A payment gateway is an e-commerce application service provider service that authorises credit card payments for e-businesses, online retailers, bricks and clicks, or traditional brick and mortar.
A payment gateway facilitates the transfer of information between a payment portal (such as a website, mobile phone or interactive voice response service) and the Front End Processor or acquiring bank.
To setup RazorPay,
Explore > Integrations > RazorPay Settings
To enable RazorPay payment service, you need to configure parameters like API Key, API Secret
On enabling service, the system will create Payment Gateway record and Account head in the Chart of Account with account type as Bank.
Also, it will create Payment Gateway Account entry. Payment Gateway Account is configuration hub from this you can set account head from existing COA, default Payment Request email body template.
After enabling service and configuring Payment Gateway Account your system is able to accept online payments.
Supporting transaction currencies
RazorPay will only work for the company having INR (Indian Rupee) as a Currency.
Updated on: 22/03/2023