Runtime HRMS lets you automate salary payments to employees with just a few clicks. This service is currently applicable for Indian customers only.
Runtime HRMS’s payment automation service allows you to transfer net payable salary directly to the bank accounts of all or selected employees with just a few clicks.
This guide explains the entire process step-by-step to setup and enable payouts.
- 1.Signup with RazorPayX
- 2.Setup RazorPayX Account
- 3.Enable Payouts for Employees
- 4.Transfer Money to Virtual Account
- 5.Create Payment Batch
- 6.Release Payouts
- 7.Track Payouts
- 8.Payout Timelines
Each of the above step is explained in detail in the following sections.
Enter your official e-mail address to on following page and click Get started.
Provide your official email address
Type a strong password, and memorize the same.
It is recommended not to write passwords on papers, diary or any online file or notebooks.
Click on Create Account to continue.
Choose a Password
Enter your name, mobile number and business category. The options available in Business Category are: Unregistered, Proprietorship, Partnership, LLP, Private Limited, Public Limited, Trust, Society, NGO.
Note that if you select Unregistered, you will not be able to proceed with the signup. A business must be a registered entity to signup on RazorPayX.
Fill your contact details
RazorPayX will send an OTP on your e-mail. Please enter the 6-digit OTP to continue.
E-Mail OTP Verification
On the following screen, RazorPayX will ask you to open a current account. This step is optional and you DO NOT need to open Current Account with RazorPayX to use Payouts.
To continue, click on Start Current Account Application. You will be able to skip current account opening at a later stage.
RazorPayX Onboarding Step - 1
Enter your GSTIN for quick start. Once you enter your GSTIN and click on Proceed with GSTIN, RazorPayX will fetch your company information from GSTIN portal and fill out the necessary details to save time.
If you want to fill your business details manually, click on Proceed by filling the application yourself.
When choosing to fill application yourself, you will have to enter following details:
- 1.Business registered name
- 2.Business entity type
- 3.Business registered address
Click Save & Proceed after filling out the above details.
Fill out business details manually
If you do not want to open Current Account with RazorPayX, click I'll need some clarity. Otherwise, click on This works for me to continue.
Current Account Opening Confirmation
For simplicity, we are not explaining the process to open current account. We'll click on I'll need some clarity to continue with onboarding process.
Click on Proceed for now to continue.
Proceed with Current Account
Now, the onboarding form will ask you for some declarations as shown below. Typically, you need to select Yes in all cases, unless you do not agree to the declaration.
After providing all declarations, you will be asked to verify your phone by OTP. Click Proceed to phone verification to continue.
Enter your mobile number once again and click on Send OTP to phone
Request OTP for Phone Verification
Enter OTP and click on Verify and Submit
Enter OTP to verify mobile number
On the final step, select a business identity proof and upload the relevant document. The available options are: Business PAN Card, GST Certificate, Shop Establishment Certificate, Partnership Deed, Certificate of Incorporation.
Once you've submitted the application, you'll have to wait for at-least 24-72 hours for RazorPayX Team to review your details and approve your account.
You may receive a call from RazorPayX support team for current account opening. If you do not want to open a current account with RazorPayX, simply say that you are not interested.
Once your Account is activated, you will get an e-mail from RazorPayX Team.
Once your account is active, login to RazorPayX Dashboard and carry out some initial setup to be able to make payouts. These are all one-time setup needs and you do not need to this every month for initiating payouts.
First you need to add your active business account as an authorized account to transfer funds to your RazorPayX Virtual accounts (also called RazorPayX Lite Account).
From the menu on top right, visit My Account & Settings.
Click on Banking from the left navigation menu.
RazorPayX Account Menu
Click on ADD ACCOUNT in the Validated Accounts section.
Enter your bank account number, IFS Code, account holder name and a copy of cancelled cheque as shown in below example.
Add Authorized Bank Account Dialog
Click Submit. RazorPayX will deposit a small amount like INR 2.08 or something like that and will ask you to enter the same to confirm your bank account validation.
The next step is to add RazorPayX Virtual Account (also called RazorPayX Lite) as a beneficiary in your business bank account net banking login. This step is required to be able to transfer funds from your business bank account to RazorPayX Virtual Account and initiate payouts.
From the Home page or RazorPayX Dashboard, click View Details and then click Add Balance as shown in below image:
RazorPayX Lite Account
This will open a dialog displaying your RazorPayX Virtual account details.
