repeat Customers: Regular buyers can easily access the Public Account Page, simplifying and speeding up repeat transactions.

For Customers

• Convenient Access: All necessary bank details are in one place, making transactions easier without needing to request information repeatedly.
• Confidence in Accuracy: The “Powered by Razorpay” logo reassures customers of the legitimacy and accuracy of the account details, building trust.
• Faster Payments: Instant access to correct bank details allows for quicker payments, reducing delays and enhancing the customer experience.

Razorpay Public Account Pages: A New Standard for Payment Collection

Razorpay’s Public Account Pages represent a significant advancement in payment collection for exporters. By centralizing account management, simplifying the sharing process, and building trust through a reputable brand, Razorpay is making it easier for exporters to focus on what they do best: growing their business. In a global market where trust and efficiency are paramount, Razorpay’s Public Account Pages set a new standard for effortless payment collection, empowering exporters to conduct business with confidence and ease. 

Are you an exporter looking to streamline your payment collection process? 

What is IEC?

An Import Export Code (IEC) is a unique 10-digit code issued by the Directorate General of Foreign Trade (DGFT) in India. This Import Export Code registration is mandatory for any business involved in importing or exporting goods and services. The IEC is a key compliance requirement, acting as an identification number for businesses during international trade transactions.

Why is IEC Needed?

• Legal Requirement: The IEC code is a mandatory requirement for any business involved in importing or exporting goods in India. Without this code, businesses cannot legally engage in international trade, making it essential for compliance with Indian trade regulations.
• Global Market Access: An Import Export Code opens the door for businesses to enter international markets. By having this code, businesses can expand their reach beyond domestic borders, accessing a broader customer base and new opportunities for growth.
• Customs Clearance: For the import and export of goods, customs clearance is crucial. An IEC is required for this process. Without it, businesses cannot legally move goods across international borders, which can halt operations and result in legal complications.
• Financial Transactions: Banks require an IEC to process international trade payments. This code is essential for facilitating financial transactions related to import-export activities, ensuring smooth and efficient trade operations.
• Trade Benefits: Possessing an IEC certificate allows businesses to avail themselves of various benefits provided by the government for import-export activities. These benefits can include tax exemptions, subsidies, and other incentives designed to promote international trade and support business growth.

Challenges Merchants Face While Obtaining an IEC

Obtaining an IEC is essential for businesses looking to engage in international trade. However, the registration process presents several challenges that merchants must overcome: 

1. Complex Application Process: The IEC application involves multiple steps, including document preparation and online submission through the DGFT (Directorate General of Foreign Trade) portal.
2. Extensive Documentation Requirements: Merchants need to provide various documents, such as a PAN card, bank details, and business registration proof, which can be cumbersome to gather and ensure accuracy.
3. Processing Delays: The DGFT’s verification and issuance process can be lengthy, especially if there are discrepancies or errors in the application, leading to frustrating delays.
4. Limited Support and Guidance: Many merchants struggle with the lack of clear guidance and support during the application process, resulting in mistakes and potential rejections.

Introducing Razorpay’s IEC Registration Service: Your One-Stop Solution for Going Global

Razorpay has introduced an innovative IEC Registration Service designed to streamline the process of obtaining an Import Export Code. This service aims to simplify compliance, reduce processing times, and help businesses enter the global market more efficiently.

Key Features of Razorpay’s IEC Registration Service:

