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How To Get Payment Gateway In India?
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How to Get Payment Gateways in India?
If you are setting up an e-commerce store, you will need a payment gateway to accept payments from customers.
Some years back, integrating a payment gateway was a very difficult task. It needs lots of documentation, verification, time and technical information how it works. But nowadays, it has become very easy to integrate a payment gateway for selling your products in India.
If the payment gateway is right then it is very easy for the customer to pay for products from your website. Choosing the right gateway is a little time taking process, But here we have made the process of little easier for you.
What is Payment Gateway?
Payment Gateways are Services (software and servers) that automates payment transaction between the shopper and merchant. In other words, Payment Gateways enable communication within banks.
The service that regulates the payment transaction between the customer and trader. That is a third-party service which process, verify, and accept or decline transactions on behalf of the trader through secure Internet connections. The payment gateway is the set-up that allows a merchant to accept electronic payment.
How Does Payment Gateway work?
Security is an important part of all payment gateways, as important data such as Card Numbers, CVV numbers need to be secured from any fake parties. There is a set of rules and security standards which must be followed by gateways with access to card information. The Set of rules and security standards is called the Payment Card Industry Data Security Standard (PCI-DSS or PCI).
Placing an order is usually completed using HTTPS protocol, which transfers personal information through the payment gateways involved in the Transaction. Giving the ability for real-time transactions, these payment gateways can help to translate currencies between two parties in different countries, as well as channel language and payment methods. Payment gateways usually charge a transaction fee.
People who started an e-commerce website probably know that they need a gateway, but they may not really know why. Or you may not know how gateways actually work. First, a payment gateway is an application that permits a store to securely request payments from customers. When a customer clicks “buy,” a payment gateway will do the next steps.
Payment Gateway works:
>> Authenticates each customer’s billing information.
>> Validates funds for each customer’s payment process.
>> Accepts requests, permitting your store to issue a verification number
>> Most notably, get you paid!
>> Now that you got that idea of the “why,” let’s get back to the “which” — which gateway is the good for your store.
Don’t be scared to start small
If you’re reading this Blog, you’re likely setting up an e-commerce website. You possibly don’t have a lot of time and budget to put toward the practice of accepting payments. And that’s seamlessly fine.
5 Things to study before setting up a payment gateway
>> Payment gateway rate like Setup fee, TDR, Annual free, etc.
>> Time to setup payment gateway.
>> UI (User Interface) of the gateway.
>> Payment options through which it accept the payment (Credit/Debit Cards, Net banking, Mobile Wallets, UPI, etc)
>> After sale Support.
From the growing list of payment gateways in India, I’ve carefully picked 5 best Payment Gateways suitable for small businesses.
CCAvenue is launched in the year 2001, one of the oldest payment gateways in India. It has recently overhauled the UI of their website and merchant dashboard. They had the slowest onboarding time (15-20days). These days they are claiming to broad the activation in 24hrs.CCAvenue wires almost every bank and payment option out there. Experts strongly recommend this payment gateway to start-ups.
CCAvenue also appears to have the support for the largest number of banks and payment options. For example, it supports EMI as a payment option from over 7 banks, 100+ debit cards, 53+ net banking, 4 cash cards, 2 mobile wallets and 40+ bank’s IMPS.
Top clients of CCAvenue: MakeMyTrip, ClearTrip, Naukri, AirAsia, Yatra, redBus, Myntra and Snapdeal
2) Citrus Pay
Citrus pay is launched in April 2011 is relatively new payment gateway but within a short duration of time, they managed to acquire 800 million user base (end users & merchants). Citrus is a well-funded company and fastest growing company in India. It also provides wallet service to the end users. Although they have high setup fee and transaction fee.
Top clients of Citrus Pay:
ProfitBooks, Emirates, Etihad, Airtel, Meru, Zivame, Esselworld, Kaya, PVR Cinemas and Healthkart
Latest: Citrus has been overtaken by PayU in Sep 2016.
3) PayUbiz and PayUMoney
The payment gateway solution provider, PayU India, rebranded both its products PayU Enterprise and PayUmoney to inaugurate them as clear independent businesses in May 2015. Now, PayUbiz emphases on enterprises and is used by large companies such as Snapdeal on the other hand PayUmoney is the end user brand of PayU India and has a wallet solution for consumers and payment acceptance solution for SMB businesses.
Clients of PayUMoney & PayUbiz:
Jabong, BookMyShow, Freecharge, Zomato, Goibibo, Olx, Ola, ShopClues, Pepperfry
EBS is had possession of France based Ingenio group, which is a global leader in payment processing services. We have found mixed reviews for this payment gateway. All I can say is that EBS has been considered as a reliable payment gateway.
EBS has recently dropped their charges due to competition and can be chosen by small and medium sized businesses.
Clients of EBS: BabyOye, Snapdeal, FirstCry
Instamojo started in 2012 initially presented a way to collect payments for digital possessions. But numerous of users are using it to accumulate payments for eBooks, reports, tickets, tutorials, merchandise, invoices, services, and much more. Instamojo is very easy to setup and doesn't require any documentation for a trial account.
Clients of Instamojo:
Snapdeal’s app Shop, Online Prasad, UrbanClap, YourStory.
Razorpay is revolutionizing the Indian payments gateway. Their focus on easy on-boarding, swift integrations and high success rates make them the first choice for new age businesses Razorpay is an online payment gateway which allows Indian businesses to collect payments online through credit card, debit card, net banking and popular wallets including JioMoney, Mobikwik, PayUmoney, Airtel Money, FreeCharge, Ola Money and PayZapp. Razorpay payment gateway gives online payment processing solution that gives a simple, inexpensive and convenient method to accept online payments for small companies, startups, and other traditional SME companies. There are many payment gateways in India, but Razorpay is one of the best. Razorpay charges 2% flat fee on every transaction. This is called TDR – Transaction Discount Rate. This is a very nominal and marginal fee that you have to pay and it saves you time, money and accounting hassles. Razorpay has no setup fee, quick paper free onboarding, and multiple payment modes.
Other Payment Gateways to consider
There are many other Payment gateways to be considered like DirecPay has been existing since past few years. Zaapakpay has also been around since past few years and claims to have 500+ merchant customers. It’s used by brands like Explara, Homeshop18 and Hungama. The Last on this list of payment gateway is Atom Payment gateway. They have 1500+ merchants onboard. They also giving Point of Sale (POS), IVR and Wallet options. Indian banks like HDFC and ICICI also offer payment gateway services. Both – HDFC Payment Gateway and ICICI Payment Gateway are very costly and difficult to setup. These can be used only when you have very tall transactions.
Pricing is the final thing that you need to consider before taking the step. Compare the prices of different payment gateways and see which one gives you value for money. There are some that have a purchasing fee and then a subsequent monthly subscription fee in addition to the processing fee each time a transaction is done. Conduct an in-depth research and see if you can do away with the monthly subscription fee or the processing fee because you’ll be bent to pay more with each purchase.
There many more groundbreaking ideas are accumulating in this E-commerce industry which endorses the scope of E-commerce in India. It also encourages new retailers to start their online store in India.Today e-commerce is changing the manner of buying & selling of goods & services in India. Due to which the gap has been bridged between companies & consumers.In a nutshell, it seems to be good for the Indian retail industry and bumping e-commerce players to build profitable businesses online with the right payment gateways.
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