Gujarat based Startup Story of Five Friends setting up the PayKun Payment Gateway.

Mar 18, 2020 by YI Staff #Startup Stories

Nirav Solanki, one of the founders of PayKun Payment Gateway says. It all started when we had passed out from our respective graduations. We were five friends and had completed our studies from different fields in the Bhavnagar City of Gujarat. I, Nirav Solanki got Bachelors in Engineering in Information Technology, Prashant Kambad is also a Bachelors’s in Engineering in the field of Information technology, Nikunj Yadav completed his bachelor of computer applications, Deepak Dabhi got his Diploma in Computer Science and Vijay Yadav Bachelors in Engineering in the Mechanical field.

All five of us were not at all interested in pursuing a job work with any third party company and had a dream to start our own business where we can work liberally. So, initially, we started one. It was a small unregistered freelancing business. We had set up a small office and had started working from there. Now, to collect the online payments we required a payment gateway and we registered with various top payment gateway. However, we failed to get a merchant account with any of the payment gateways. We did not even get proper replies from them.

This experience got us an idea of starting our own gateway for collecting online payments. In which everything would be easy and without any complications with the best services. Together, with the responsibility of different roles, we teamed up and lead together to develop this gigantic setup.

I am the Chief Marketing Officer (CMO), managing the sales, business development, and customer service departments at PayKun, responsible for the planning, development, and execution of an organization’s marketing and advertising.

Nikunj Yadav, the Server Administrator at PayKun, manages the server management, Server security & Database management for the company. He manages the computer networks and ensures that they run efficiently by maintaining software updates, designing and implementing new system structures, monitoring server activity, and auditing server security.

Vijay Yadav takes care of the business development, all the legal work, and Banking Procedures at PayKun, playing a crucial role in Business management, development, and strategies to drive the business. Prashant Kambad, the Chief Technology Officer at PayKun, is responsible for Technological Development. He manages all the executive decisions concerning the technological interests of the company.

Deepak Dabhi as a Chief Finance Officer at PayKun looks after Accounts, Human Resources, and Graphics & Design in the company. He manages the company’s finances and assesses financial risks and opportunities and oversees and manages lower-level financial managers.

About PayKun: It was launched on 15 August 2018 and was officially registered on 31st May 2018. Provides an easy and reliable solution to collect online payments through website, applications or even without website and application through Payment Links and Master Links. It provides payment methods including debit cards, credit cards, wallets, net banking, UPI, QR Code, etc.

It provides the fast onboarding and activation of the merchant account to any type and size of business after proper verification. And supports all major platforms for the integration. It is easy to integrate with its readily available plugins and SDKs.

In case, the business is offline and do not have a website then also it can collect online payments with its payment links and master links. This can be created from the dashboard, copy, pasted and sent through any possible medium such as messenger, Whats App, etc.

All these services are provided at the best and at the lowest rates with no setup fees, maintenance fees or any hidden charges. Also, the merchants can avail free integration assistance.

Inspiration behind PayKun: When we failed to get the payment gateway ourselves, we thought that it is not fair to the small businesses if they cannot get these facilities of collecting the online payments because of their small size. This way, they cannot provide proper services to their customers and cannot make a worldwide reach. Today’s customers want all the options even in the payment methods so having a payment gateway reduces the customer dropouts due to the multiple available payments. To facilitate this and take the dream of our huge startup to the next level we started a payment gateway.
Challenges in its outset.

Yes, the challenges were at each and every step and we have faced a lot of struggles but got the fruits of the same today. We all five had no Fintech knowledge, background or experience. So, researching and knowing everything itself took us almost 6 months. Then the whole technological development and other legal, banking, RBI, security compliance’s took us almost 2 years to complete.

We have started this in the tier 3 city Bhavnagar of Gujarat and hired 15 teammates initially but the team was comparatively small for such a big development. All the compliance’s, its knowledge and implementation were difficult but we overcame these.

Collaborations: We haven’t collaborated with any third party company and have not taken any outside funding. PayKun gets the fuel from our other side projects running along.

First milestone: Launching PayKun and its smooth start of working itself can be considered as the first milestone. Apart from that, we achieved the breakthrough by on-boarding huge merchants in the first year itself.

PayKun’s Vision: The company vision is to empower the business enterprises of all sizes to accept digital payments for their business in the most secure and easiest way possible with a reliable platform. We want to bring all genuine businesses of all sizes and types under our roof and provide them with each and every possible payment features.

website: www.PayKun.com

Like this story? Or have something to share? Write to us: hello@youngindia.com
Connect with us on Facebook, Twitter and Instagram.