1. Centralized Platform: Razorpay provides a unified platform that allows exporters to apply for and manage their IEC, AD code, and export licenses all in one place. This consolidation simplifies the entire compliance process, making it more efficient and less time-consuming for businesses.
2. Integrated Document Management: Razorpay offers centralized storage for all relevant documents, including IEC, AD code, and export licenses. It is designed to handle all required documents efficiently, reducing the risk of errors and ensuring compliance with regulatory standards. This integrated document management system ensures easy access and organization, so all necessary documentation is readily available when needed. 
3. Faster Processing: With streamlined processes and automated systems, Razorpay significantly reduces the time required to obtain IEC and export licenses. This acceleration allows exporters to commence their international operations more quickly, giving them a competitive edge.
4. Reduced Administrative Burden: By automating and integrating compliance processes, Razorpay helps exporters save valuable time and resources. From application to approval, the process is smooth and transparent, making it ideal for both new businesses and seasoned exporters. Businesses no longer need to navigate the complexities of compliance requirements manually, allowing them to focus on their core operations.
5. Minimized Risk of Penalties: Razorpay ensures that all regulatory requirements are met, reducing the risk of non-compliance penalties and fines. This proactive approach to compliance leads to significant cost savings and peace of mind for exporters.
6. Annual Renewal Handling: Razorpay also offers annual renewal handling, ensuring that businesses remain compliant with IEC regulations without the hassle of managing renewals themselves. This feature is particularly useful for established exporters who need to maintain continuous compliance.

Streamlining Global Trade for Businesses – Ready to Take Flight?

Whether you’re an aspiring entrepreneur eager to launch your export business or an established exporter seeking to streamline your operations, Razorpay’s new IEC registration service is your gateway to global trade. Designed to simplify compliance and reduce processing times, this service offers a seamless and efficient pathway to obtaining your Import Export Code. For new businesses, it provides a user-friendly approach to entering international markets, while established exporters can benefit from streamlined compliance and reduced administrative burdens. Embrace the future of international trade with Razorpay’s cutting-edge solution and ensure your business is poised for success on the global stage. 

About Astrotalk

Astrotalk is a prominent astrology platform that was founded in 2017, and has become one of the fastest-growing startups in the field. Their team of experienced astrologers is well-versed in Vedic astrology, Vastu, Numerology, Tarot card reading, and Panchang, and they’ve helped over 3 crore people navigate life’s challenges and make informed decisions. The platform provides a range of services, including horoscopes, numerology, and tarot-card readings, along with consultations with astrologers worldwide. Users log in to the Astrotalk app, experience a free prediction session, and then engage with live astrologers for instant consultations.

Astrotalk’s Odyssey to Optimize Online Payments 

In its quest to enhance the online customer payment experience, Astrotalk sought a payments solution that was not only reliable and user-friendly but also tailored to its specific requirements. 

As the business broadened its global customer base across 70+ countries, they started encountering issues like payment failure and fraud. Most existing options had slow approval processes and low success rates, causing delays in settlements and a less-than-ideal customer experience. Astrotalk needed a reliable payments solution with high international success rates to ensure a positive user experience and foster growth.

Razorpay Unveils a Stellar Solution for Global Growth

Astrotalk looked to the future of payments to solve these challenges. Razorpay’s offerings seamlessly aligned with Astrotalk’s needs and made way for smooth international payments. Offering support for over 160 currencies, Razorpay enabled Astrotalk’s customers to transact with ease, while also fostering the company’s vision for international expansion. Additionally, Razorpay facilitates quicker international payments by providing instant approval. This means that businesses using Razorpay can swiftly get approval for their international transactions, reducing the time it takes to process and complete cross-border payments. This not only enhances operational efficiency but also ensures a seamless experience for users engaging in global transactions. Razorpay’s payment gateway safeguards transactions with robust fraud and chargeback protection, assuring a secure and protected financial environment for Astrotalk. 

Razorpay’s Impact on Astrotalk’s Global Ventures and Seamless Payment Experience

With a comprehensive suite featuring a robust toolkit that shields businesses from fraudulent chargebacks, streamlines cross-border transactions, and boosts payment success rates, Razorpay enabled seamless international payments for Astrotalk.

• Razorpay’s advanced security infrastructure and fraud detection mechanisms provided Astrotalk with a remarkable 92% win rate in fraudulent chargebacks, ensuring peace of mind and protection against financial losses.
• Razorpay’s consistent payment success rate of over 80% demonstrated its commitment to providing a seamless payment experience, minimizing transactional challenges, and enhancing customer satisfaction.
• Astrotalk experienced expedited approvals on international transactions, streamlining cross-border transactions and enabling them to effortlessly expand their global reach.
  

