Rack Money is a new entrant in the eCommerce payment solution market. It is a payment gateway that has been specifically designed for online merchants who sell products or services on their website. Rack Money promises to offer a smooth payment experience for customers, allowing them to make transactions without any hassle.
But is Rack Money really worth using? Let’s take a closer look at this payment gateway and see how it compares to other payment solutions available in the market.
Rack Money Features:
Rack Money is designed to offer merchants a range of features that enable seamless payments. Here are some of the key features of Rack Money:
1. Multiple Payment Options:
Rack Money offers multiple payment options to customers, including debit/credit cards, net banking, e-wallets, and UPI payments. This ensures that customers have a range of payment options to choose from and can pay with their preferred mode of payment.
2. Low Transaction Fees:
Rack Money charges a flat transaction fee of 2.5% for all transactions, which is lower than most other payment gateways that charge between 2.9% to 3.5% per transaction.
3. Quick Registration Process:
Rack Money offers a quick and easy registration process for merchants. The process is simple and can be completed within a few minutes.
4. Fast Settlements:
Rack Money promises fast settlements to merchants. The funds are transferred to the merchant’s account within 2-3 business days of the transaction.
5. Security:
Rack Money follows strict security protocols to ensure that customer data is safe and secure. The payment gateway is PCI-DSS compliant and uses SSL encryption to protect customer data.
Rack Money Vs Other Payment Gateways:
When compared to other payment gateways, Rack Money has some distinct advantages and disadvantages. Here’s a quick comparison of Rack Money with other payment solutions available in India.
1. Razorpay:
Razorpay is a popular payment gateway in India, with a market share of over 35%. While Razorpay offers many of the same features as Rack Money, it charges a higher transaction fee of 2.9% per transaction.
2. Paytm:
Paytm is another popular payment gateway that offers a range of payment options, including UPI, net banking, and e-wallets. However, Paytm charges a higher transaction fee of 3.5% per transaction.
3. Instamojo:
Instamojo is a payment gateway that is specifically designed for small businesses. It offers a range of payment options, including UPI, debit/credit cards, and net banking. However, Instamojo charges a higher transaction fee of 2% + Rs. 3 per transaction.
4. PayPal:
PayPal is a global payment gateway that is used by businesses worldwide. It offers a range of payment options, including debit/credit cards, net banking, and PayPal wallet. However, PayPal charges a higher transaction fee of 4.4% per transaction.
Rack Money FAQs:
1. Is Rack Money safe?
Yes, Rack Money follows strict security protocols to ensure that customer data is safe and secure. The payment gateway is PCI-DSS compliant and uses SSL encryption to protect customer data.
2. What payment methods does Rack Money offer?
Rack Money offers multiple payment options to customers, including debit/credit cards, net banking, e-wallets, and UPI payments.
3. How long does it take for funds to settle in my account after a transaction?
Rack Money promises fast settlements to merchants. The funds are transferred to the merchant’s account within 2-3 business days of the transaction.
4. What is the transaction fee charged by Rack Money?
Rack Money charges a flat transaction fee of 2.5% for all transactions.
Conclusion:
Rack Money is a payment gateway that offers a range of features to merchants, including multiple payment options, low transaction fees, and fast settlements. When compared to other payment gateways available in India, Rack Money stands out as a cost-effective and secure payment solution. If you are an online merchant looking for a payment gateway that offers a smooth payment experience to customers, Rack Money is definitely worth considering.