Previously focused on startups and small and medium-sized businesses (SMBs), RazorpayX Payroll now offers advanced solutions for businesses of all sizes, ranging from two to more than 20,000 employees, according to a press release emailed to PYMNTS.
One of the key benefits of RazorpayX Payroll is its ability to help large organizations save over 60% of costs on payroll management while ensuring 100% accuracy on compliance, according to the release.
This automation is crucial as 42% of large organizations in India face payment and filing compliance issues in their payroll management, the release said. Additionally, 44% of these organizations experience salary delays, while 40% encounter inaccuracies in payroll calculations and processing.
To address these challenges, RazorpayX Payroll platform offers open application programming interfaces (APIs) and integrates seamlessly with more than 45 human resources (HR) tech partners, per the release. This integration capability allows organizations to streamline their HR operations and eliminate the need for manual processing.
Ayush Bansal, vice president and general manager of RazorpayX, said the company is committed to creating an elevated experience for businesses and empowering them to thrive by eliminating the challenges of manual processing.
RazorpayX Payroll offers businesses greater control over user access and permissions, allowing for multi-level workflows, according to the release. The platform also prioritizes employee satisfaction by providing user-friendly features such as the option to receive payslips and file for reimbursement via WhatsApp.
Currently serving over 45,000 businesses, RazorpayX has experienced rapid growth in its Payouts business, with over 200% growth, the release said. The platform has disbursed payouts with an annualized money movement of over $30 billion. In addition to its payroll services, RazorpayX recently launched Forex services, allowing startups to seamlessly transfer funds raised globally to India.
The company does vendor payments, tax payments, payroll and employee health insurance. It also enables buy now, pay later (BNPL) and access to working capital through bank accounts set up via RazorpayX.
“Our essential vision is to be the single financial platform for businesses, especially internet businesses, in India,” Mathur said at the time. “We want to get to a point where if tomorrow someone starts an internet business, they sign up with Razorpay, and we take care of everything they need to do with money on our platform.”
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