Understanding UPI Payments on Swipe

How can you receive customer payments on Swipe?

1. UPI payment via QR code on Invoices:

You can generate a QR code linked to your bank UPI ID on invoices created on Swipe. Your customers can scan the QR code to make payments which will be instantly credited to your bank account. However, the payment status needs to be manually updated by you on Swipe dashboard.

2. UPI payment via Payment Gateway link:

There is another way for your customers to make payments on Swipe. Your customers can make payments on Swipe via Razorpay Payment Gateway. Once payment gateway is enabled, the customer can simply click on the link and make payment via 100+ payment options. For this mode, the UPI ID and QR code are automatically managed by the payment gateway. Once the payment is successful the status gets automatically updated on the Swipe dashboard. No manual intervention is required.

Note: However, the Swipe dashboard may mark it as an invoice paid but payments made through the UPI payment gateway are settled in T+2 days, hence taking time to reflect in your bank account as per the standard settlement schedule.

To know more about payment gateway click here.

Why are payment settlements not instant via payment gateway?

Payment gateway settlements may or may not be instant, as it involve acquiring and issuing banks as well as the NPCI, and the process behind the scenes is complex. The difficulties of reconciliation, various bank settlement cycles, and intermediate hops all contribute to the amount of time it takes for firms to receive payments. However, a payment gateway is one of the most secure payment options because it operates as a middleman, does not disclose the business's bank information to customers, and provides a link for customers to pay using credit cards.

How to enable payment gateway on Swipe?

Payment gateway can be enabled on Swipe easily,

1. Upload your KYC verification on Swipe. The documents required are a PAN card of your business, a Bank statement of your current account, Individual Aadhar card/ Passport for address proof.

2. Your documents will be verified and approved within 24 to 48 hours.

3. Once approved simply ahead over to Swipe settings > Payment gateway & enable the toggle button under "Payment gateway".

To more on details on enabling payment gateway on Swipe refer here.