Success Story of PayKun - India’s Leading Payment Gateway

PayKun provides the services of online payment transfer from the customers to the merchants, making the whole process simplified and fast. It can be used in all types of businesses, may it be registered or not registered, with or without a website, small startup or large setups, online as well as offline ones; any entrepreneur can avail its services at the lowest rates.

Please introduce your Startup and give a brief about yourself.

We are five friends who founded PayKun and launched it on 15 August 2018. It was officially registered on 31st May 2018. It provides the payment gateway services on and off the website or application to enable a business to accept the payment with multiple online methods in a safe and secured manner.

How can you describe your Startup?

This successful startup’s intention behind its development has been achieved to a large extent. PayKun intends to empower all types and sized businesses especially the small entrepreneurs. So that they can expand and make a global reach over the internet by collecting payments digitally.

The digital payment system was never this easy like it is with our company and we have known this the hard way. This has been made possible with the application of modern technology and infrastructure in developing our payment gateway, its user friendly interface and simple process and also making it affordable and cost-effective with its lowest rates in the market.

What were you doing before?

All five of us had gained our graduations in individual different areas - I, Nirav Solanki got B.E in IT, Prashant Kambad is B.E. in IT, Nikunj Yadav is a BCA, Deepak Dabhi got his Diploma In Computer Science and Vijay Yadav is a B.E. Mechanical. Later, we had a common interest in doing business and didn’t want to get job employment. So we started with a freelancing business and got a small office for the same.

What is your inspiration behind your Startup?

Our inspiration behind starting PayKun Payment Gateway is our own struggle to get one. Our freelancing business was over the net and we required payment gateway solutions for ourselves. So, we tried to do so, we got registered with various payment aggregators but we didn’t receive even a response from them because we weren’t a registered business at that time. It was very frustrating for us and got us motivated to start our own payment gateway.

Describe Your Startup Name, Why you are using this Name?

PayKun has two parts - Pay as in one would be able to make the payment with the payment gateway easily and - Kun is the Arabic word for ‘to be’, so together we came up with a word PayKun with the meaning that there is an easy payment gateway now in existence.

What was the idea behind starting Startup?

The purpose of starting this startup i.e. a Payment Gateway was that we wanted to make it easy and reachable for the businesses of all sizes and types to collect the online payments in the easiest and secured manner. May it be an online business or an offline business, with or without a website or a mobile application, small, large or medium enterprises; also the freelancers, bloggers, YouTubers, etc, everyone has a right to get a reliable payment gateway without any hassle and make a global reach. Also, they must not spend much and get these services cost-effectively.

What are the services you offer to your clients?

Our business model is B2B and our clients are the ‘businesses of any type’. We provide online payment services between the buyers and the sellers in a safe and secured manner.

PayKun payment gateway is compliant with the Payment Card Industry Data Security Standard (PCI DSS) v3.2.1 Level 1 so the sensitive data and funds are safely transmitted through it.

It provides 120+ online payment options for the customers to pay Debit/Credit cards, Master Card, Visa, AMEX, Diners Club, RuPay, Net Banking, Wallets - Paytm, Mobikwik, Jio Money, Yes Bank, PhonePe, Ola Money, FreeCharge, Amazon Pay, etc, UPI/BHIM, QR Code, etc.

The payment gateway can be integrated with the website and application of all major platforms like PHP, Magento, Android, iOS, WordPress, Ruby, Python, .Net, Node JS, Java, WHMCS, Prestashop, Opencart, etc.

If there is no website then the merchant can use its payment links as well as master links. They are to be copy-pasted-sent to the customers through any possible platform like messengers, WhatsApp, email, etc. Payment links enable you to enter predefined details and the amount for the customer, whereas in the master link the customer can enter their amount and purpose.

Further, the merchant gets a smart merchant dashboard which helps him to track and manage the business. It contains the statistics and analytics of everything related to the transactions, payment methods and modes used. Also, refunds, settlements, customers, downloadable reports, settings, etc can be managed and functioned from the dashboard itself. There is an available mobile app version for it.

We provide support to our clients and its customers through emails, live chats and calls with prompt resolutions. Also, free integration helps too.

What are the factors which influenced you to start the ‘Startup’?

The company mission is to provide entrepreneurs with a simple, hassle-free and affordable online payment solution. PayKun wants 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.

We led towards this path because of our disinterest in doing a job and later when it became impossible for us to get a payment gateway for ourselves though we were a genuine business, we thought that this isn’t fair. Any small, big, registered, not registered, offline or online businesses have the right to collect payment online and expand nationally and internationally. Otherwise, it isn’t possible to survive and grow in this competition. And we wanted to be that source for businesses like ours.

How did your journey start towards your startup from planning to funding?

First six months were totally invested in doing research and knowing each and everything from scratch. None of us five had any knowledge of the FinTech field and we were a blank slate. Everything about a payment gateway, its technology and development, the tie-ups and integrations, banking procedures, legal compliance, security measures, etc were to be studied and known about.

Later, we took our first step into the implementation part and completed all the requirements and procedures which took us around two years. Funding was not an issue and we have not taken any third party resources as we already had other running projects side by side.

What your stack on the competition? who are your competitors? How you are overcoming them?

We claim to have the best helpline support for the clients and the customers both and also 95 % of successful transaction rate which is the highest in the market. The most important one is that we provide our best services at the lowest transaction rate, which makes it the most cost-effective. It has 10000+ merchants onboard in such a short span of time.

Is the Startup growing at good phase according to your plans? What are the upcoming plans from your end?

We are a success in ourselves. We are already considered among the top and best payment gateways of India today in such a short span of time. We focus on making our services better and add more and more features as per the requirements and demand of the market and merchants. 

I think everyone has some inspiring person in their life and some taglines? who are they, what is their role in your Startup life?

We five founders and our team at PayKun have together built this massive set up of Payment Gateway. With our different calibre in different areas, we have reached here. Nikunj Yadav took up the Server Management, Vijay Yadav is experienced in business development and so overlooking that part as well as other banking relations, Prashant has developed the Paykun Payment Gateway technology, Deepak Dabhi overlooks the Accounts, HR and Graphics and I manage the sales, business development and customer service departments. We tend to inspire each other and use each other’s strength and cover their weaknesses.

With regard to a tagline or a motto of this startup, it is the ease of access and integrity. We are making the payment gateway concept easy for the businesses and pledge to do right at all times and giving back to society.

What is your experience as an Entrepreneur?

As an entrepreneur, we can say that every step would be a risk-taking adventure however, it is all worthy at the end. It is all about learning new things all the time and improvising as the time demands but at the same time keeping the short term and long term goals before you to fulfil them.

Where do you see yourself in 5 years?

PayKun wants to onboard all the genuine Indian business of all types and sizes and also wants to provide all the possible features at one place. With that, it wants to bring all the businesses under the digitalised roof.

What do you suggest people who are interested in starting their own business?

We would say take a leap of faith if you have the passion for it. The road is bumpy at the start of a startup but with the consistency, perseverance and hard work even the impossible can be achieved at the end. Patience is a virtue.