Take a note of Virtual Account IFSC Code and Account Number. Add this as a beneficiary with your Bank using Net Banking login.
Since the process of adding a beneficiary is straightforward and different with each bank, we are not explaining the same here.
Depending on your bank, it may take up-to 24 hours before you can transfer funds from your business bank account to the newly added RazorPayX Virtual Account beneficiary. This security measure is enforced by banks to reduce risk of unauthorized transfers.
In order to transfer salary to employee accounts, you need to update bank details for each employee and enable Payouts. To do this, go to All Employees and open an employee record. Click on Personal Info tab to view bank account details.
Enter Employee’s Bank Name, IFSC Code and Account Number and click on Save.
Employee Bank Details
After saving employee bank details, click on Enable Payouts switch to activate salary payouts for this employee. If you see an error message while activation, take the necessary steps highlighted in the message and try again.
Payout Enabled for Employee Bank Account
After you have finalized payroll for a month and ready to transfer salaries to employee bank accounts, determine the net payable salary by using one of the below methods:
Reports > Salary Reports > Salary Register
Download the Salary register for the month. On the last page of the salary register, you will see net payable amount for that particular month.
Reports > Salary Reports > Salary Summary
Select the relevant month and click on ‘Show’ to display salary breakup by Cost Center, Location, Department and Grade. You can export this detail to excel if required.
Once you have figured out the amount to be paid (full or partial), go to your Bank’s net banking interface and transfer the required amount to your RazorPayX Virtual Account.
To view your RazorPayX Virtual account balances, login to RazorPayX Dashboard and you will find the balance on home page itself, as shown in below image:
RazorPayX Lite Account Balance
After transferring the funds from your business bank account to RazorPayX Virtual account, it may take up-to 24 working hours (excluding Saturday, Sunday and Bank Holidays) to reflect the balance on RazorPayX Dashboard.
Plan your payments in advance when you have to make the salary transfers.
To create a new payment batch, click on New Batch button from Payment Home page.
Select a period. If you want to pay employees of a selected location, cost center or department, select relevant values otherwise leave ‘All’ and click on Preview.
Create Payment Batch
The system will automatically calculate number of payments based on the selections for employees where payouts are enabled. You’ll see a summary of batch as shown below:
Payment Batch Preview
Provide a batch description and click on Create Batch.
Batch description is not the payment descriptor that appears on bank statement of employees. This is for your internal reference only.
After the batch is created, you will see a list of all employees with their bank account details and total amount payable for the current batch.
Payment Batch Details
Please note that the total payable entries and amount in the batch may not be same as the one displayed on the Preview Page. This can happen if some of the employees in the current selection were already added in another payment batch. This is done to avoid duplicate payments.
This page let’s you review the payments and make required corrections. You can make following edits:
- 1.Add an employee entry to the batch
- 2.Edit amount to increase or decrease the payout
- 3.Delete an entry from the batch
- 4.Delete the entire batch
This page also displays employee’s bank account verification status. We recommend you verify employee bank accounts before creating payment batch. Once batch is created and employee bank is verified afterwards, it will not change the status displayed on the batch. However, when you create a new batch for future payments, it will display the latest status.
After making necessary adjustments to the batch, click on Download Batch button to download an excel file in a compatible format to be uploaded at RazorPayX.
RazorPayX Payouts Menu
Thereafter, click on Bulk from the top.
RazorPayX Bulk Payout Link
Click on + Bulk Payout to upload the file downloaded in previous step.
Payout File Upload Window
Follow on-screen instructions to verify the batch using OTP and submit to release the payments.
Make sure you have sufficient balance in your RazorPayX Lite account before releasing the payment batch.
After releasing the batch, it is not possible to stop the payments. You will not be able to edit or delete entries from the batch once its released.
To track the payouts if they were actually paid to employees’ bank or failed for some reason, click on Single on the top menu (within RazorPayX dashboard).
For each entry, you will see one of the following status:
- 1.created: Batch created but not yet released
- 2.queued: Transaction is queued for payment
- 3.processing: Transaction is currently processing
- 4.processed: Paid to employee’s bank account
- 5.cancelled: Cancelled during processing
- 6.reversed: Reversed during processing
The payouts to employee bank account depends on IMPS/NEFT network. Please refer to below details for standard transaction timelines. However, the status update on batch details page may take some additional time to reflect.
Runtime HRMS’s payment automation is a great facility to enable hassle free payments. It can save precious time at month-ends and avoid mistakes that can happen when processing payments manually.