The future of payments is here

Razorpay stands out as a secure and efficient payment solution, combining advanced fraud prevention measures with swift international transaction approvals. Its commitment to high success rates and broad currency support solidifies Razorpay as a reliable partner for businesses seeking seamless and secure financial transactions, both domestically and globally.

Looking to take your business international? Reach out to us and let us help you!

However, just as they were poised to conquer the European markets, Adam Vacations faced a daunting challenge – managing complex multi-currency payments and efficiently paying global vendors and employees in their respective local currencies. 

Furthermore, the need for a comprehensive payment solution that aligned with the European government’s payment safety compliance rules was paramount. The ideal solution had to not only facilitate cross-border transactions but also integrate seamlessly with existing systems and applications, promising to enhance efficiency.

That’s when Razorpay launched a game-changing solution – EEFC (Exchange Earners’ Foreign Currency) accounts, powered by ICICI.

Empowering Adam Vacations Global Expansion with Razorpay’s EEFC Account

Razorpay’s innovative integration of EEFC (Exchange Earners’ Foreign Currency) accounts, powered by ICICI, gave Adam Vacations a significant advantage in handling international payments. EEFC accounts are special accounts with no interest paid on them and are maintained in foreign currency with authorized banks. Various types of earnings can be credited into an EEFC account, including inward remittances, export-related payments, professional earnings, and more. Below are the key advantages of Adam Vacations using EEFC Accounts: 

1. Cost Savings and Efficiency

By utilizing an EEFC account, Adam Vacations minimized the costs associated with currency conversion. An EEFC account, maintained in foreign currency, allows foreign exchange earners to credit 100% of their earnings directly into the account. This not only reduced financial inefficiencies but also ensured that the company could manage its international earnings more effectively. 

2. Convenient Fund Management

The flexibility offered by the EEFC account allowed Adam Vacations to manage its foreign exchange earnings efficiently. Funds could be used for various permissible purposes, including outward remittances and trade-related payments, simplifying their international transactions and improving overall operational efficiency.

3. Enhanced Vendor Relationships

By making direct payouts to international vendors in their preferred currency, Adam Vacations fostered stronger, more reliable relationships with their suppliers. This capability was crucial in building trust and ensuring timely payments, which are essential for maintaining a robust supply chain.

4. Compliance and Documentation Support

Razorpay facilitated the seamless issuance of Foreign Inward Remittance Statements (FIRS), which was pivotal for Adam Vacations in adhering to Indian tax regulations and expediting GST refunds. This automation reduced manual efforts and enhanced operational efficiency, contributing to smoother financial operations.

Tap into the Global Market with Razorpay EEFC Accounts!

Razorpay’s EEFC support has not only streamlined Adam Vacations’ international transactions but also minimized costs and created a solution where the payments to the vendors were made in their respective currencies. By leveraging these innovative solutions, Adam Vacations has successfully navigated the complexities of cross-border payments, enabling them to focus on growth and expansion in the global market. Razorpay International Payments continues to be a vital partner in their journey towards international success.

Decoding Expenses: Satrang’s Quest for Clarity in International Transactions

Satrang Technologies encountered a significant challenge concerning hidden charges that introduced an element of uncertainty into the overall cost structure. The issue primarily revolved around undisclosed fees, such as those associated with intermediaries and currency conversion, which requires a careful review of terms for clarity. With these, they observed challenges with chargebacks, transaction failures, and high per-transaction costs for alternative payment methods beyond bank transfers. Addressing this challenge involved simplifying international financial transactions, making costs clear for clients, and improving transparency in cross-border fund transfers.

