PayKun

A Payment Gateway facilitates the online payment transfer between the customer and the merchant (businesses). With modern and advanced technology, the payments can be collected with the payment gateways through websites, mobile applications, and even without them. There are a lot of Payment Gateways in India that support small and medium enterprises (SMEs), startups, and also large businesses.

You must choose an ideal payment gateway for your business enterprise considering various important factors such as pricing, technology, customer service, features, and products availability, onboarding and settlement process and timings, etc.

Instamojo

Businesses can avail customized solutions for their business payments with the Instamojo Payment gateway. It facilitates domestic payments acceptance within India.

Below are the specifications and features of Instamojo:

● It charges zero setup and maintenance fees ● The transaction discount rate (per-transaction fees) TDR is Flat 2% + Rs 3 ● It only supports domestic payments ● It facilitates integration with websites and apps, also provides payment links. ● It has the FAQs and knowledge base for customer support on the website. Also, provides chat and email support (support@instamojo.com). ● It has available integration kits for various website and mobile application platforms. ● It supports 100+ payment modes ● It provides settlements in t+3 working days

CCAvenue

CCAvenue Payment Gateway facilitates 58+ Net Banking, 13 Prepaid Instruments, 6 Credit Cards, 97+ Debit Cards, & 15 Bank EMI and 27+ major currencies.

Below are the specifications and features of CCAvenue:

● CCAvenue supports multilingual checkout ● It supports most of the web, eCommerce, and app platforms and has available plugins and SDKs ● It provides Email and Chats Support ● It has the below two plans for pricing namely Privilege Plan and Startup Pro Plan. ● The Privilege plan has a setup fee of ₹ 30000 (the transaction rates are discussed and provided as per the business transactions) ● Startup Pro Plan does not have a setup fee and the transaction rates are as below: 3 % for MasterCard, Visa Credit, Debit Cards (International) 3 % for Corporate and Commercial Credit Cards (Domestic) 4 % for American Express/Amex EMI & Diners Club 4.99% Multi-currency 2% for Others Annual Software Up-gradation Charges (A.S.U.C) is ₹ 1200

PayKun

PayKun is among the top popular payment gateways in India. It can be integrated with the website or mobile application. If you do not have the website you can use the payment links. PayKun Payment Links can be created easily and sent through Whatsapp, Email, SMS, etc.

Below are the specifications and features of PayKun Payment Gateway:

● It has the lowest transaction discount rate of Flat 1.75% ● It charges zero setup and maintenance fees ● It supports all major web, eCommerce, and mobile application platforms ● It has the plugins and SDKs for the same ● It provides human support through email, calls, and chat; it also, assigns the dedicated account manager (1800-212-8070 and support@paykun.com) ● PayKun facilitates 120+ online payment mode options including debit cards, credit cards, UPI, Wallets, Netbanking, EMI, and single QR codes. ● It supports international payments and multiple currencies ● It provides fast settlement options of t+1/2/3 working days.

Razorpay

Razorpay payment gateway supports domestic and international payments like PayKun. It facilitates online payment acceptance and disbursements for business enterprises. Further, the payments can be accepted through websites and mobile applications.

Below are the specifications and features of Razorpay:

● Razorpay has 100+ payment mode options in its checkout ● It also supports various web and app platforms and provides integration kits for the same ● The settlement cycle is t+3 working days ● The pricing is as below: Zero setup fee or annual maintenance fee Flat 2% for Indian Credit/Debit cards, Net banking, UPI, and Mobile wallets Flat 3% for International Credit and Debit cards ● It provides email support (support@razorpay.com), chats, and IVR support. Also, there is a Knowledge Base on the website.

Cashfree

Cashfree payment gateway is named among the top payment gateways in India. Various platforms are supported by Cashfree for integration. Also, it has various features such as instant settlements, refunds, etc that are facilitated with the additional charges.

Below are the specifications and features of Cashfree:

●     It provides 100+ payment mode options

●     The settlement is done within t+3 working days

●     The pricing plan is as below:

1.95% for UPI, Digital wallets, Net banking, and selected Credit/Debit cards

2.5 % for Pay later and Cardless EMIs

3.5% + INR 7 for International Credit/Debit cards

2.95% for Dinner Club and American Express

●     It provides support through an Online knowledgebase and the ticket query system on the website

Endnotes:

It is always good to have multiple payment processing options for your business. This helps with the smooth and uninterrupted payment acceptance for your business transactions. All these payment processing services companies provide Payment Links feature that enables receiving the online payments without a website through Whatsapp, SMS, emails, etc. You may choose one considering the affordability with the best services and the required features.

For online selling or for collecting online payments, the payment gateway in India is the most useful facility to use and to render the same to the customers.

An eCommerce website or mobile application must have an integrated payment gateway.

Due to the innovative products that the payment gateway provides, the payment gateway is the best option to accept online payments for your offline sales. Thus, payment gateways are useful for accepting online payments for both online as well as offline sellers.

Here’s the complete guide to the payment gateways in India. Meaning of the Payment Gateway Payment Gateway is a medium between the customer’s bank (issuing bank) and the acquiring bank to send and receive the requests and responses back and forth.

It receives the responses related to the authentication and authorization and responds with the eventual success or failure of the transaction.

Thus, a payment gateway sends the authorization request and enables the payment transfer.

A payment gateway is the last step with the payment checkout when your customers can make the payment and finalize the purchase.

You can accept the payments through multiple payment modes supported by the payment gateways in India that you choose such as wallets, net banking, credit cards, debit cards, UPI, QR code, and EMI.

Benefits of a payment gateway Payment gateway is not only useful but a need in today’s time when the world trading is getting digitalized. It is an important link between the customers and the merchant.

The payment gateway following the best security standards provides a secure solution to accept online payments from your customers.

The next useful point is the availability of multiple payment modes, the customers would have their preferred payment option to make the payment.

All types of businesses such as startups, small businesses, medium enterprises, and large corporations can benefit from using a payment gateway. It can enable business growth due to its omnipresent nature.

It helps with fraud prevention and detection through its procedures such as screening, KYC, transaction monitoring, risk analysis, etc.

The merchant dashboard tool would help you with tracking the transactions, analytics, graphical representation, settlement records, refunds, etc.

The most important feature is the Payment Link. This is how you can accept payments through a payment gateway even without a website or mobile application. It can be your social commerce, offline store, freelancing, etc; payment links would enable you to accept secure payments with multiple payment modes.

Read in detail about 7 Points of Importance of Online Payment Gateway in Indian Businesses

The working of a payment gateway Here’s the step-wise process to the payment flow through a payment gateway when a transaction is initiated on a website or payment link through it.

The customer selects and adds the products to the cart and proceeds to the payment checkout to pay. He enters his basic details and selects the payment method. As per the payment method selected, he would proceed further with the respective payment options. For example, when he selects the card payment, he would enter the card details such as the card number, CVV, cardholder name, and expiry date. After that, he would complete the authentication with the OTP/Password. The card information will be transmitted to the card networks via payment processors via payment gateway securely. It would reach the for authorization to the customer’s bank. The bank would check funds availability and authorizes the transaction. The transaction status (success or failed) moves up in the reverse order and is displayed to the customer on screen through the payment gateway. The funds would be transferred to the acquiring bank and then settled in the merchant’s bank account as per the settlement cycle.