PayKun has been developed to provide smooth and swift digital payment solutions around the globe to the Indian business community. Any registered or non-registered business can take advantage of these services. Also, it is not compulsory to have a website or a mobile application. Thus, any genuine business can qualify for it whether it is online or offline. Its primary intention for development was to provide ease of access and affordable solution to each and every business of India, primarily to the small and medium as well as the startups.
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PayKun provides seamless payment services over the internet from the customers directly to the merchants’ bank account in a secure manner. The customers have 120+ online payment method options with it including debit cards, credit cards, wallets, UPI/BHIM, net banking, etc.
Their payment gateway can be integrated with the website and/or apps for businesses with its free plugins and SDKs available online, supporting all major platforms like PHP, Magento, Android, iOS, WordPress, Ruby, Python, .Net, Node JS, Java, WHMCS, Prestashop, Opencart, etc. Or PayKun payment links and master links can be used to collect the payments that just need to be copied, pasted and sent through emails, messenger, WhatsApp, etc. It is a PCI DSS level 1 compliant, following AES 256 Bit Encryption Standards and SSL certified, basically, it is impossible to break its security. It is a free payment gateway, it has no setup or integration fees. Also, the maintenance fees are zero and none of the hidden charges. There is a minimum flat charge on per transaction with the lowest rates in the market.
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PayKun is the dream come true of the five friends from the Bhavnagar city of the Gujarat state. The five founders are Prashant Kambad, Deepak Dabhi, Nikunj Yadav, Vijay Yadav and Nirav Solanki. They obtained their graduations in their respective fields and got into business. Prashan Kambad and Nirav Solanki are Bachelor in Engineering in the IT field, Vijay Yadav is also a Bachelor in Engineering in the Mechanical Field, Nikunj Yadav is a Bachelor in Computer Applications and Deepak Dabhi has a diploma in Computer Science. After their respective studies, they all wanted to pursue business and were totally disinterested in doing a job. So they had started a freelancing business together starting from a small office. They required the payment gateway solutions for their business and applied for the same. But, they could not get even one approval as they were not registered. And the whole experience was frustrating.
They had this revolutionary idea of promoting and equipping all kinds of businesses with the digital payments and for that they developed a payment gateway technology of their own called PayKun Payment Gateway Solutions, which proved to be a successful startup, facilitating with the best online services.
PayKun is the combination of two words,’Pay’ meaning to make the payment and ‘Kun’ which is an Arabic word that means ‘to be’, together it means a payment gateway with an ease of access is now there for you.
The journey was quite challenging for them as none of them were from the FinTech experience, they had to learn and know everything from the very beginning. All research and requirements took around six months, which tested a lot of patience and after that, they got into the implementation part, that is, the development of the whole payment processing technology, the security compliances, legal compliances, banking integrations and RBI requirements fulfillments. After the domestic took the grip the international development was completed and launched successfully. Also, while starting up, they faced a lack of staff as they established their company in a tier 3 city. All in all, developing this huge technology and infrastructure is an achievement in itself.
PayKun bloomed under the management and leadership of the five founders and directors. Nikunj Yadav, the CEO has been managing the Server, Vijay Yadav has the experience in business development and so he is working for it and also managing the banking relations, Prashant developed the Paykun Payment Gateway technology, Deepak Dabhi, the CFO, is managing the Accounts, HR and Graphics, and Nirav Solanki as a CMO has the sales, marketing, and customer service departments.
So the idea of providing the cheapest payment gateway is now a full-fledged thing and on-the-go. It is, of course, a B2B model, so the clients of PayKun are any type of businesses like even Freelancers and Bloggers, Youtubers, offline stores, eCommerce, etc. The merchants are satisfied with the services and have been showering with positive feedback about them. Many of them have continued partnership since the inception and the new ones are happy too.
In one year, they had crossed 1000 merchant registrations. They started with 40 payment methods and have now been providing 120+ payment methods. The transaction total worth has been overall 20 million today and was closed at 2 million in the recent month. Well, the number of employees was 15 when they started and the same has reached 50 today.
PayKun has been self-funded since its inception till now. There are various other projects that are running on the side and are helping it with the finances. It has never had any third party fundings and also currently isn’t looking for any.
Digital Payments has a lot of potential and advantages but it is essential that the businesses and customers accept them alike. The customers need to switch from Cash and adopt this cutting edge technology. They should be learning them and implementing them in their lifestyle. The cashless economy would help our nation to a great extent and the same applies to the businesses too. For them, it is important to know that the major section of the customers has gone digital now and it is necessary that they keep up with the demand and competition of these changing times. Payment Gateway implementation would provide a secure way of making the payment with numerous payment options in one place.