All this was possible for Satrang only by one optimal solution – Razorpay MoneySaver Export Account. Designed for exporters, the Razorpay MoneySaver Export Account allows merchants to easily receive international payments through wire transfer methods such as ACH, SWIFT, SEPA, BACS, and Fedwire. 

Cost-Effective Global Transactions: Satrang’s Win with Razorpay MoneySaver Export

Satrang Technologies achieved remarkable cost savings, cutting down expenses by 50%, showcasing the efficacy of Razorpay’s MoneySaver Export Account in reducing hidden charges associated with international transactions. 

MoneySaver Export Account allows an Indian business to open an international bank account wherever its customers are, without having a local presence. Additionally, it ensures that Indian exporters can offer their international customers a 100% cost-free payment experience as they can make payments in their local currency and provide a seamless banking experience across 200+ countries.

Razorpay MoneySaver Export Account has proven instrumental for Satrang Technologies, by significantly eliminating concealed charges and building trust with their customers.

Start Saving with the Razorpay MoneySaver Export!

From decoding expenses to achieving cost-effective global transactions, Satrang’s collaboration with Razorpay’s MoneySaver Export Account has been transformative. With a 50% reduction in costs, transparency in international transactions, and a seamless experience for exporters, Satrang’s success story is etched in efficiency. Start your MoneySaver Export journey today!

But fret no more!

Razorpay is proud to launch a solution tailored just for our Indian Freelancers – the MoneySaver Export Account, designed to simplify the international payment experience for freelancers, ensuring seamless receipt of payments from clients across the globe. With this innovative solution, freelancers can bid farewell to the complexities of traditional remittance systems and embrace a hassle-free way of accepting international payments.

But first, let’s understand the significant challenges freelancers face in detail below:

The Complexity of International Payments for Freelancers

• Fragmented Payment Modes: The available payment modes for export payments are fragmented and intricate, making it challenging for freelancers to navigate.
• High SWIFT Charges: Approximately 50% of cross-border payments to exporters rely on International Bank Transfers, incurring substantial SWIFT charges. For every $200 remitted internationally, $13 is spent on these fees, leading to significant financial implications.
• Costly Card Payments: Card payments exacerbate the financial burden on freelancers due to their expensive fees, further limiting payment options.
• Limited Support from Indian Payment Gateways: Most Indian PGs do not support international payments for individuals, forcing freelancers to seek alternatives like international payment gateways, which come with their expenses.
• Cumbersome Direct Deposits: Freelancers often resort to accepting payments directly into their Indian accounts, which is a cost-ineffective and time-consuming process.
• Complex Transaction Processes: Reports highlight the need for multiple visits to bank branches for a single global B2B transaction, adding layers of complexity and inefficiency.
  

Revolutionize your Freelance Finances with the Razorpay MoneySaver Export Account

Razorpay introduces the MoneySaver Export Account – India’s first Smart Account to offer 50% savings on International bank transfers for exporters and 100% free for International customers, on all bank transfer transactions. With this innovative offering, freelancers can seamlessly open a MoneySaver Export Account in their preferred country and accept payments locally via bank transfers through the Razorpay platform. This smart account is available across key markets such as the US, UK, Canada, Australia, and Europe, allowing freelancers to leverage preferred banking networks like ACH (USA), SEPA (Europe), SWIFT, FPS (UK), and more for collecting payments. 

So, what sets the MoneySaver Export Account apart? Let’s delve into its key features:

• Built for Freelancers

Razorpay understands the unique challenges faced by freelancers. We’ve created the MoneySaver Export Account specifically to address your needs for a simple, affordable, and secure way to receive payments from international clients.

• Say Goodbye to Hidden Fees and Hello to Transparency

Unlike traditional wire transfers with their exorbitant fees and hidden charges, the MoneySaver Export Account offers a transparent pricing structure. You’ll know exactly what you’re paying upfront, with no surprise deductions.

