Razorpay Split Payment Marketplace AddOn

Note - This extension is a Marketplace Add-On, so you must purchase and install Multi Vendor Marketplace extension first. 

Razorpay Split Payment Marketplace Add-On allows businesses to accept online payments from customers. It supports a wide range of payment methods, including credit cards, debit cards, UPI, net banking, and mobile wallets.

Razorpay is also known for its secure and reliable infrastructure, as well as its easy integration with websites and apps.

Razorpay Route helps you collect payments from multiple sources and split them between multiple accounts. 

For example, if you have a marketplace where sellers need to share the proceeds of a sale, you can use Razorpay Route to automatically split the payment between the seller's account and your marketplace account.

Business Value

Razorpay Split Payment Marketplace Add-On offers a number of features that can help you streamline your payments, improve your customer experience, and manage your order management.

This module can help you improve your marketplace payments by making it easier for customers to pay for products and services using Razorpay. This can improve order management and increase customer satisfaction and repeat purchases.

Razorpay Connect makes it easy for sellers to register and start accepting payments. It also provides a secure and reliable payment processing platform. 

The split payment feature ensures that sellers get paid fairly for their products. It also simplifies the payment process for both customers and sellers.

Account & Pricing

• First signup for a Razorpay account or login if you have an existing account.
• If you already have a Razorpay Account, create the API Keys by navigating here.
• To check the full pricing detailed structure for the Razorpay API, you can navigate here.
• If you have any issues you can check RazorPay Support.

Features

• Provide split payments to sellers for your marketplace store.
• Accept payment using credit/debit cards, net banking, QR code, UPI, and more.
• The seller can add their bank details and connect with Razorpay.
• Sellers can view Razorpay transactions in their dashboard.
• The admin/sellers can do online refunds using the Razorpay gateway.
• Create automatic invoice with Magento 2 Multi Vendor Razorpay Split Payment.
• Set up cron to clear shopping cart items after a certain time period.

How Does Razorpay Split Payment Marketplace Add-On Work?

Store Admin Workflow

How It Works

Once the extension is installed successfully, the admin can turn on the feature for the store. The admin will also need to enter the Razorpay API Key.

This key helps show payment choices to customers on your website. You can generate the Razorpay API key on the Razorpay console. That's all you need to do to set up the Razorpay module.

The store owner can update settings from the backend panel to enable features like: 

• Install the Razorpay payment gateway module in Magento 2 Marketplace.
• Enter your Razorpay API key in the module settings.
• Choose your preferred payment action.
• Set a custom payment method title.
• Schedule automatic cart cleanup.
• Choose to automatically generate invoices.
• Enable Webhooks to receive real-time notifications.

Seller Workflow

To link your bank account with Razorpay, go to your Seller Panel and select "Connect with RazorPay" as the payment method. Fill in your bank details, including your account number and IFSC code. 

You can process refunds and create credit memos from your Razorpay dashboard. Once your bank account is linked, you will start receiving payments directly into your bank account.

Customer Workflow

To pay for your purchases using Razorpay, go to the checkout page and select Razorpay as your payment method. Enter your payment details and click on the "Pay" button. 

Razorpay will securely process your payment and redirect you back to the marketplace website. Also Customers can request refunds for products they're not satisfied with and the refund will proceed online through Razorpay.

Razorpay PCI Compliance

Razorpay places a strong emphasis on PCI DSS compliance to ensure the security of payment data. With Razorpay, their payment solutions adhere to stringent PCI standards, safeguarding sensitive information during transactions. 

By utilizing secure encryption methods and maintaining a secure infrastructure, Razorpay provides a secure environment for both merchants and customers, fostering trust and confidence in the payment process.

You can find more on Razorpay  PCI Compliance, Integration Security, and Privacy Policy.

Benefits

For Customers

• The Razorpay payment gateway is PCI DSS Level 1 compliant, which means that it meets the highest security standards in the industry.
• Razorpay supports a wide variety of payment options, including credit cards, debit cards, UPI, net banking, and wallets. This makes it easy for customers to pay for products and services in the way that they prefer.
• Razorpay payments are processed instantly, which means that customers don't have to wait long to receive their products or services.
• If a customer needs to return a product or request a refund, they can do so easily through the Razorpay dashboard.

For Sellers

• The Razorpay payment gateway can help to increase sales by making it easier for customers to pay for products and services.
• The Razorpay payment gateway helps to reduce fraud by using state-of-the-art security measures.
• Razorpay payments are processed instantly, which can help to improve cash flow for sellers.
• The Razorpay dashboard makes it easy for sellers to manage their payments and track their sales.

For Admin

• The Razorpay payment gateway gives admins greater control over payments. They can set permissions, manage refunds, and view detailed reports.
• The Razorpay dashboard provides admins with detailed reports on payments, refunds, and sales. This information can be used to improve the marketplace and make better business decisions.
• The Razorpay payment gateway is easy to integrate with Magento 2 Marketplace. This makes it a convenient option for admins who want to add a payment gateway to their marketplace.

Support Policy 

• You get free 3 months of technical support included.
• You can buy a 6 or 12-month extended support agreement.
• For issues, please create a ticket or send an email to support@webkul.com
• Free lifetime updates of the module.