Comparing The Different Payment Services Available And Choosing The Right One

By Author: Prashant Bhurke
Total Articles: 15
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An online payment gateway is an eCommerce application that provides for processing of payments over the web. While earlier only credit cards could be used by the customers to purchase goods and/or services online, the modern payment gateways can collect payments through a number of payment modes, including debit cards, net banking, cash cards, digital wallets, EMI collection and others.

There are a number of payment gateway and payment service providers in India. An online merchant needs to look into the features and strengths of each of the payment gateway so that it can choose the right one.

Here are some tips that will help you to choose the best eCommerce payment gateway.

Transaction fee

While all payment gateways have almost the same set-up costs, their transaction discount rate can vary. An online business can be small, medium or large in its online retailing capacity. Hence a payment gateway should be chosen on the basis of its transaction discount rate (tdr). The best of payment gateways ...
... (for instance EBS) offer payment services in the form of company-specific plans. Hence all kinds of businesses can incur least of expenditures towards transactions by choosing the right and most budget-friendly payment gateway and plan.

Card Types

A customer can use any of the cards, including Via, MasterCard, Amex, Discover and others for shopping at your business website. Your payment gateway should provide for international card payment processing as well.

International Selling

While some eCommerce stores operate only in a given country, others sell to customers in a large number of countries. A payment gateway that is part of the larger payment processing company can bring to the merchant the capability and resources to sell to any international destination. For instance, EBS can issue a Multi currency gateway, so that end consumer can pay in a currency most familiar to him. A business should hence calculate its business requirements and should then opt for a payment gateway.

Currencies

Not all payment gateway integration services can process payments in multiple international currencies. If you want your business to reach international destinations, your payment gateway should have multiple currency payment processing capability. An eCommerce, in this way, can process payments in USD, ASD, Euro, Pound and other international denominations.

Mobile Payments

Mobiles and smartphone are the future of commerce. The internet access capable devices provide for an easy and timely access to the internet and to the eCommerce portals to customers, through the business Apps. 70% of customers today want to make purchases through their mobile devices. If you want to go for mobile payment processing, you need to have a payment gateway that offers SDKs of Software Development Kits for Apple and Android pay. The EBS payment gateway can offer you this feature. Being ready for mobile commerce is now essential for an eCommerce to stay in business, and to compete in the modern m-commerce retail world.

Convenience to consumer:

Anchor Recurrent billing or EMI (Equated Monthly Installments) payments are essential for an eCommerce that wishes to sell products of high value. EMI payment collections provide for an easy EMI collection process, month-after-month, and does not require the merchant to make any extra efforts for securing it. If your eCommerce is selling high-value products, your payment service provider should offer you an option for recurring billing.