Sequoia Capital-backed Citrus Pay, which offers an online checkout and payment solution, has launched 'Project 0'—a payment gateway solution for existing and prospective merchants all over India. While existing merchants can integrate the payment gateway solution with their mobile and web stores, prospective merchants can set up their stores within a day, using the same.
As part of the pilot, the company has already launched over 200 merchants successfully. For using its services, Citrus is charging merchants Rs 500 as a monthly fee (for less than 100 transactions) as well as a 2.5 per cent commission fee for every transaction. The cost increases with the increase in number of transactions and premium features like coupon support, business intelligence report, among others. To begin with, merchants have to pay six months fee (Rs 3,000) upfront.
However, currently the company is running an early bird offer that will provide merchants with cash back of Rs 3,000, if they get their first transaction within the first two months of launch. The merchants can fix their payment gateway by using a few steps—pick their plan, enter their business information, make payment of Rs 3,000, upload all documents that are needed by banks in digital format and download integration kits based on different platforms.
Also, merchants can skip the technical integration bit if they use any of the karts (like Shopify) that Citrus currently supports. There are multiple integration options including open cart, drupal, classic ASP, ASP.NET, java, php, magento, joomla, prestashop, CS-cart and ruby. In short, merchants can simply register and start retailing even as Citrus takes care of the bank approvals and documentation work.
Citrus' clients include Airtel, MakeMyTrip, PVR, Indigo Airlines, Fun Cinemas, Delhi Metro, NIFT, HealthKart, LensKart, WatchKart, Quickheal, Tata AIA, Pepperfry, KidZania and Zivame.
Founded in 2011 by Satyen Kothari and Jitendra Gupta, the company raised an undisclosed amount in a Series B round of funding from econtext Asia, Beenos Asia and Sequoia Capital in December 2013. Sequoia had earlier invested $2 million in the company's Series A round in March last year. It claims to be processing more than 2.5 million transactions per month and earns revenues by charging 0.75-2.5 per cent of the transaction value from the merchants.
Last month, it had launched an Android and web application called 'Death of Chutta' to address the problem of small denominations of cash and loose change. With the app, users can load any amount of their choice (between Rs 1 and Rs 10,000) via internet banking, credit card, debit card, post which the app will enable them to transfer the money to friends, colleagues and family members within a few seconds.
Citrus competes with CCAvenues, Ibibo Group's PayU, One97's Paytm Payments, ZaakPay and PayPal. ZaakPay also allows merchants to sign up online.
(Edited by Joby Puthuparampil Johnson)