0
How to Choose an Online Payment Gateway for Your Business in India?
instamojo
If you are thinking of starting an online business yourself, you must also know how to collect payments online. Here are 7 tips on how to choose the best online payment gateway for your business.
Choosing a payment gateway is a very specific decision. One shoe doesn’t fit all! In that case, how do you know which payment gateway best suits your needs?
If you are looking for a new payment gateway for your online business, consider these tips to help you make the right decision.
1. Where do you want to collect payments?
Do you have a website? Do you want to redirect your customer to pay you on another website where they proceed with the payment or do you want a pop up right there on your website so that your customer does not have to leave your website?
Whatever decision you take, ensure that the check-out experience is smooth and un-disruptive for the buyer. A bad purchase flow could lead to drop-offs and in-turn impact your sales negatively.
2. Integration for your website
What platform is your website or online store based on? There are various platforms you could build your website on — Magento, Wordpress, Prestashop, Drupal, OpenCart or maybe something else. The payment solution you are choosing should be able to integrate with your platform and allow the customer a smooth buying/checkout experience.
3. Set-up Fees
Several online payment providers have different set-up fees — a first-time charge for integrating with your website and some also have annual maintenance charges, just like Credit Cards!
Don’t forget to consider how much your payment platform charges you to set up your account. There are payment providers that allow you to set up for free too!
4. Pricing
Different online payment providers use various pricing models. Some charge you on a monthly basis, some charge you on a transaction basis, while others also charge on an annual basis.
What is the transaction fee your payment gateway is charging? You wouldn’t want to lose a large chunk of your profits in transaction fees.
There might be some recurring charges on a monthly/annual basis for using a payment gateway which generally ends up becoming a recurring pain. We suggest you choose a platform that offers you flat pricing without any hidden costs and charges.
5. Paperwork and Account Setup
When setting up with an online payment provider, especially a payment gateway, the providers might require you to submit business documents and many other such papers.
What is the paperwork required to set up your account with the payment service provider? Also, how long does it take?
If you are looking to start selling instantly, pick a payment platform with the least on-boarding issues.
6. Payouts
After all, online payments are about receiving these payments instantly. While you could just use personal methods like UPI or WhatsApp payments to allow your customers to pay you, this could greatly limit your options and your number of transactions.
Therefore, with an online payments platform, it is important to understand when and how you will receive your payments.
How regularly does the payment platform send your money to your account? It matters because you don’t want to run out of funds if the payout time is too long.
7. How Secure is your Online Payment Provider?
Your payment platform should comply with bank-grade security level, like PCI DSS and provide a secure encrypted environment for payments. With the recent data breaches in news, you must employ a trustworthy payment provider to power your business and payments.
What Instamojo offers:
1. Simple, fast integrations using plugins and clean APIs.
2. You can collect payments using an iframe on your site, without redirecting your customers anywhere else to pay.
3. Zero set-up fee. No hidden charges.
4. Honest flat pricing per transaction — flat 2%+ Rs.3.
5. Just upload a digital copy of your PAN card and bank statement and get started instantly. No physical paperwork required.
6. Get regular payouts and notifications about your payments via text and emails.
7. With Instamojo, all payments are processed in a PCI-DSS compliant environment with 128-bit SSL encryption.
What are you waiting for? Get started with Instamojo in under 2 minutes!
instamojo
Add your answer:
Earn +20 pts
Which is the best online cashless payment service provider company in India?
Nobody can't easily say about the best service provider payment gateway in India because there is so much competition between payment service providers.
Who's the best Payment Gateway Provider in India?
