Instamojo Payment is the easiest internet marketplace in India called Instamojo that provides online storefronts and online payment solutions to small, independent businesses, MSMEs, and startups to enable them to successfully operate an e-commerce business. Aditya Sengupta, Akash Gehani, Harshad Sharma, and Sampad Swain created the web-based Indian firm Instamojo Inc.
in 2012. Bangalore, India serves as the company’s headquarters. Online payments are taken and digital goods are sold by Instamojo. A payment gateway is available through Instamojo. Over 1.2 million customers have reportedly transacted with the startup, which says it serves over 100,000 businesses in India.
The services that Instamojo offers –
It mainly gives users a platform to trade digital items by adding the item to the website and disseminating the website link. When a transaction for digital goods is successful, Instamojo pays the seller 95% of the price; when a transaction for physical goods or products not stored on their servers is successful, Instamojo pays the seller 98.15% of the price.
Instamojo payment gateway was inspired by a newsletter Swain launched that featured videos of entrepreneurs, according to the co-founder of the firm.
Funding –
The business obtained money from angel investors including Sunil Kalra and Rajan Anandan, VP and MD of Google, South East Asia & India, after being chosen for the fifth batch of 500 Startups in October 2012.
Instamojo raised $500,000 from 8 investors over the course of 3 rounds, with the most recent round being the Series A funding on November 13, 2014. However, the exact sum was kept secret. Kalahari Capital was the project’s leader.
How to Collect Payments on Instamojo? instamojo payment gateway
Over 1 million businesses have received services from Instamojo throughout its more than seven years as a payment gateway provider. What is the source of our mystery? streamlining Instamojo’s payment collection process. It is actually very easy. You receive a platform full of features that will support the expansion of your business in addition to a transaction fee that is cheaper than that charged by competitors.
So don’t worry if you’ve never used Instamojo’s payment gateway service. You can read our quick tutorial to learn how to accept payments online.
The fundamental tools you can use to gather online payments may be known to you if you have been using Instamojo for some time. And we also have some news for you. Being one of the top payment gateways in India for small businesses means that accessibility should come before cost. Our features have been updated as a result.
- Instamojo registration should come first.
- Experience using Instamojo payment for buyers
On Instamojo, making a payment involves 3 steps:
- The client decides to make a payment online
- The customer is transferred to Instamojo, where they can choose from a number of online payment methods.
- After picking a method of payment, the customer completes the transaction.
Top online payment features as of today:
If your company has a website, you can integrate a payment gateway to accept payments there. We offer straightforward payment APIs with thorough documentation as well as SDKs for all popular platforms. Integrating Instamojo is a breeze when there is attentive development help. Receiving payments using Instamojo payment gateway is a quick three step process once setup is complete.
1. Create a payment request
2. Make a payment request, and then display the payment link to the customer on your app or website.
3. Receive money in your registered bank account within T+3 business days.
Use payment links to collect money:
You have the option of opening an Instamojo payment account as either a consumer or a business. Create an account using your Facebook or Google account. Once you’ve registered, go to the dashboard and select “Create Payment Link.” Quick Links and Smart Links now allow you to rapidly collect money.
Utilizing Quick Links:
By entering the payment amount and the payment’s purpose in quick links, you may rapidly create a payment link. Your Quick Link is now ready to use. Customers can receive this link from you via Whats-app, SMS, email, QR code payments, and other channels.
How to use Smart Links:
You may design your payment links, collect payments, and more with the use of smart links.
Additionally, you can gather more data for documentation needs using Instamojo Smart Links. You can also choose a date by which your payment links must expire if your company offers regular discounts or special promotions. After that, you can further alter your link.
You can also collect shipping information and GST information while customising your links to reflect the colours of your business. Your payment link is now prepared. Additionally, you can send these payment URLs by WhatsApp, SMS, email, QR code, and other channels.
Cards, Net Banking, UPI, e-Wallets, and NEFT/IMPS are some of the payment collection methods offered by Instamojo. Your payment links can also be distributed simultaneously to a large number of clients via a variety of ways.
