Compare Razorpay and Cashfree- Which One Best Payment Gateway

Two popular payment gateways that companies employ are Cashfree and Razorpay. Both, however, provide very similar functionalities in terms of payment collection methods and simplicity.

However, there are a few variations that might assist you in selecting the best option for your needs. For instance, it offers alternatives for identification verification but does not include Razorpay. However, Razorpay’s card issuing feature is superior because it doesn’t require a security deposit. In addition, Razorpay may be used on iOS devices, but Cashfree’s app is only compatible with Android smartphones.

Let’s go into more detail about how these two payment gateways work.

Razorpay vs. Cashfree: Comparison of Features

When it comes to features, both are very comparable. Both payment gateways provide a variety of options for collecting payments, setting up recurring payments, scanning QR codes, splitting funds, and more. However, it is superior to Razorpay when it comes to providing a Buy Now Pay Later functionality because it supports additional Pay Later payment choices, including Freecharge PayLater, Ola Money Post-paid, and others.

Let’s look at how various payment gateways work.

Easy Payment Collection: Both payment gateways make it simple for businesses to accept payments using a variety of channels, including payment links, forms, and QR codes. Businesses can also inform customers about these payment options via SMS, email, chatbot, messenger, and other channels. For enabling contactless payments, this choice is excellent for social media-based companies and even D2C enterprises.

Purchase Now and Pay Later: Cashfree’s Purchase Now and Pay Later payment option is superior to Razorpay because it also supports the “No Cost EMI” option. Cashfree integrates with more Pay Later service providers than Razorpay, including Freeh Charge Pay Later, Kotak via Flex money, Ola Money Post-paid, and others.

Payment Split: Using these payment channels, companies can collect and divide payments from clients, suppliers, and bank accounts. Facilitating the one-to-many collection approach and making it simple for enterprises to distribute payments.

Identity Verification: it does not have a Cashfree identity verification feature. Users can perform KYC before opening their accounts with Cashfree and even while onboarding thanks to the company’s thorough verification suite. The verification suite also covers IFSC, UPI ID, Aadhaar, PAN, and GSTIN verification in addition to this.

Card Issuance

Cards are issued by them to FinTech companies and their employees. These cards can be used as loyalty wallets, corporate credit cards, campus cards, expense cards, and more.

However, because Razorpay doesn’t require a security deposit, its card issuance service is superior to Cashfree’s. Additionally, you are not required to provide a personal guarantee or any business savings.

Conclusion: Because a security deposit is not required, Razor Pay’s card issuance service is superior to Cashfree.

Razorpay vs. Cashfree: Target Users

Both Cashfree and Razor Pay’s target customers, who include the following, are the same.

Start-ups Agencies

SMEs Enterprises

For start-ups and SMEs, both platforms offer transaction-based pricing. To guarantee cheap payment gateway fees, each of these payment platforms also provides custom pricing plans for businesses.

Conclusion: They both offer services that make them acceptable for small businesses, start-ups, and large businesses.

Deployment & Platforms Supported for Cashfree vs. Razorpay

The cloud-based deployment type is supported by both payment gateways. On platforms like Windows and MacOS, both platforms can be accessed via their online pages.

Razorpay, which has business apps for both iOS and Android devices, is superior to Cashfree in terms of app accessibility and availability. Cashfree, however, only makes the app available for Android gadgets. In actuality, Cashfree has just 1 lakh or more downloads on Google Play Store compared to 10 lakh+ downloads for Razorpay.

Conclusion: Cashfree can only be accessed via an app on Android devices, but Razorpay is accessible on more platforms, including iOS and Android apps.

Customer Support & Resources for Cashfree vs. Razorpay

In comparison to Cashfree, Razorpay provides its users with stronger customer care and knowledge base resources.

A vast knowledge base and a live chat option are also provided by Razorpay. These resources include solutions and instructions for account activation, transactions, settlements, frauds, and support with integration, partner programmes, and other topics. Furthermore, there is support information available, specifically for partner programmes, rapid settlement, conflict resolution, and much more.

Contrarily, Cashfree also includes a live chat option that is available around-the-clock and support materials that provide answers to common questions and detailed instructions for common procedures connected to refunds, disputes, settlements, account activation, etc. Additionally, Cashfree offers a Customer Resolution Guide where consumers may monitor the status of their refunds and payments. Additionally, they have the option to submit inquiries regarding problems with payments, order fulfilment, cancellations, returns, or fraud.

Conclusion: Razorpay offers a larger selection of knowledge bases than Cashfree. Both, nevertheless, provide live chat help continuously.

Razorpay vs. Cashfree: Prices & Plans

In terms of cost, Cashfree is less expensive than Razorpay because its fees for each transaction begin at 1.90% on payment options such as VISA cards, Mastercard, Jio Money, and net banking from more than 70 banks. In the case of UPI and RuPay, it levies 0% commission on transactions. However, 2% platform fees on each transaction are charged to Razorpay users.

In contrast, Razorpay is less expensive than Cashfree when processing payments internationally. For every overseas transaction, Razorpay levies a platform cost of 3%, while Cashfree levies a platform fee of 3.5% plus $7 for transactions made with Mastercard and VISA.

Conclusion: Even though both have a strong feature set, the one you choose will depend totally on your requirements. Cashfree is a superior, more affordable alternative with more Buy Now Pay Later Integrations if your company primarily processes payments nationally. Razorpay would be a better alternative for your company, nevertheless, if you primarily operate in the foreign market.

Related: Decision Matrix: How to Use it for Your Business?

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