The top and leading payment gateway in India is Easebuzz. Here's why - Through its API-based product suite, EasyBuzz offers software for businesses that is integrated with payment infrastructure for accepting, processing, and disbursing payments. The company set its foot in the digital world and began operations in 2016 with Easebuzz, a software-driven payment platform. It was founded in the year 2014. As a leading digital payment company, Easebuzz offers SMEs a range of digital payment solutions that help them take on the digital payment challenges they face and increase their market share. Easebuzz helps businesses with cost-effective APIs and smart API integrations for solving complex business problems with banks or other financial institutions all in one place as they grow. Growing companies usually have complex business scenarios and end up encountering high costs for solving such issues with banks or other financial institutions. The Best Six Reason why Easebuzz is leading the top payment gateway platform is because of it’s - Customer-oriented Service At Easebuzz, its all about focusing on helping customers meet their goals. Insight-driven Tools and Services Because ultimately, it is the insights that drive value, letting you have an advantage over your competitors. Advanced Analytics - Our digital lending solutions enable SMEs to streamline lending and offer customers the convenience of self-service digital loan experiences. Real time Payment Tracking & Analytics - We provide Real-Time Payment Analytics that helps drive more business and minimize customer dropouts. Better Customer Experience & Interaction - We believe in keeping our customers happy through Simpler and Convenient Payment Processes. Secure in Every Step - Dedicated to providing the highest level of secure digital payment solutions. The payment gateway market is experiencing new trends to push up new products - PAYMENT GATEWAY TREND - API - Initiate Payment - The next-gen contactless payment experience with Easebuzz. Simple integration, zero setup fees, and unparalleled security. Your customers will love Easebuzz. PAYMENT GATEWAY TREND - Payment Link - Collect online payments instantly with Payment Links PAYMENT GATEWAY TREND - Wire - With a wire virtual account or current account, you can transfer money to bank accounts, UPI wallets or paytm wallets. Now you can process refunds, loans or cashbacks instantly. PAYMENT GATEWAY TREND - Instacollect - The InstaCollect application offers the ability to accept payments via IMPS/NEFT/RTGS/UPI that can be deposited directly into your bank account. We will use instant webhooks to allow you to automatically reconcile every transaction without additional work. PAYMENT GATEWAY TREND - Bridebuzz - The Bridgebuzz API allows merchants to reconcile, split, and settle payments in seconds. It easily splits payments to different vendors. By using BridgeBuzz, your balances will be tracked, earnings will be compiled and payouts will be sent to your vendors according to the commission split you specify. PAYMENT GATEWAY TREND - Webstore - Build, manage, connect with customers & drive new sales by uploading and selling your products or services online in minutes. PAYMENT GATEWAY TREND - Easycollect - Make a payment link and let EasyCollect take care of the payment collection with automated reminders. PAYMENT GATEWAY TREND - Feesbuzz - Easily reconcile fees and reduce payment reconciliation efforts by 90%. The quickest method for collecting fees online for colleges, schools, and coaching classes. PAYMENT GATEWAY TREND - Buildbuzz - The most integrated solution with Forms, Payment APIs, and Analytical features. Create a front end customized form and utilize a payment API from 1 single place with BuildBuzz. PAYMENT GATEWAY TREND - Smartbilling - The Smartbilling API allows businesses to create invoices automatically calculated with GST using a simplified product-based solution. Invoices can be sent to customers through email and SMS from the same place, reconciliation can be tracked, and bookkeeping can be handled with the lowest cost. PAYMENT GATEWAY TREND - Teller - The API integration allows you to automate your Supply Chain and Business process by creating, sharing, and managing invoices and payments anytime, anywhere.
How limitations of traditional payment intruments are overcome by electronic payment system?
The limitations of traditional payment instruments are overcome by electronic payment systems that allow people to pay for things via credit card quickly online.
The similarities between traditional business and ecommerce?
E-Commerce refers to the performing online commercial activities, transactions over internet. It includes activities like buying and selling product, making monetary transactions etc over internet. Internet is used for E-commerce. Websites and applications (apps) are required for e-commerce. it is mainly connected with the end process of flow means connected with the end customer. Examples of E-Commerce are online retailers like amazon, flipkart, Myntra, paytm mall, seller of digital goods like ebooks, online service etc. Activities of E-Commerce are : Buying and selling product online Online ticketing Online Payment Paying different taxes Online accounting software Online customer support E-Business : E-Business refers to performing all type of business activities through internet. It includes activities like procurement of raw materials/goods, customer education, supply activities buying and selling product, making monetary transactions etc over internet. Internet, intranet, extranet are used in e-business. Websites, apps, ERP, CRM etc are required for e-business. Examples of E-Business are e-commerce companies and its various internal business activities, auction site, classified site, software and hardware developer site etc.
