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For a small business in India, the best payment gateway depends on the actual account price, payment mix and how quickly you need funds—not just the advertised percentage. As of the official pages checked on 13 November 2026, Razorpay publishes a 2% headline fee and a first-90-days-free offer; Cashfree advertises a time- and eligibility-limited 0% platform-fee offer on sales up to ₹20 lakh, then a 1.95% standard platform fee plus applicable taxes. Both support UPI, but a platform fee and UPI MDR are different charges. Compare the written terms for your account before choosing.
At a glance
| Name | Best for | Key spec | Free plan / price | Platforms | Checked |
|---|---|---|---|---|---|
| Razorpay | Businesses wanting a broad set of online payment methods and a published typical T+1 or instant settlement option | Cards, UPI, EMI, net banking, wallets and pay-later options; typical settlement T+1 or instant | 2% headline fee; first 90 days advertised free; zero setup and annual maintenance fees | Web and online checkout payment methods listed on its pricing page | November 2026 |
| Cashfree Payments | Eligible new merchants considering its introductory platform-fee offer or businesses that value a stated T+2 default with paid instant settlement | UPI, cards, wallets and net banking; default T+2, instant settlement described as within 15 minutes subject to conditions | Eligible offer: 0% platform fee on sales up to ₹20 lakh; then 1.95% standard platform fee plus applicable taxes | UPI apps listed include PhonePe, Google Pay, Paytm, BHIM, Amazon Pay and WhatsApp | November 2026 |
Prices checked November 2026.
Prices and terms in this comparison are provider-published, not independently audited. Offers, account approval, payment type, risk review and applicable rules can change what a merchant pays or when funds arrive. Confirm the total in writing.
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Which payment gateway is best for a small business in India?
There is no evidence here for a universal winner. Razorpay is a reasonable candidate to investigate if its broad published payment-method list and typical T+1 or instant settlement fit your needs. Cashfree merits a closer look if your business qualifies for the introductory offer or if its stated T+2 and paid instant-settlement options suit your cash-flow plan. The deciding factor is your own written quote and transaction mix.
Compare the providers against the same questions: What is the fee for each payment method? Does the quoted amount include GST and any MDR or platform charge? What settlement schedule applies to your account? Is faster settlement available, and what does it cost? Are there setup or recurring charges, eligibility restrictions, or business-category limitations?
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The official pricing pages checked on 13 November 2026 provide useful published terms for these two providers. They do not establish a reliable current head-to-head comparison across every gateway in India. Treat the figures below as each provider’s stated terms, not as a market-wide ranking or a guarantee that your account will receive them.
What do the advertised fees actually mean?
A headline percentage is not necessarily the full cost of accepting a payment. A provider may describe a platform or technology fee, while MDR is a separate term for a merchant discount rate. Taxes may apply to fees, promotional pricing can expire or have conditions, and a faster payout may cost extra. Ask for the total charge by payment mode rather than comparing two headline numbers alone.
Razorpay’s published fee
Razorpay’s India pricing page advertises a 2% headline fee and a free first 90 days offer. It also states that setup fees and annual maintenance charges are zero. The page says the transaction fee and applicable GST are deducted before the remaining proceeds are settled, typically T+1 or instantly. These are Razorpay’s published statements; the offer’s availability and the terms for a particular merchant should be confirmed directly on the Razorpay pricing page and in the account agreement.
Do not interpret “zero MDR” on standard bank-to-bank UPI as meaning the transaction has no gateway charge. Razorpay’s pricing FAQ says there is zero MDR for those UPI transactions, and separately says a 2% platform or technology fee applies. Both parts matter: one describes MDR; the other describes Razorpay’s own charge. Check the provider’s current UPI pricing explanation for the exact account and transaction type.
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Cashfree’s published fee
Cashfree advertises an offer for eligible new merchants: a 0% platform fee on sales up to ₹20 lakh during the campaign. The offer ends when the first condition in its terms is met, which can include exhaustion of the offer or the campaign end. After the offer, Cashfree states a standard platform fee of 1.95% plus applicable taxes. Its pricing page also lists some mode-specific charges, so do not assume one percentage describes every possible payment or merchant arrangement.
Cashfree’s UPI page says UPI charges are “as per the applicable law.” That qualification matters when comparing the provider’s platform fee with any applicable UPI MDR framework or merchant classification. The offer’s eligibility and duration are also material: a promotional 0% platform fee is not a permanent rate, does not necessarily mean every fee layer is zero, and should not be used as a long-term cost estimate without reading its terms.
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What is the UPI MDR rule, and does it make UPI free?