• International Payments Made Easy

Imagine receiving international payments with the same ease as domestic transfers. That’s the magic of the MoneySaver Export Account. Your clients can pay you in their local currency, eliminating the hassle of currency conversion for them. The funds are then seamlessly deposited into your Indian bank account.

• Seamless Compliance and Account Creation

Fully compliant with RBI regulations, the account requires a quick Video KYC process, in line with the latest guidelines for Cross Border licenses. Once completed, opening a US/UK/Australia/Canada account through Razorpay is swift, ensuring a seamless experience for freelancers.

• Risk-Free Transactions

International bank transfers via the Razorpay platform are completely risk-free, with additional compliance support through automated Foreign Inward Remittance Statements (e-FIRS) for each transaction.

• Focus on Your Work, We’ll Handle the Rest

Razorpay takes care of the complexities behind international payments, allowing you to focus on what you do best – your work. Our automated systems ensure smooth transactions and provide detailed reports to help you manage your finances effectively.

Transform your Freelance Journey Now!

Expanding your freelance business beyond borders has never been easier. By offering 1-click onboarding, support for USD and over 160 currencies, and affordable, transparent pricing, Razorpay empowers freelancers to focus on growing their business without worrying about the complexities of accepting payments. Whether you’re a seasoned freelancer or just starting your journey, the Razorpay MoneySaver Export Account empowers you to scale your business globally. 

Ready to Get Started?

Sign up today and experience the freedom, flexibility, and efficiency it offers your freelancing business!

You may wonder if there’s a solution that can handle diverse currencies and provide a seamless experience to accept or receive international payments in India from customers globally.

That’s where Razorpay International Payments steps in, transforming this challenge into a cakewalk. With support for over 160 currencies, extensive fraud protection, and seamless integration, Razorpay is designed to break barriers and double your success. 

You no longer have to rely solely on international payment gateways like Stripe. Now, you have the opportunity to try Razorpay International Payments, enabling you to conquer global markets and elevate your business to new heights!

Razorpay: Every Merchant’s Favorite Choice to Go International!

• Comprehensive Payment Solutions

Our suite covers it all – from major cards like Visa, MasterCard, and Amex to alternative payment methods such as Trustly, Sofort, and Paypal. Whether your customers prefer traditional cards,  trending e-wallets, or bank transfers, we’ve got you covered.

• Multi-Currency Support

Whether you’re dealing with dollars, euros, yen, or pesos, Razorpay offers extensive currency coverage across International Card Payments, Alternate Payment Methods, Paypal and multi-currency accounts.  With 160+ currencies, including 0 and 3-exponent coverage, Razorpay allows the business to expand globally without worrying about currency coverage. Razorpay MoneySaver Export Account on the other hand offers a local banking experience in 30+ countries, by simplifying international payments for Indian exporters through international wire transfers like ACH, SWIFT, SEPA, BACS, and Fedwire.

• Flexible Billing, Seamless Management

Say goodbye to billing headaches! Razorpay International Payments supports all billing models, whether it’s recurring subscriptions or one-time payments. Plus, our multi-currency reconciliation feature ensures smooth financial management across borders, giving you more time to focus on growth.

• Pioneering Compliance with Video KYC 

Razorpay International Payments has advanced global compliance for export payments by integrating Video KYC (Know Your Customer) into its onboarding process, making it one of the first payment aggregators to meet PA-CB and OPGSP guidelines.

• Robust Fraud Protection

Razorpay Shield – India’s First Payments Risk Suite offers an equipped AI-ML dual Risk Engine that offers comprehensive fraud protection, safeguarding merchants and customers against unauthorized transactions. With advanced fraud detection mechanisms like 3DS 2.0 and real-time monitoring, your transactions are protected around the clock.

• Chargebacks Management

While Chargebacks serve as a safety net for consumers, they can be a major pain point for merchants, leading to revenue loss and additional costs.  Razorpay International Payments has revolutionized the way you effectively handle chargebacks and safeguard your revenue with the best-in-class Chargeback Protection Program. Bid farewell to sleepless nights worrying about chargebacks and fraudulent activities.

