Best Payment Gateway: We are glad to assume that you have started or planning to start your business online or you already have physical store and now want to receive payments online for the products or service you deliver. Payment Gateway is technology thing which enables you to receive and distribute hassle free payments online. Yes, you require a payment gateway to receive payment automatically in your bank account which also redirect user to the particular page where they can get desired information without your interference.
In this article we are going to discuss about best payment gateway for business and what are their features and charges. But before knowing best payment gateways lets know what is a payment gateway and how does it work?
What is a payment gateway ?
In simple words, a payment gateway is a technology through which your customer transfer funds to you. The payment gateway acts as a medium that ensures simple, secure and streamlined online money transactions.
How does Payment gateway works?
When a customer wishes to purchase or make payment on your eCommerce store, payment gateway sends the payment information (Debit/Credit card, UPI or Netbanking details) of the customer to the banks and then verifies and confirms the payment details with the bank. Upon successful verification and confirmation, the amount is debited from the customer’s bank account and is transferred into your account. If any transaction fails, then payment gateway automatically sent the details to banks and the amount again credited to customer account.
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How to choose best payment gateway?
If you have started your business online and want to receive payment online then you need to integrate payment gateway to receive hassle free payments. While choosing best payment gateway you need to consider following factors to choose best payment gateway for your business.
- Payment Getway charges which includes setup fee, annual fee, transaction charges etc.
- Settlement period (The time taken by payment gateway to deposit payment in your bank account)
- Transaction successful rate
- User Interface
- Mobile App Compatibility
- Accepting payment options such as Credit/Debit Cards, Net Banking, UP, Wallets, EMI, International payment methods and their charges etc.
- Customer Care Service
Best payment gateway
Here is a list of top 5 payment gateway which are good in terms of their features and pricing. This may be useful for your business. After getting an idea from here, you can visit payment gateway site, re-check and verify details there and then proceed.
Top 5 Popular Payment Gateways
1. Razorpay
Razorpay is one of the best payment gateways in India which offers businesses to accept, process, and disburse payments seamlessly by one time setup. It features is very good and provides all besic features which is required to accept and disburse payments. Some features of Razorpay is given below:
Normal Settlement time:
➤ 3 days.
Transaction fee per transaction:
➤ 2% for Indian consumer Credit/Debit cards, Net banking, UPI, and Mobile wallets.
➤ 3% for Diners and Amex Cards, International Cards, EMI (Credit Card, Debit Card & Cardless) & Corporate (Business) Credit Cards.
➤ 18% GST applicable on the transaction fees.
Payment options:
➤ 100+ payment options including PayLater and NEFT/RTGS payments.
2. CashFree
CashFree is one of the top payment gateways which helps businesses to securely collect and distribute online payments. It provides iframe, pop-up, smart analytics, and various other features as per your website or application and as per your requirement. Some important details like charges etc are given below:
Settlement time:
➤ 24 hours – 48 hours.
Transaction fee per transaction:
➤ 2% 1.90% for Google Pay, Digital wallets, Net banking, and selected Credit/Debit cards.
➤ 0% for UPI and RuPay
➤ 2.5% for Paylater and Cardless EMIs.
➤ 3.5% + INR 7 for Visa and Mastercard international Credit/Debit cards.
➤ Standard payment gateway charges for Paypal and Paytm Payment Gateway integration
➤ 2.95% on Diners Club and American Express cards.
Payment options:
➤ 100+ payment options including digital wallets, UPI and various EMI options
3. CCAvenue
CCAvenue is one of the largest payment gateways in India that accepts payments in many foreign currencies including the Euro, USD, Pound Sterling, UAE Dirham, etc. If you’re looking to serve customers in major global markets across the world, CCAvenue might just be the good payment gateway for your business. Some basic details about charges are given below:
Settlement time:
➤ One week.
Transaction fee per transaction:
➤ 2% for domestic Credit/Debit Cards, Digital Wallets, Netbanking, UPI.
➤ 4.99% for international Debit/Credit Cards.
➤ 3% for Corporate/Commercial Credit cards (Domestic).
➤ 4% for American Express, Amex EMI and Diners Club Cards.
➤ 4.99% for 27 Multi-currency options.
➤ Annual Software charge of ₹ 1200 waived off for the first year
Payment options:
➤ 200+ payment options including EMI options.
4. Instamojo
Instamojo is another payment gateways in India using that you can receive payments and you can setup online store at instamojo. It is one of the best payment gateways for sell/purchase of digital files, music, videos, etc as the payment process is quick and has bank-level security. It supports all major eCommerce CMS systems making payment gateway more friendly but charges are more in comparison to some other payment gateways.
Settlement time:
➤ 3 working days.
Transaction fee per transaction:
➤ 2% + INR 3 for UPI, Domestic Debit/Credit cards, Net Banking, Wallets, Paylater. EMI options available for select banks.
➤ 3% + INR 3 for International Cards and American Express Cards.
➤ 18% GST applicable on the transaction fee.
Payment options:
➤ 100+ payment options including NEFT/RTGS/Bank transfer and EMI.
5. PayKun
PayKun Payment Solutions provides seamless business payment processing services including receiving and disbursing online payments to Indian business entities. Paykun provides free integration assistance with a website or app or the merchant can collect payments with its payment links. Paykum supports domestic as well as international payments and provides wide range of Support through Calls, Emails, Live Chat, and Whatsapp. Some important features of PayKun is as under:
Settlement time:
➤ T + 1/2/3 Working Days (t is the transaction date)
Transaction fee per transaction:
➤ 1.75 % for Indian Debit Cards, Net Bankings, UPI, and Wallets.
➤ 2 % for Domestic Credit Card.
➤ 3.00% for International Cards, Diners, and AMEX.
➤ 2% for Paytm wallet.
➤ GST applicable on the transaction fee.
Payment options:
➤ 120+ payment options including debit cards, credit cards, net banking, wallets, UPI, and QR code.
After reading this article on Best Payment Gateway for businesses, you have observed that some payment gateways are charging more and some are less, also some provide more services. You should choose which fits best to your business and has lowest charges. Before using these go on all these Payment Gateway websites and check if any features have been added. After that decide which is best for your business.
Hope you liked this article on best payment getway and it helped you choosing best payment gateway for your business.
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