PayKun Payment Gateway Solutions was launched on 15 August 2018 and was officially registered on 31st May 2018. The five friends Nikunj Yadav, Nirav Solanki, Prashant Kambad, Deepak Dabhi and Vijay Yadav are the founders of PayKun, who came together with this idea of developing their own payment gateway solutions and the resultant gigantic setup is now in existence, blooming successfully. This B2B solution has been making it easier for businesses of all sizes to trade and make a global reach. The online payments were never these easier as it is with PayKun, these five friends are the witness to it.
Driving Force: It all started after each of these five friends passed out with their respective graduation and courses and were all freshers projecting their further paths. However, all five freshers were not willing to pursue a job or service with other companies and they were iron-willed on this decision. All were interested in their own business and dreamed about their successful startup.
They had to start somewhere and so they plunged together into a freelancing business as a small setup. It required an option to collect payments from its clients and so they tried to get a payment gateway. But they failed miserably to get one, as the business was not registered. None of the payment gateways approved their merchant account and they could not get an online payment gateway solution. After they registered there were no responses at all, they could not even get any support contact where they could get a proper reply or explanation. It was quite a frustrating experience for them resulting in a question that if you are an individual business, a small or medium startup, why can’t you get an option easily to collect online payments, that too, in this so-called digital revolution era of this modern time. They thought that all types of businesses and persons must have access to dealing with online payments. Otherwise, they are going to lag behind because then they cannot have a farther reach and today’s customers want everything on the plate, they are smart and tech-savvy, demanding all types of options to pay.
This was when the seed was sown in their business minds but only with the essence of emotions and doing something better for the startups, small businesses and medium enterprises. They wanted to make it easy to get a payment gateway for those who are genuine but may or may not be registered.
The Five Founders: This was in the Bhavnagar city of the Gujarat State, where the five friends had come together with this startup idea and worked hard to make it among the best payment gateways of today in India and that too at the cheapest rates.
Nikunj Yadav completed his Bachelors of Computer Applications and plays the role of the Server Administrator at PayKun, overlooking Server management, Server security & Database management for the company.
Vijay Yadav is a Bachelor in Mechanical Engineering. And overlooks Business development, all the legal work and Banking Procedures at PayKun.
Deepak Dabhi manages Accounts, Human Resources and Graphics & Design in the company and plays the role of the Chief Finance Officer at the company. He has got a Diploma In Computer Science.
Nirav Solanki pursued Bachelors in Engineering in Information Technology and as a Chief Marketing Officer (CMO), manages the sales, business development and customer service departments.
Prashant Kambad did Bachelors in Engineering in the field of Information technology and has been doing Technological Development, Application Securities & Web Development as a Chief Technology Officer at PayKun.
PayKun: So, with the ultimate intention of introducing ease of access to online payments, PayKun emerged. It is a medium through which a client or the customer can pay the merchant with numerous options of the digital payment modes like debit card, credit card, wallets, net banking, UPI, QR code, etc in the most secure way. It is a PCI DSS Level 1 compliant and follows AES Encryption standards so that it is impossible to hack, making it a safe and reliable payment gateway. May it be a large business or a small one, registered or non-registered, blogger, YouTuber, an offline business, all types and sized genuine businesses can register and get a merchant account activated.
Even a website is not compulsory. PayKun can be used as a checkout, a payment button or payment links. So there are no limitations for you to reach out globally by providing the online payment ways to the customers. Payment Links are just to be copy-pasted and sent through any possible medium like WhatsApp, Messenger, Email, etc to collect the payments.
Providing fast and easy services not just include activating the account, even after that the merchants out there face real challenges right from the basics of payment gateway like how to use it, how to add it in the website or app, the process of payment through it, any issues while using it, etc. At every stage, the merchant would expect that there is someone to guide or help him. Understanding this, they have introduced the ‘ease of access’ and have kept this as the centric point. The instances are, providing the services at the lowest merchant discount rate at just 1.75 % per transaction and nothing else. There are no setup or maintenance fees charged.
Also, the merchants can avail free integration services for which PayKun supports all the major platforms and has developed the integration kit for all of them like PHP, Magento, Android, iOS, WordPress, Ruby, Python, .Net, Node JS, Java, WHMCS, Prestashop, Opencart, etc. This way, the merchant does not require any technical knowledge to use a payment gateway and can get the online payments with 120+ payment options directly in the bank account through his website, app or payment links.
The PayKun merchant dashboard is designed with a user-friendly interface as the management tool for your business payments which are done through the Payment Gateway. With the graphical and statistical representations, the merchants can monitor, compare and analyse the transactions and can make decisions accordingly. Not only that, each and every related function like payments, refunds, settlements, customers, payment links, master links, downloadable reports, etc can be accessed and functioned from the dashboard itself.
Its user-friendly checkout interface and all the major payment options minimise the customer dropouts. Its payment links and master links can be generated from the dashboard itself and in the master links, the customers are able to enter their own amount and make the payment.
Challenges and Hardships: None of the five directors had even the slightest knowledge of the FinTech world. They had to learn each and everything right from the start. It was a 6-month long process of just knowing everything and research about FinTech field, Payment Gateway, its process, development requirements, legal and banking procedures.
Then they threw themselves into the implementation part and took almost two years for the development of the technology of the payment gateway, RBI compliances, Security Compliances, Server Setups, Legal Requirements, etc. Every single step was new and a struggle.
Starting this huge tech company in a tier-3 city like Bhavnagar is a challenge in itself. In its initial stage, they hired a small team but it was not enough to set up such an enormous framework. Finance was a challenge but not a major one as there were a few other projects ongoing generating the funds. They have not collaborated with any third party company or have not taken outside fundings either.
There is no looking back now: The launching of PayKun was a breakthrough in the lives of all the five, a turning point, and there was no looking back now. They kept on slaying all the challenges one after another, reaching among the top payment gateways today. 10000+ merchants on-board in just a year with its up to the mark services is a major milestone achieved.
Currently, every day on an average 50 merchant accounts is activated. They started with a team of 15 and have a staff of 50+ employees now. PayKun is providing the highest successful transaction rate at 95% and has processed the successful transactions worth 8.5 million till today. The previous month itself was closed at a million. Started with 40 and now facilitating with 120+ all major payment options in one checkout, satisfying the merchant and customers.
Vision, Mission and Principles: The company mission is to provide entrepreneurs with a simple, hassle-free and affordable online payment solution. Its vision is to empower the business enterprises of all sizes to accept digital payments for their business in the most secured and easiest way possible with a reliable platform.
The pillars of PayKun have been established around its integrity and with a pledge of doing the right thing at all times. It wants to do good and make it easy for the businesses to trade with its optimum services in all the areas of payment gateway process, right from the registration till throughout, even after starting their transactions. They do not charge any hidden fees or extra fees except for a per-transaction charge plus applicable taxes for the services they provide.
And the future…
PayKun has set the strong foot in the market and with the introduction of its international services, it is further liberating its merchants towards the world-wide reach for trade. It is standing by its intentions and providing its best of services at the lowest rates in the market. Further, it wants to bring all Indian merchants under its roof and provide all possible features with its payment solutions.
Each & every startup/individual would accept digital payments for their business in the easiest with them. And the customer would have all the options that they would like to pay with. Lowest customized transaction rates for every business, being highly secure, facilitating fast settlements, providing free integration and very responsive customer support are the features that make PayKun stand out with thousands of clients and still counting in such a short span of time.