• Instant Onboarding, Faster Results

Get started with Razorpay International Payments in a snap! With just a single integration, you’re ready to go global. Plus, our 1-click Digital FIRS ensures you get the fastest turnaround time, keeping your business agile and responsive.

• Maximizing your Profits

We believe in transparency and affordability. With competitive exchange rates and transparent fee structures, Razorpay International Payments ensures you get the best value for your money, doubling affordability compared to traditional gateways.

• Best-in-class Success Rates

Our impressive success rate of over 70% ensures that your payments go through seamlessly, helping you capture time-sensitive opportunities and expand your global footprint faster. Our robust partnerships with local acquiring partners enable us to give you and your global customers a seamless payment experience, unbridled by payment failures. 

Seize the Global Markets with Razorpay International Payments!

Today, accepting International Payments is no longer a luxury but a strategic necessity for business growth. With Razorpay’s comprehensive suite of features, including extensive currency support, robust security, seamless reconciliation, and competitive pricing, merchants can expand their reach, increase revenue, and drive success on a global scale.

Whether you’re a small startup or a large enterprise, Razorpay provides the tools and support you need to thrive in the global marketplace. Make the smart choice today and unlock the doors to international success with Razorpay.

Ready to take your business global? Get started now with Razorpay and revolutionize your international payment experience!

What is SOFTEX Filing?

SOFTEX Filing is a mandatory regulatory requirement for companies in India that export software services or products. Issued by the Reserve Bank of India (RBI), the SOFTEX Form is used to declare the export of software, whether through physical media or over the Internet. This filing ensures that all software exports are accounted for and that the foreign exchange inflows are tracked and regulated. The SOFTEX form includes information such as:

• Exporter Details: Name, address, and other relevant particulars.
• Software Details: Description of the software exported.
• Invoice Details: Value of the software exported.
• Declaration: Certifying that the software was developed or customized by the exporter and exported in accordance with the prevailing laws.

What is the Importance of SOFTEX Filing?

• Regulatory Compliance

SOFTEX Filing helps businesses comply with the Foreign Exchange Management Act (FEMA), 1999. It ensures that all foreign currency earnings from software exports are reported to the RBI.

• Taxation and Auditing

Proper filing aids in accurate tax assessments and audits. It helps the government keep track of the revenue generated from software exports, which can impact taxation policies and decisions.

• Business Credibility

Regular and accurate SOFTEX Filings enhance a company’s credibility with financial institutions, investors, and other stakeholders. It demonstrates transparency and adherence to statutory requirements.

Non-filing or late filing of SOFTEX forms can attract penalties as per RBI guidelines. Penalties may include fines or other punitive actions. It’s essential for exporters to adhere to the filing deadlines to avoid such penalties and maintain compliance with regulatory requirements.

What are the Steps involved in the SOFTEX Filing Process?

1. Registration with STPI: Businesses must register with the Software Technology Parks of India (STPI) to obtain the necessary approvals for exporting software.
2. Preparation of SOFTEX Forms: For each software export transaction, the company must prepare a SOFTEX Form. This SOFTEX form includes details such as the nature of the software exported, the value of the export, and the foreign exchange earned.
3. Submission to STPI: The prepared SOFTEX Forms, along with supporting documents like invoices and agreements, must be submitted to the relevant STPI authority. This submission is typically done every month.
4. Certification: The STPI authority reviews the submitted forms and certifies them if all details are accurate and complete. This certification is crucial as it validates the export transaction.
5. Submission to Authorized Dealer Bank: After certification, the SOFTEX Forms must be submitted to the company’s authorized dealer bank (the bank handling foreign exchange transactions). The bank will then forward these forms to the RBI.

How to File for the SOFTEX Form Online?

