Articles on: Payments

RazorPay Timelines & Charges

Why Payment Gateway

When you receive payments through PracticeNow, the payments are processed by our payment gateway - which is RazorPay.

Since this is a service that RazorPay provides - they charge a certain % of the transaction as fees for their service.

This is a standard practice on may sites, including IRCTC - where you pay a certain min. charge + a certain % which changes depending on whether you want to use a credit card, debit card, UPI, Netbanking or wallet for payment.

Similarly, we also allow your students to pay you using a variety of payment methods. And RazorPay charges a small fee [transaction charges] for allowing us to give this service to you.

You can either choose to absorb the charges in your published fees - in which case, the RazorPay fees will be deducted before the student's payment is transferred to you. Or you can choose to pass on the transaction fees to the student - in which case the student pays a slightly additional fee for making their payment.
Most of our customers choose to pass on the charges to the student.

How does the payment system work with RazorPay?

The student will subscribe to the plan and pay the fees.
Breakup for the fee with transaction charges would be shown for the student to select.
Student clicks on the appropriate payment mode and makes the payment
The amount is immediately transferred to RazorPay
RazorPay deducts the transaction fee
Transfers the balance amount to the Studio's bank account.

To know how it works - refer to the video here: https://bit.ly/3h0fTEO

Does PracticeNow deduct any charges towards its fees?

No PracticeNow does not deduct any charges from the transactions towards its fees. An automatic invoice would be generated at the end of your Billing cycle with the option to make the payment.

How long will it take for the amount to get credited into your Bank Account?

For Domestic payments, it would take 1-2 working days and for International payments, it would take 2-3 working days.

Eg: If the payment is made by your student on Monday, the amount would get credited by Wednesday for domestic payments.
However if the payment is made on a Friday, the amount would get credited by Tuesday for the domestic payments.

What are the RazorPay Transaction Charges?

It depends on the mode of payment. The students would be given options while they are making the payment along with the calculation of charges.

UPI - 0.20% [+GST]
Net Banking - 1.90% [+GST]
Wallets - 1.95% [+GST]
Cards - 2.25% [+GST]

Cards include both Debit and Credit Cards.
Corporate Cards and International Cards would be charged at 3.12% [+GST]. In this case, the studio would have to bear 0.87% [+GST] on the corporate and international cards payment made by the students, whereas the students bear 2.25%[+GST]

Updated on: 03/11/2022

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