The e-commerce is growing exponentially and with a wide range of options available, one needs to choose what would suit them the best. A wide range of payment gateways is available. Though there is always an option to build your payment gateway that would take a long time and increase the risk and costs too. The benefits payment gateways offer are secure transactions, highly expanded customer base, fast transaction and, better and improved convenience. If these payment gateways do not exist, it would have been difficult for us to enable payments by reaching out to the banking partner and the process would be full of hassle. If you have a startup, you will need a payment gateway to receive money from your customers. However, selecting the right one can be challenging. So, here are the top 5 online payment solutions you may go for. And many online businesses use them.
To begin with, they offer payment gateway solutions to merchants in financial services, e-commerce, etc. The app setup is free but after every transaction merchants need to pay a transaction fee. Transaction charges differ with the modes of payment.
The most commonly used payment gateway is Paypal. It nearly touches 8 million transactions every day. It allows us to generate receipts for the transactions. Undoubtedly this is the first choice of startups who expect international payments in huge amounts. It supports transactions in almost 100 currencies.
They make transactions easier for the merchants and provides 24/7 customer service. The company focuses more on Indian markets. It was found by alumni of IIT Roorkee in 2003. Its payment method includes net banking, credit & debit cards, wallets, and UPI.
It is both a payment gateway and a digital wallet. It is more popular in India and it provides payment services via credit, debit, and other internet banking methods as well. In fact, the setup and integration process they provide is very easy.
It is one of the most used payment gateways in India. It is very much recognized for its customer service. They offer four pricing packages carrying different features like IVR Payment, store card feature, mobile-optimized payment, and Risk management system. This payment gateway is linked with players like Snapdeal & Jabong.
In conclusion, there are many more payment gateways like Instamojo, CC Avenue, Citrus Pay, direcpay, Juspay, etc. You must choose this depending on the business field, size. Choose payment solutions as per your requirements.
Thanks for reading. Hope you found this article helpful.