Instamojo was founded in 2012 by 4 entrepreneurs Aditya Sengupta, Akash Gehani, Harshad Sharma and Sampad Swain. They charge their customers 1.9 % on the incoming transaction as their fees. Once a Customer transacts more, they move on to a different slab, and their fees start going down. The payout takes place on every Friday and all the customers receive their payment directly to their bank account through NEFT.
They make money, only when a customer makes money. A user has to pay a small transaction fee only when they make any sale or receive money. There are no upfront fees, no cost to create a payment link and no cost to use their cool features.
With Instamojo, a user will also get cool analytics; simple buttons where they can find the functions and other options and the best part is its simple layout, which is self-explanatory. They support Debit cards Credit Cards, and Net-banking as payment Mode.
To avail their service a User need to have an Indian Bank account. Currently Instamojo has tie up with Kotak Mahindra Bank, HSBC Bank, Standard Chartered Bank, Axis Bank, ICICI Bank.
Instamojo API is available for Woocommerce/Wordpress, OpenCart, CS-Cart, Prestashop, Magento, and Drupal. You can use Instamojo API for different language like PHP, Ruby, and Python. Their API has many features like:
Set up Cost – INR 0.00
AMC – INR 0.00
Transaction Fee – 2% + INR 3.00
For Digital Products Transaction Fee is 5% where Instamojo host the products.