When booking a flight online can the carrier charge you?
Only for a payment by credit card use mistro or switch there is no charge for these cards.
Which business models can use payment gateway?
A Payment Gateway Aggregator is an infrastructure company that is essentially a software and is marketed as a service (SAAS). The infrastructure of the payment company is embedded into the core of the e-commerce or payment accepting company via an API The payment gateway business model stands out as a quick and clean manner for transaction records to skip from a charging portal to the obtaining financial institution. Before delving into the payment gateway commercial enterprise version, it might be beneficial to recognize what precisely a payment gateway is.
Is PayPal a good expample of a payment gateway?
The ways in which consumers shop, buy, and pay have changed thanks to online payment and banking: how business owners run their companies. In fact, online payment gateway Malaysia and the banking sector have been transformed by online payment.
Dibs payment gateway?
Dibs is a leading payment service provider in Scandinavia. This payment gateway helps online shop and merchant to accept credit card, debit card etc. This payment gateway is from Scandinavia that's why most of the countries are not using this payment gateway because it is not for International transaction. There are various options available for online payment processing such as:- Airpay Payment Gateway Emvantage Payment Gateway Instamojo Payment Gateway Direcpay Payment Gateway Citrus Pay Payment Gateway 2checkout Payment Gateway Zaakpay Payment Gateway Payumoney Payment Gateway
payment gateway?
The ways in which consumers shop, buy, and pay have changed thanks to online payment and banking: how business owners run their companies. In fact, online payment gateway Malaysia and the banking sector have been transformed by online payment. Malaysia's e-commerce industry is rapidly expanding as more businesses open online stores. Malaysian online payment solutions in 2023.
What is wedopay payment gateway?
Wedopay payment gateway is specially based on china, this payment gateway is recently used for the payments and transaction. Many online payment gateways are available by different e-commerce companies which are best to integrate the payment gateways to the e-commerce website. Paypal and Paytm are the widely used payment gateway for online transaction from credit card, debit card, net banking etc.
What is payment gateway?
Any business accepting electronic payments online, no matter the volume, needs a payment gateway to facilitate the process. A payment gateway is the “virtual” equivalent of a physical credit and debit card reader. It transfers the data between the point of entry – either a terminal, website, or mobile device – to the payment processor to continue the payment lifecycle.
What are some good internet payment gateway providers?
In my opinion, GETTRX is the best internet payment gateway provider. GETTRX, will help you keep your business successfully running and will ensure the success of your business. One of the best cost payment gateway. Zero processing fees seem like a solution when you are looking for ways to skip extra spending on your business.
How can pay premium of PLI through online gateway?
Now PLI premium can be paid online. For making payment first you have to create user id an password the website epostoffice.gov.in. but you have to pay some amount as payment gateway charge.
What is the payment gateway process in online shopping sites?
Card details sent to payment gateway then Card details sent to merchant's bank who passes them on to the card issuer who will authorise or decline the transaction. Merchant's bank returns the results to the payment gateway after that Payment gateway sends confirmation to merchant site which will display a message or send an email etc to the customer.
How can a payment gateway be used?
A payment gateway is an e-commerce application service provider service that authorizes payments for e-businesses, online retailers, bricks and clicks, or traditional brick and mortar
What does a Linkpoint gateway do?
A Linkpoint gateway allows online merchants to process credit cards on their websites. It is an alternative to using PayPal or other payment services.
What is the payment gateway and it's architecture?
A payment gateway is a service that processes credit card transactions for online and offline businesses. Its architecture typically involves secure connections between the customer, the merchant's website, the payment gateway, and the financial institutions involved, ensuring encryption of sensitive data and authorization of transactions. The gateway acts as a bridge between the merchant's website and the payment processor to securely authorize and facilitate transactions.