Not necessarily. An MDR rule and a gateway’s platform fee are different fee layers, and a “zero MDR” statement does not by itself establish that the merchant pays nothing to its provider.
NPCI’s FAQ dated 15 September 2026 says the described framework for select UPI Person-to-Merchant (P2M) transactions takes effect on 15 October 2026. It states 0.4% MDR on covered transactions above ₹2,000, a ₹300 cap for transactions of ₹75,000 and above, and no MDR on transactions below ₹2,000. The FAQ also describes a ₹1 lakh-per-month threshold and P2PM treatment for small merchants, separate treatment for credit-linked UPI, and says merchants cannot pass the MDR on to UPI customers. These details are from that dated FAQ, not an assurance that every merchant, payment or provider charge is treated identically. See the NPCI MDR FAQ and confirm the current scope and implementation for your business.
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There is an important distinction in the provider disclosures: Razorpay says standard bank-to-bank UPI has zero MDR but a 2% platform or technology fee applies; Cashfree says its UPI charges are as per applicable law while publishing a standard platform fee and promotional offer. Do not subtract one provider’s stated MDR from its platform fee, or presume that a promotional platform fee resolves MDR treatment. Ask each provider to identify every charge that applies to your specific UPI flows.
How quickly will the gateway settle payments?
Settlement is the transfer of collected payment proceeds to the merchant’s bank account after applicable deductions. The published timing is not necessarily a guarantee for every account: approval, transaction type, business category or model, risk parameters and banking days can affect it.
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- Cashfree: its settlement guide states the standard cycle is T+2, where T is the transaction date, subject to approval and other conditions. Its UPI page says instant settlement can make funds accessible within 15 minutes of payment capture. The pricing page lists instant settlement starting at 0.30%, excluding GST; the price may vary by option and business risk assessment.
Cashfree’s guide also says standard settlements occur on bank working days and can vary with approval, transaction type, business category or model, and risk parameters. Read the Cashfree settlement and reconciliation guide alongside its UPI product information; a “within 15 minutes” statement is a conditional instant-settlement description, not the default promise for all payments.
When comparing settlement speed, distinguish payment capture from settlement to your bank. A fast status update in a dashboard is not the same thing as usable funds in your account. Ask what event starts the clock, whether weekends and bank holidays affect the standard cycle, whether there are eligibility conditions or limits, and whether the faster option charges per transaction or under another pricing basis. The published information here establishes Cashfree’s starting instant-settlement price, but not a directly comparable Razorpay acceleration fee.
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How should a small business compare the real cost?
Use recent successful-payment data, not a guessed average. Gather the payment-mode share and typical ticket sizes for UPI, cards, wallets, net banking and other methods you accept. Then ask both providers for account-level terms covering those same modes, including taxes and settlement options. A merchant with mostly small UPI payments may face a different effective cost from one with a large share of cards or higher-value UPI transactions.
- List your payment mix. Use actual transaction records if available: the count and rupee value for each payment mode, typical ticket size, refunds and failed or reversed payments. Keep domestic and any other transaction categories separate where the provider’s quote does so.
- Apply the exact fee by mode. Do not multiply every sale by a single headline rate if the provider lists mode-specific charges or distinguishes MDR from a platform fee. For UPI, ask how the provider applies current rules to your merchant classification and the specific payment flow.
- Add taxes and fixed charges. Confirm whether the quoted fee is before or after applicable GST, and whether setup, annual maintenance, minimum billing, refund or other charges apply to your account. Razorpay’s page states zero setup and annual maintenance fees; still confirm any account-specific exceptions in writing.
- Model the offer separately from the ongoing rate. For Cashfree, calculate eligible sales during the offer and the cost once it ends. For Razorpay, model the first 90 days separately from the period after the promotion. Do not treat either offer as an indefinite price.
- Price liquidity, not just acceptance. Compare the standard payout cycle with any faster option. Cashfree lists instant settlement starting at 0.30%, excluding GST; its exact price may vary. Razorpay describes typical T+1 or instant settlement, but the material reviewed does not establish a comparable instant-settlement fee.
- Compare the same business conditions. Check onboarding approval, your business category, risk review, settlement eligibility, integration requirements and the provider’s handling of reconciliation. A quote or offer may not apply to every merchant or transaction.
- Recheck after launch. Once you have your own account data, compare actual deductions and settled amounts with the written fee schedule. Recalculate if your mode mix, transaction values, offer eligibility or settlement needs change.
A useful request to send both providers is: “Please confirm in writing the total fees for our payment modes, including applicable MDR, platform or technology fees and GST; our standard settlement timetable; eligibility and total price for faster settlement; and every setup, recurring or transaction-specific charge that applies to our account.”