• Register with the STPI portal for SOFTEX filing.
• Login to the portal using the provided credentials.
• Enter all required details accurately in the online SOFTEX form.
• Upload necessary documents such as invoices.
• Review the information provided and submit the form.
• Upon successful submission, an acknowledgment will be generated.

What are Some Tips for Effective SOFTEX Filing?

• Timely Filing: Ensure that all SOFTEX Forms are prepared and submitted promptly. Delays in filing can lead to penalties and compliance issues.
• Accurate Documentation: Maintain accurate and detailed records of all software export transactions. Proper documentation supports the details provided in the SOFTEX Forms and aids in smooth certification and auditing processes.
• Regular Audits: Conduct regular internal audits to verify the accuracy of your SOFTEX Filings. This proactive approach can help identify and rectify any discrepancies early.
• Professional Assistance: Consider engaging professional consultants or services specializing in SOFTEX Filing. Their expertise can simplify the process and ensure accuracy.

Conclusion

What if I tell you there’s an easier way for SOFTEX Filing? 

Well, for IT exporters, Razorpay SOFTEX Filing handles all your compliance needs effortlessly. Focus on your business while we take care of the paperwork. 

Curious? Sign up now and discover how our solution can save you time and money!

Notification about the dispute

We will notify you by email/dashboard about the dispute, mentioning the payment ID and the reason for chargeback, if provided by the bank.

Review the chargeback

• In order to represent the chargeback, review the chargeback and explain to us the chain of events that took place.
• In case the goods/services have not been provided, review the issue and let us know if the customer is willing to accept the goods/services.
• In case the goods/services have been provided, share the proof of deliveries, invoices, any other authorized proof of product/service delivery.
• In case of a duplicate payment made, let us know so we can ask the bank to refund the amount back to the cardholder.

Chargeback phases and TurnAround Time (TAT)

Chargeback documents

For the chargeback you have received, share all documents as per the requirement of the bank with us. We will represent the dispute on your behalf. 

Banks generally provide a window of 3 Business days to represent the chargebacks. Failure to do so within the specified window will increase the number of chargebacks lost by you.

Click here to view the list of documents

How to respond disputes/chargebacks via Razorpay Dispute Dashboard?

To provide you a seamless experience, we have moved all dispute management correspondence to the Razorpay dashboard. Henceforth, responses received via email will not be considered.

 Click here to know how to respond to chargebacks on the Razorpay Dashboard. 

You can click on the below to perform the following actions:

• View Disputes
• Accept Disputes
• Contest Disputes Using Dashboard

Features of Dispute dashboard

• Provides comprehensive dispute management, merchants can view, accept, and contest disputes and chargebacks directly from the dashboard.
• Merchants receive real-time notifications for chargebacks and disputes. 
• It is a one stop solution, centralized platform simplifies the process of managing disputes by providing all necessary information in one place.
• The need for managing disputes via email is eliminated. 
• For a seamless chargeback experience , merchants can integrate the dashboard with their systems by using Razorpay’s Dispute API’s.

Benefits of Dispute dashboard

• The dashboard allows merchants to easily review the status of chargeback reversals.
• The dashboard provides tools to help merchants resolve reconciliation issues.
• The faster resolution on the TAT for closing the chargebacks.

How to avoid Chargebacks?

As mentioned above, most of the chargeback cases come up due to miscommunication between the buyer and the seller. 

Here are a few tips that you can keep in mind to avoid chargebacks.

• Transparent Return Policy: Making sure the return policies are clearly mentioned on the website
• Constant & Clear Communication: Keep customers updated regarding the status of their order
• Proofs of Delivery: Share tracking numbers, invoices and all other order related docs and references with your customers

Chargebacks on International Transactions 

Cross-border e-commerce can be a great way to boost sales and widen your reach to new markets and prospective buyers. But it also comes with risks related to transaction fraud,  identity theft fraud & fraud related to misuse of policies among other risks.  Therefore, every business that is looking to expand business across the border, needs to be aware upfront about what it is up against. Businesses usually cite cross-border payments fraud as one of their major concerns. 

