Razorpay Vs Stripe – Which Financial Platform Empowers Businesses More?

Payroll Management

Razorpay provides an automated payroll service that enables companies to run and access multi-country payroll through a single system. The platform is automatically compliant with local and international laws, as well as having such features as direct pay deposits or one-hour onboarding.

The software allows managers to calculate and transfer salaries in an accurate way with a little human intervention. The self-service dashboard provides statutory compliance reports such as Tax Deducted at Source (TDS), Provident Fund (PF), Employee State Insurance Corporation (ESIC), and real-time updates on the regulatory changes to the user.

Conversely, Stripe does not provide specific payroll processing programs, although it does provide the financial platform required to create tailor-built payment links with API integrations.

The platform is essentially a financial management platform and enables businesses to pay out around the world, using local currencies, to affiliates, contractors, and sellers. The system is more appropriate to manage the one-time or irregular payments to contract employees or freelancers across the globe.

Financial Reporting

To simplify data and analytics, Razorpay provides charts and dashboards and real-time visualization of business activity on all Razorpay and RazorpayX payments. This allows users to schedule and download all kinds of reports on the Razorpay dashboard.

Downloadable reports offer all transaction data in formats like CSV, XLS, or XLSX files, according to your needs and desired frequency (daily, weekly, or monthly) for reports via email can be adjusted as well.

On the other hand, Stripe provides automatically generated reports about all account activities such as payments, payouts, fee changes, and balance changes. Businesses can collect real-time payment insights and analytics in order to grow, operate, and know their business to make more-informed decisions.

With access to payment reconciliation reports for all expenses, users can match payouts with batch payments and other connected transactions. Users can also access reports on financial accounts platforms, allowing them to understand how Stripe approaches the calculation and application of its fees, offering full transparency.

Accounts Management

Razorpay offers a centralized command center for all business finances and account management. The platform allows users to streamline financial workflows and reduce manual errors by integrating accounting software and online banking features.

Razorpay allows accountants access to all information needed for audits, including payments, invoices, and challans. This reduces the need for manual contact with accountants and time spent on account auditing. The platform also gives users real-time visibility into cash flow and account activity at all times.

Meanwhile, Stripe streamlines account management by offering a centralized account for all financial needs. Stripe enables users to manage payments and finances from a single dashboard, with accounting software integrations that can lead to faster auditing.

Users can create custom spend cards in the Stripe dashboard with flexible spending management and real-time reporting of expenses.

Invoice Automation

Razorpay stands out as it allows users to create or import bulk orders and seamlessly assign them to owners and departments. The software reduces manual time spent on uploaded invoices by auto-filling them using the Optical Character Recognition (OCR) feature. The system also comes with precautions that catch discrepancies in invoice generation, which include three-way matching for Goods Received Note (GRN), to ensure invoice accuracy.

Conversely, Stripe offers billing and invoicing automations that allow for a no-code way to build custom invoices, enhancing the recovery process. Users can choose from five triggers that automatically handle the process according to need. When the due date is approaching, actions are executed accordingly, and automation is terminated once the invoice is paid. Similarly, other triggers are when the invoice is finalized or overdue, the subscription is cancelled, and the subscription payment fails, accordingly.

Payouts

Razorpay offers a smart payout engine with features built for business scale and payment efficiency. The platform enables quick, one-time payouts categorized using the source, with attachments and notes that add context. The solution’s smart bulk payouts offer an error-free experience, with one-click batch approvals and an audit trail. With Razorpay, users also get access to easy-to-integrate payout APIs that work across multiple banks and offer smart error-code handling.

In Stripe, automated payouts are processed and sent automatically without manual intervention, and can be used to pay freelancers, vendors, or customers as needed. Once the system is set up with the proper rules and guidelines, such as amounts, schedules, and recipient details, payments go out on time and to the right people without requiring additional input from the sender. Stripe also offers express and custom account types, based on how much control over the payout process is needed.