What should you check before signing up?
Published pricing does not answer every onboarding or operational question. Before committing, make sure the provider’s written terms fit your business model and that your staff can reconcile payouts against orders and refunds.
- Eligibility and approval: confirm the documents and business details required, whether your business category is supported, and whether approval or risk review can change the offer, payout timing or available payment methods.
- Offer fine print: establish who qualifies as a new merchant, how the ₹20 lakh sales cap is calculated for Cashfree’s campaign, what ends the campaign, and what rate applies afterward. For Razorpay, confirm the start and end of the first-90-days offer and what fee applies beyond it.
- Payment-method coverage: check that the checkout supports the methods your customers actually use. Razorpay lists cards, UPI, EMI, net banking, wallets and pay-later options. Cashfree’s pages describe UPI, cards, wallets, net banking and other options; its UPI page lists major apps including PhonePe, Google Pay, Paytm, BHIM, Amazon Pay and WhatsApp.
- Settlement mechanics: ask what “T” means in your account schedule, how bank working days and holidays affect deposits, what holds or reserves may apply, and what conditions unlock instant settlement.
- Reconciliation: learn how payment references, settlement reports, refunds and disputed transactions appear in the dashboard or exports. The settlement guide is relevant for Cashfree; request equivalent documentation from any provider you consider.
- Current UPI treatment: ask the provider how it applies the dated NPCI FAQ to your merchant classification and payment types, especially where transaction values or monthly totals may affect MDR treatment. Ask for the answer to separate MDR from the gateway’s own fee.
These checks are especially important when comparing a headline offer to a steady-state price. Small differences in payment mix, tax treatment or the number of days funds are tied up can matter more than a temporary percentage discount.
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How do you choose between Razorpay and Cashfree?
Start with the operational requirement you cannot compromise on, then compare actual cost. Neither provider’s published page alone proves it will be cheaper or faster for every small business.
- Consider Razorpay first if its broad listed methods and typical T+1 or instant settlement match your checkout and cash-flow needs, and its account-specific total fee compares well after the free-period offer. Confirm the UPI platform fee separately from MDR.
- Consider Cashfree first if you qualify for the promotional platform-fee offer, want its stated T+2 standard settlement, or value a published instant-settlement option with a starting price. Calculate what the offer costs once it ends and verify the price and eligibility for faster settlement.
- Choose neither on a headline alone if you do not yet know your transaction mix, need a confirmed instant-settlement charge, or have not received clear written UPI and tax treatment. Get matching quotes first; if the difference is small, prioritize the payout schedule and integration or reconciliation requirements that fit your business.
Do not treat the above as a performance ranking. The provider pages supply commercial terms, but the evidence here does not establish independently measured success rates or a like-for-like benchmark. The best gateway for your business is the one whose approved, written terms and operating flow work for your actual transactions.
How were these options selected?
This comparison is limited to providers whose current official India pricing, payment-method and settlement information was listed on their pages: Razorpay and Cashfree Payments. The criteria are payment-mode pricing and fee definitions, offer conditions, stated settlement timing and any published faster-settlement price, UPI acceptance details, and setup or recurring charges where disclosed. Provider statements are attributed to their own pages, and NPCI’s dated FAQ is used for UPI MDR context. No provider was independently tested, and no success-rate or total-cost result is inferred without a merchant’s own transaction mix and written quote.
Frequently Asked Questions
Can a small business pass a UPI MDR charge on to customers?
NPCI’s 15 September 2026 FAQ says merchants cannot pass the MDR it describes on to UPI customers. Confirm that the FAQ’s scope and implementation still apply to your payment type and merchant classification before changing checkout pricing.
Does a payment gateway charge a fee when a customer gets a refund?
The pricing and settlement material summarized here does not establish a universal refund-fee rule for either provider. Ask for the refund, reversal and chargeback terms in the account’s written fee schedule, including whether the original processing fee is returned.
What information should I keep to reconcile gateway payouts?
Keep order or invoice identifiers, payment references, captured amounts, refunds and the provider’s settlement report for each payout. Matching those records helps identify deductions or timing differences; request the provider’s documentation for report fields and export formats.
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Random freezes, missing sound and display glitches usually trace back to one bad driver. Find and replace yours safely.Free scan · under a minuteDoes zero MDR mean my UPI payment gateway is free?
No. Zero MDR refers to a particular fee category, not necessarily all charges for processing a payment. For example, Razorpay separately states that a 2% platform or technology fee applies to standard bank-to-bank UPI.
