PM Modi’s announcement towards curtailing fake and black currency has given a significant impetus to the cashless economy in the country. With cash transaction using notes of denomination 500 and above in a limbo, people have had to resort to going cashless. To facilitate the process and to provide merchants with a fast alternative, Razorpay has introduced the Express Activation service.
While many large merchants have already said that they will no longer accept 5,00 and 1,000 notes, smaller merchants are left with pretty few options. Most large merchants have already adapted to the change and have cashless systems installed at their premises. However, the same is not true of many small businesses that have always avoided setting up the cashless system — simply because they didn’t need it. After all, cash was always an option.
As per Razorpay,
Until recently, many small businesses didn’t even bother to setup a system to accept payments online because cash transactions worked just fine. Though online payments are simpler, faster and more secure, most of us did not take the leap to change our habits, yet.
However, PM Modi’s move while focused towards curtailing the rising black money and fake currency, has also given cashless a push by bringing much of the cash in circulation to a screeching halt.
Yesterday night, our PM made an announcement that impacts the whole nation on various levels, but most importantly, this is probably the push we needed to embrace online and digital payments.
And amidst exponentially rising online payments, Razopay has launched a brand new service to facilitate small and medium businesses with no cashless infrastructure in place, to accept online transactions.
Express Activation By Razorpay:
Setting up an account to accept online payments can be a time consuming and difficult process. However, with an eye towards helping merchants get on-board quickly so that they can keep their businesses open and accept payments through online transactions, Razorpay has launched Express Activation.
We are excited to announce Express Activation. For all new merchants who register on our platform, and submit their KYC documents, we will activate their accounts within 1 business hour†. If we receive submissions during non-business hours, those accounts would be activated before 12 pm on the next business day.
The company has reduced it activation time by as much as 98.6% to help enterprises without online payment capabilities quickly get the ball rolling again. While this will increase the company’s workload significantly, Razorpay is happy about the challenge.
This is not going to be an easy task for us. However, we like this challenge because, end of the day, we are taking part in a grand move that the entire nation is participating in.
It is also a pretty clever strategic maneuverer, and the timing of course, is bang on target. By reducing the fuss and pain points of setting up an online infrastructure at a time when a whole lot of merchants are probably wishing they had cashless capabilities — Razorpay has projected itself as one of the best available choices in the market.
Once a merchant sign on, you can expect him to continue with Razorpay even when things get back on track and cash starts circulating again. Not only could this move significantly boost Razorpay’s user base, but it could also play an important role in taking businesses and their customers, online.
As far as getting your activated-in-an-hour Razorpay account is concerned:
There are no special links or codes to avail Express Activation. Just visit Razorpay.com and click “Get Started” to register for a new account. We will activate your account within 1 business hour after you submit your KYC documents.
The Express Activation offer can be facilitated until the 30th of November, 2016.