The e-commerce industry in India is growing rapidly and expanding across Asia. Also, This is because there is no longer a tax on online payments. It is very simple with a significant change in the market and there are these top 8 payment gateways in India.
What is a payment gateway?
Payment Gateway refers to an application that makes the online payment process easier and simpler. Then, It is a medium that links the merchant’s website or mobile application with the bank. When you use the payment gateway to complete a transaction, the merchant’s website sends your payment information to the gateway for verification.
The payment gateway confirms the details with the bank and the amount is released from your bank account for transfer to the merchant’s bank account.
Advantages of a payment gateway
Most e-commerce sites and online websites today use payment gateways to complete financial transactions. This is because the top 8 payment gateways in India offer several benefits:
- Secure transactions
- Extended customer site
- Faster transaction processing
- Packaged with shopping cart
- Improved facility
If there are no payment gateways, a merchant must pay and process each bank partner individually to access payments.
A payment gateway solves this problem and makes the whole process more streamlined and secure.
How to choose the best payment gateway?
If you are a beginner or established player in the world of e-commerce, you will need a payment gateway to get money from your customers. However, choosing the right one for you can be a challenge.
Most business owners decide to go with one of the top 8 payment gateways in India. While this is a good idea, any random payment gateway will not fit your needs.
Here are some tips to keep in mind before registering with a payment gateway company:
a) Setup Fee / Transaction Fees: Startup Fees Do not want to pay setup fees and select a payment gateway accordingly. Similarly, established brands prefer to go for lower transaction fees.
b) Automated billing: Do you need automated billing support? If you offer an annual subscription, you must partner with a payment gateway that supports the automatic payment of continuous plans.
c) Change according to needs: You are not married to the payment gateway. This means that you can switch from one payment gateway to another depending on how the status of your platform changes and the number of transactions you complete.
D) CMS Support: Check at your payment gateway if your e-commerce site supports CMS.
e) Overseas Customers: If you are selling internationally, make sure that your payment gateway allows you to use foreign credit cards.
f) Reputation: Evaluate the current reputation of the company, it is trustworthy and has satisfied the customers.
Top 8 Payment Gateways in India
Here are the top 8 payment gateways in India used by most online businesses:
Founded in 2013 by IIT Roorkee alumnus, Razorbe – manages the market, automates bank transfers, collects regular payments, collects stock invoices, and receives capital loans to its users.
2) CC Avenue
The toll gateway was launched in 2001 and is one of the oldest in its field. It is one of the largest payment gateway providers and supports over 200 payment options.
3) Citrus pay
Citrus Pay is one of the top 8 toll gateways in India. It offers a wide range of payment options, including major credit cards such as MasterCard, American Express, and Visa.
DirecPay is part of the Times team. It is one of the most reliable toll gateways in India. It deals with all types of debit and credit cards. Therefore, Business owners can integrate the payment gateway on their website and start receiving mobile payments and payments made using Net Banking.
The payment gateway is secure as it has created a high level of security.
JusPay is a safe payment gateway well known for providing secure 1-click and express checkout features.
It automatically enables OTP from SMS and effectively manages the network to reduce the loading time of a page.
6) Bill desk
Billdesk was founded in 2000 and provides payment gateway solutions for merchants in financial services, retail, e-commerce, and more.
The system is free, but merchants have to pay a transaction fee for each transaction.
PayPal is one of the most popular payment gateways around the world. It pays about 8 million a day.
The platform is easy to request and send money and allows customers to create invoices and receipts for their transactions.
Instamojo is India’s largest on-demand payments and e-commerce platform, empowering 15,00,000 micro-entrepreneurs, startups, MSMEs, with a bank account and phone number to start, manage and grow their business online. , In a few more minutes.