How to get paid with UPI on Instamojo:
Goal of UPI: UPI is the most popular method of online payment in India, and because contactless transactions will be the standard starting in 2020, it has already processed over 1 billion transactions. You can accept payments using UPI if you utilize Instamojo (Unified Payments Interface). The two key features your clients get from this are UPI Intent and Auto-suggest.
Your clients can – with UPI Intent:
- Picks UPI as their preferred method of payment at checkout
- View a list of various UPI applications that are compatible with the intent flow.
- Selects an application and launches it on their mobile to finish the payment.
- A successful payment is displayed on the Instamojo screen.
How to receive money for your Instamojo online store purchase? The easy payment function is one of the many features available to you if you operate an online store on Instamojo payment. When a customer visits your business, they can add items to their cart and then be promptly forwarded to the checkout page.
Using the Instamojo Pay Button:
The Instamojo Pay button on your website lets you accept payments on Instamojo as well. Additionally, you can add pay buttons to your already-existing payment connections. Customers who select the “Pay” button will be taken to the payment page.
In order to construct a Pay button, you can also watch the following little video tutorial: The payment services of Instamojo are trusted by over 1 million businesses. Your consumers may quickly and simply pay you using any type of online payment method because we accept them all! With just a few clicks, Instamojo makes it simple to collect money and client information.
Costs associated with the Instamojo payment gateway:
It costs nothing to create and maintain an account with Instamojo payment, in contrast to the majority of bank payment gateways. There is also no requirement for a minimal commitment. However, each transaction is deducted from fees. As a result, you are only paid for sales that use the platform, not for creating an account beforehand.
Sending money internationally for commercial purposes? Wise is up to 19 times less expensive than PayPal and banks. Do you use PayPal or your bank to make payments for overseas business? By using a Wise Business account, you might save up to 19 times as much. You may send money to more than 70 countries, receive payments in more than 40 different currencies, and start an account for free.
Therefore, if your workforce is distributed globally, you can pay them directly into their local accounts in their native nations. Additionally, you can receive money from consumers at the mid-market exchange rate and without paying any costs. For your global firm, it is a genuinely global business account.
Just a brief reminder regarding transactions: With Instamojo payment, you can only collect up to Rs. 100,000 in a single transaction.
Supported payment methods using the Instamojo payment Gateway: The payment method at Instamojo payment is accessible throughout all of India. It offers more than 100 payment options to accommodate all the common ways that Indian consumers choose to pay. This applies to 59 various Indian banks using net banking. In addition:
- 1. Bank transfer, RTGS, or NEFT
- 2. Credit and debit cards from Mastercard, Visa, Maestro, and Rupay
- 3. Netbanking with SBI, HDFC, and ICICI
- 4. Wallets: MobiKwik, OLAMoney, Freecharge, and JioMoney
- 5. UPI
- 6. EMI options
- 7. Digital goods and documents
Businesses using Instamojo may reach a wider range of customers in India thanks to options like payment wallets and UPI.
A little word about transactions: With Instamojo payment gateway, you can only gather a maximum of 1,000,000. When brought to Instamojo’s attention, this can be increased on a case-by-case basis. Therefore, if you offer a high-value good or service, be aware that the payment will be capped or get in touch with customer care to request a higher cap for your company.
Worldwide payments with the Instamojo payment gateway: Although Instamojo payment gateway accepts international credit cards, it exclusively accepts Indian rupees as payment. Since they do not accept other currencies, international consumers will see the amount in Indian Rupees, and the exchange rate will be set by the rate set by their card.
Unluckily, that also frequently means that the card company will weaken the exchange rate in order to profit from the transaction. Get Wise for international payments to ensure that the exchange rate you see on Google is the actual rate you pay for every transaction.
Payment gateway settlement for Instamojo:
Each business day, Instamojo payment settles the payouts. The transaction amount is subsequently transferred to the linked bank account after deduction of the fees and GST. It usually takes three business days. Thus, if you get a payment, for instance, on Monday, you will see it in your designated bank account on Thursday. Every time Instamojo pays off, you’ll receive an email notification. To know more about Instamojo payment gateway, Click here.
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