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Razorpay Route

Razorpay Route simplifies the payment process when handling multiple sellers, vendors or accounts. With Razorpay Route, you can collect the charge of your payouts from different sellers on a single platform. Also, you can split payments between various third parties, sellers or bank accounts and manage settlements, refunds, and reconciliations. It is suitable for the businesses that disburse payments in a one-to-many model. Razorpay Route offers easy management, great control and complete transparency of fund movements between you, your sellers and customers alike. You take charge of funds that require transfer, refund and settlement. Using Razorpay Route, you can:

  • Create and manage linked accounts
  • Split payments and transfer funds to multiple linked accounts
  • Reverse transferred funds and manage customer refunds with automated reversals
  • Manage linked account settlements
  • Move from manual and file-based reconciliation to a fully API driven one, and more

On Razorpay platform, onboard your sellers as Linked Accounts to start moving funds from your account to seller accounts. To setup the connected/split payment by Razorpay Route, follow the below mentioned steps:

Register on Razorpay Route

  • You can perform various action using Route, such as - Add and manage linked accounts, initiate a transfer, issue a refund, create a reversal, and view transfers & reversals reports.
  • Click the Accounts tab and click the Add Account button to add the account.

  • The pop-up box will open up. Provide the account name, account email address, and required access.

  • Click the Add button to add the account.
  • After adding the account, get the keys. Go to the Settings section.

  • Go to API Keys section and generate the keys.

  • Download the key details.

Setting up Payment Method

After you have got the Key Id and Key Secret, proceed to set up the payment method. Follow the below steps to set up the payment methods:

  • Go to Settings > Payment Methods section of StoreHippo Admin panel.
  • Select Razorpay Route as a payment method.
  • Provide the credentials.
  • After entering the credentials, click the Save button.

Adding Seller Ledger Rules

Once you have set up the payment methods, you need to add the seller ledger rules. Follow the steps given below to add the seller ledger rules:

  • Go to Sellers > Seller Ledger Rules section of the StoreHippo Admin panel.
  • Add seller ledger rule(s) for all the sellers of the store. The commission amount configured in the ledger rules is the amount which will be kept as a share by the store's admin (primary receiver). Rest of the amount of the orders will split among the sellers.

Adding Sellers

Follow the below steps to adding the secondary receiver in Seller Payout Methods

  • Go to Sellers > Seller payout methods section of the StoreHippo Admin panel.
  • Add seller payout methods by clicking the Add New button. 
  • Select the seller from the Seller field and "Razorpay" from the Type field.
  • Mention the sellers' Razorpay Route Account Id under Id field.
  • Click the Save button. 

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2020-11-04T07:08:38.063Z