Best Payment Gateways for your E-commerce Store

It takes a lot of effort, time and money to drive traffic to your website irrespective of the size of your business. Upon which there is no assurance that the entire cluster of traffic will be converted into your customers, as there are many criteria’s which may result in the drop off of the customers until they reach the checkout page. But if a majority of the traffic abandons the shopping cart at the checkout page, then there could be only a single reason for it, which is the payment options.

Customers are very particular on the method of payment for the products which they want to buy. If you do not provide flexible payment options, then they may not make a purchase. If your business provides international services, it becomes crucial to have payment gateways which support different currencies as well. Before we move on to the different payment gateways, let's understand the features that we need to check while selecting a payment gateway for your business. Some of the salient features of an ideal payment gateway are:

1. Processing-Fees: Check what is the processing fee the payment gateway is offering, so that it doesn’t exceed your budget.
2.Multi-Currency Payments:If your business has worldwide services, then it is essential that you have a payment gateway which supports different currencies so that your customers need not struggle while making the payment.
3.Anti Fraud: In order to secure the customer’s transaction, the payment gateway which you choose should have anti-fraud protection.
4.Easy Integration: Since there are many platforms to develop a website, choose the one which provides an easy and simple way to integrate to your website.
5.Multi-Channel: If you are selling only on social media platforms and not on a website, then make sure that the payment gateways which you choose has SMS, Email, Whatsapp, Facebook payment options.
6. Customer Support: In case of payment failure or any other transactional issues, the payment channel which you choose must be able to provide 24*7 customer support.

Some of the major payment gateways used by e-sellers for both domestic and International transactions are:

1. PayPal:
This is one of the most widely used payment gateways in India. It provides the easiest and simplest way of amount transactions for sellers and customers worldwide. It is used in 200 markets and by 250 million customers globally. It has some of the distinct features such as buyer protection, free return shipping, easy login & set-up process, No sign up fees etc.. PayPal is being used by some of the big merchants like bookmyshow, Yatra, Dominos Pizza, goibibo, Fresh Menu, MakemyTrip etc. It doesn’t have any monthly fees and has a fees structure of 2.5% plus 3 INR * per transaction. Thus simplifying the payments, especially for the online merchants.

2. CCAvenue:
CCAvenue is a fast and secure way of money transfer and is used by a majority of the e-tailers in India. It provides some of the user friendly features such as a maximum payment options, multiple currency processing, multi-language checkout page, easy customization, storefront, plugins, integration, marketing tool, responsive checkout page, invoice payments, phone pay, notification, customer support etc.. It also provides simple pricing packages: Startup Pro- with zero setup fee and Privilege-INR 30,000 setup fee. It charges annual upgradation fees of INR 12,000 and MasterCard & Visa Credit Cards (domestic) of 2%  (International) of 3% and wallets with 2%* per transaction. Some of the top India e-tailers using CCAvenue include Snapdeal, Myntra, Shopclues, Freecharge, Airtel, GoDaddy etc..

3. Razorpay:
This is also the most widely accepted payment gateways in India. It provides features like Instant activation, easy Integration, API, simple pricing, customer support, etc. It provides a simple and transparent pricing plan - Standard Plan and Enterprise Plan. With the Standard plan consisting of 1.75%* per transaction for Indian Credit Cards, Indian Debit Cards, Net Banking from 58 Banks, UPI, Wallets. It also provides zero setup fees and maintenance fee. Account setup is completely online with lesser documentation. Razorpay is used by 1,00,000+ businesses with popular brands being- Hotstar, Swiggy, Yatra, Zomato, Quikr, Groffers, Cleartax, Pizza Hut etc..

4. Stripe:
It is another payment gateway for all size businesses and is used worldwide. It provides global payments with a single integration. It doesn’t have any setup fee, monthly fee or any other hidden charges. It is a complete platform for online payments with a simple, pay-as-you-go pricing. It also provides customized pricing for larger businesses. Pricing package is classified into- Integrated and Customized Packages. It charges 2.9%+ 3¢* per transaction. Stripe offers a  secure payment, financial reconciliation, customer support, third party integration and customized dashboard. It is used by some of the renowned companies like Amazon, Adidas, Shopify, Lyft, Facebook, Salesforce etc..

5. PayUmoney:
It is a payment gateway which provides a wide range of payment options and preferred by many e-sellers in India. It also comes with zero setup and annual maintenance fees. Payumoney has a quick activation process which enables the customers to start using it in 5minutes. You need not open another bank account as you can directly link your account and start receiving the payments. It imposes a fee of 2%* per transaction. It supports UPI, Cards, Wallets and Netbanking. It provides high class security with encrypted transactions and two factor authentication. It is easy to integrate and has a simpler transaction and account management.

Apart from these, there are many other payment gateways which can be used by e-sellers to avail a seamless payment process for their customers. Some of the noteworthy payment gateways are
1. Instamojo
2. ANZ
4. 2Checkout
5. Amazon Payments
6. EBS
7. Payubiz
8. Securion
9. Payoneer
Having a flexible payment option is essential for any e-commerce business as it plays a major factor in customers buying decision. Analyze the different payment gateways and choose the one which suits your business and budget.
Note: * The above-mentioned payment gateway’s pricing may vary with time.


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