Following is the elaboration on some of the key areas to be aware about and to remember before starting to accept cross border business:  

1. Type of Authentications for International Transactions (3DS Vs Non-3DS) :

3D Secure (3DS) is an additional security step of authentication of the card (as well as the cardholder) that is initiated every time the card not present (CNP) / online transaction is made. It enhances the security measures for both the shoppers and the merchants. The 3DS authentication can happen through various means including but not limited to PIN, One-Time-Passwords, Static passwords among others. On the other side, the Non-3DS transactions are those wherein the card is not authenticated with an additional security of the 3DS. Since the card / cardholder is not verified and authenticated in such a type of transaction, it carries a heightened risk of the transaction being reported as fraudulent or even being charged back. While the participation into the 3DS authentication programs by the card networks is a prerogative of the cardholder and/or the card issuing institution, a well-informed and diligent decision is still to be made by the merchants regarding their participation in cross border card transactions, especially the non-3DS ones. The stakeholders on the acquiring side of the transaction have very limited rights of defending against chargebacks on the non-3DS transactions that are reported as frauds.   

2. What is a Cross Border Transaction chargeback?

An international chargeback is a request made by a cardholder or issuing bank to reverse a transaction that was made using a card instrument (credit , debit or prepaid) that is issued outside of India (International issuance). This request is made when the cardholder disputes the transaction, either because they did not authorize it or because they are dissatisfied with the goods or services they received amongst several other reason codes.

3. How does a Cross Border Transaction differ from a domestic transaction chargeback?

An international chargeback is a chargeback that involves a transaction made in a different country than the issuing bank. This can be more complex than a domestic chargeback because it involves currency conversion and may involve different laws and regulations applicable to the country of merchant/Cardholder/Delivery destination.

4. How do I prevent International Payment Transaction chargebacks?

There are several steps you can take to prevent international chargebacks:

1. Clearly communicate the terms & conditions of the transaction and refunds/returns related to it in a clear and concise way to the cardholder, including the price and any fees or taxes
2. Ensure that the cardholder has authorized the transaction
3. Provide high-quality goods or services that meet the expectations of the cardholder
4. Respond promptly to any customer complaints or disputes

5. How can a merchant resolve an International Transaction chargeback?

If you receive a request for an international chargeback, it is important to respond promptly and provide any relevant documentation to support your case. This may include (but not limited to): 

1. Proof of cross border delivery 
2. Customs clearance copy,
3. Proof of authorization by customer
4. A copy of the terms and conditions of the transaction etc.

If you are unable to resolve the dispute with the cardholder, you may need to seek legal assistance.

Financial Impact

1. In the event that chargebacks remain unaddressed within the stipulated deadline or if insufficient documentation results in chargeback loss, a corresponding amount will be deducted or adjusted from the merchant. 
2. Additionally, any fees and penalties imposed by the networks relevant to the chargeback stage will be recovered from the merchant.

Fees & Penalties for Dispute Stages

You are requested to keep a regular track of ever evolving guidelines of digital payment acceptance. Please make a note of the following table associated with fees and penalties. Your acknowledgement of the same is deemed: 

*Note- Visa has updated the Arbitration Penalty fees from $500 to $600. The change in arbitration fee will be effective from 01st October 24 onwards.

Deduct at Onset (DAO)

When the dispute is initiated, Razorpay will deduct the disputed amount from the merchant’s account. In the meantime, until the chargeback gets resolved, this deduction covers future liabilities. This process is usually followed by the payment gateway to guarantee that there is enough money to cover any disputed transactions and to adhere to legal and regulatory standards. The funds that are/were withheld is returned to the merchant’s account after the chargeback concludes in the merchant’s favor. 

Contact Information

You can reach out to the Chargebacks Team via email id chargebacks@razorpay.com for any chargeback related queries.

To ensure important information is not flagged as junk or spam, kindly whitelist this email ID.