Instamojo – the best Payment Gateway?

With Digital India in full swing & the move towards Electronic Payment methods, we get to hear a lot about Online Payment Gateways. If you are completely new to this I will explain what an Online Payment Gateway is.

What is an Online Payment Gateway?
An Online Payment Gateway is a Service that will collect payment on your behalf from customers using all forms of digital payments. These include Credit or Debit Card, Net Banking, e-Wallets & even UPI (which was recently introduced).

Having been active in the Website  / Software development for a while now, I have had the opportunity to work with a lot of Small & Medium businesses.

Online Payment Gateways help an organization in accepting payments with the click of a Button & not wait for traditional methods like Cheques (which take a couple of days to process).

What is Instamojo?
Instamojo, is India’s largest on-demand & e-commerce platform. Based out of Bangalore, Instamojo is extremely easy to use & only takes a couple of minutes to setup.

Instamojo has the best setup process compared to all other providers in this domain. You can literally start accepting payments from Day 1 – without any documentation. To give it a try – sign up here.

Verification & Documentation?
All providers including the popular ones like CCAvenue, PayUMoney, PayUBiz, BillDesk, etc. have a tedious documentation process. I have used these services before & going through the entire process easily takes a month. They send you agreements on email / post, you sign them, attach multiple documents & send them across by courier. If your documents are rejected (for whatever reason – e.g. ID proof isn’t clear enough), you have to resubmit. This becomes a big hassle & is one of the major reasons, I have moved to Instamojo.

Instamojo, the process is 100% online. The moment you sign up you are given a Rs. 10,000 per month limit.  You take a photo / scan your PAN Card & 1 additional document and upload it on their website. Within a day, their team verifies these documents & the monthly limit is lifted.

No AMC. No setup costs.
As I mentioned earlier, I have worked with a lot of other Gateways & I finally decided to use Instamojo for all my customers. The primary reason is that Instamojo does not burden my customer with a Setup Cost or an AMC. For example, CCAvenue will charge Rs. 1200 + taxes as AMC, PayUBiz charges Rs. 5000 as setup charges + Rs. 2400 as AMC.

Instamojo charges Rs. 0. Zilch. So, if you are a Startup, a Small or a Medium business that wants to offer its customers an opportunity to pay online without putting a dent in your pocket, Instamojo is the way to go.

Per Transaction Rate?
Instamojo charges a flat 2% + Rs. 3 + taxes on every transaction. To put it in perspective, if you are receiving a payment of Rs. 1000, you will end up receiving Rs. 973. These rates are comparable to what CCAvenue & PayUBiz charge. They have recently introduced an option to charge back this convenience fee back to the Customer.

Special Price for my Followers
If you have read till here & are really interested in using Instamojo, SIGN UP & drop me a message with your Instamojo username. I can negotiate with Instamojo to reduce the per transaction amount from Rs. 3.00 to Rs. 1.5.

There is no HARM!
The best part is, since we do not pay any setup fee & AMC, there is absolutely no harm in giving Instamojo a try.

I would love to hear your comments & thoughts on Instamojo. Feel free to drop me a message if you any help!

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1 Comment

  1. Snehal Ghone

    Sounds nice. Will try soon.. Thanks for the article!

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