API Reference

Receive Payments via Bank Transfer

You can now accept payments from customers in the form of bank transfers, using the Razorpay Payment Links. Customers can select Bank Transfer as the payment method on Checkout and copy your account details. They can then initiate online bank transfers from their netbanking account.

Normally, businesses accept online payments from their customers via NEFT. However, the payment reconciliation process requires a lot of time and manual efforts. Razorpay virtual accounts allow you to accept payments through online methods such as NEFT, RTGS and IMPS via transactions made to a virtual bank account. Since each Payment Link is associated with a virtual account, payment reconciliation is effortless.

Use Cases🔗

Payment via bank transfers are useful for:

  • Personal loan payment recollection
    If you are a credit provider who offers personal loans, your customers can now repay the loan amount through online bank transfer.

  • Advance or token amount collection in case of large transactions
    If you operate a business which requires you to collect an advance or token booking amount, your customers can now pay the amount through bank transfer.

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How it works🔗

  1. You create a Payment Link via API or Razorpay Dashboard and send it to customers. You can also create Payment Links in bulk. Each Payment Link will have a designated virtual account. This virtual account has an account number and IFSC associated with it. Learn more about virtual accounts.
  2. Customers open the link and select Bank Transfer as the payment method.
  3. Customers copy the account number and IFSC number provided on Checkout and make a NEFT or RTGS transfer to this virtual account.
  4. The amount is transferred to the designated virtual account. Later, based on your settlement schedule, the net amount (payment minus fees and tax) will be settled to your bank account.
  5. You can view the payment in Transactions → Payments tab in the Razorpay Dashboard.
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