Top payment gateway list decoded
Have you thought of rolling out a dream venture? As a result, did you choose the right payment gateway that will drive your dream enterprise? Notably, the available payment gateway list is wide and varied.
In a world of distinct customer base, the needs and requirements vary. So, one needs to be careful while choosing the right payment gateway. For example, the selection depends on several factors like interface, security, maintenance charges, customer support, etc.
The below-mentioned payment gateway list makes your selection faster, though. However, the rankings do not represent my personal opinion in any way.
CCAvenue has a range of payment options. Overall, its efficiency is seen in terms of pricing, quality of sales, customer support, etc.
Features of the number one in the payment gateway list are:
(a) Payment gateway integration
CCAvenue offers a platform to process merchant transactions through credit or debit cards.
(b) Credit card processing options
CCAvenue accepts six credit cards like Visa, MasterCard, American Express, JCB, Diners Club, and EZE Click.
(c) Interface support
CCAvenue offers two interfaces: variable amount interface and shopping cart interface.
Variable amount interface works well for shopping cart developed scenario. On the other hand, the shopping cart interface helps in cart building.
(d) Currency support
CCAvenue facilitates transactions in 27 currencies across the world.
(e) Storage mechanism
The Safe card storage vault mechanism easily handles merchant data.
(f) Customer support
Round the clock customer service through call, email, and webchat.
Summary of CCAvenue features:
- Payment gateway integration
- Credit card processing options
- Multiple interface support
- Currency support in 27 currencies
- Storage mechanism
- 24/7 customer support
For more information, click on https://www.ccavenue.com/
Instamojo is a niche payment gateway in the e-commerce sector. Hence, Instamojo has made a significant mark among customers.
Features of the number two in the payment gateway list are:
(a) Unrestricted setup
Instamojo comes with no setup fees. Notably, the typical selling time ranges between 10-15 minutes post the setup.
(a) Secure payment services via unique product links.
The merchants have the option to create and distribute unique product links. Significantly, the links have an inbuilt security feature.
(b) User-friendly interface
There is an option to use the UPI interface. Notably, this brings in two-way transaction initiation at the payer as well as the payee level.
(c) Business tools
Instamojo comes with inbuilt tools for the use of customers.
(d) Payment gateway transaction
The transaction fees are 2 %. The settlement time is less than three working days.
(e) Customer service
The unique dispute resolution center is in charge of customer support. Most importantly, query handling is in the form of cases with unique IDs.
Summary of Instamojo features:
- Unrestricted commencing setup
- Secure payment services via unique product links
- User-friendly interface
- Useful business tools
- Meager transaction fee
- Unfailing customer service
For more information, click on https://www.instamojo.com/
PayPal is another popular payment gateway in the world. Principally, it has a presence in more than 200 countries with a 170 million customer base. Also, it supports over 100 currencies.
Majorly, PayPal is fit for businesses with a large international client base.
Features of the number three in the payment gateway list are:
(a) Payment support
PayPal doesn’t support Indian Rupee. Transactions occur in an international currency. Hence, Indian merchants prefer PayPal for inward transactions only.
(b) Multiple currency support
With the multiple currency feature, payment takes place in different currencies. Significantly, the balance is transformable from one currency to another.
© Secure payment services
PayPal comes with security features like fraud detection, buyer authentication, and exorbitant billing. PayPal’s Buyer protection ensures reimbursement of failed transactions.
(d) Simple documentation process
The documentation process consists of four simple steps of verifying through PAN card, email ID and Bank Account.
(e) Settlement process
A payment settlement takes place within a day. Most importantly, the auto-withdrawal feature has a minimum turnaround time.
Additionally, payment capture happens through Express checkout and Manage Express checkout features.
Summary of PayPal features:
- No Indian rupee support
- Multiple currency support
- Secure payment services
- Simple documentation process
- Quick settlement process
For more information, click on https://www.paypal.com/
Traditional payment gateway systems come with few limitations. Since they majorly work on online platforms, there are constraints for distant stakeholders. Therefore, SabPaisa aims to create a hybrid platform (online+ e-offline) for payment gateway transactions.
Established in 2016, Sabpaisa’s growth has been remarkable. SabPaisa caters to a range of clients like Allahabad Bank, Bank of India, Magic bricks, Vijaya Bank, Dena Bank, Delhi Jal Board, Press Council of India, UP Government, etc. Therefore, it has found acceptance among 500 trustworthy clients and 3 million customers across the country.
The features of the number four in the payment gateway list are:
(a) Hybrid payment gateway integration system
The innovative hybrid payment platform serves the needs of different customers.
Firstly, online payments via card and net banking are supported. Secondly, an offline payment option is available via cash and subscription option. Incidentally, SabPaisa is the first payment gateway in the world to introduce the hybrid payment system.
Also, SabPaisa supports seven currencies like the Australian dollar, Canadian dollar, Euro, British pounds, INR, New Zealand dollars and US Dollars.
(b) Mansha AI
Artificial intelligence helps in transforming voice or image input into text format. Overall, clients get real-time reliable support.
(c) Taylor -made Sab Paisa Qwik forms
SabPaisa offers a customizable online form builder based on the needs of different clients. Firstly, the database is captured for new users. Secondly, registered users make use of LinkPaisa to make payment.
(d) Dedicated application for clients – SabPaisa App
SabPaisa has client focussed application. Hence, every new client is given a unique transaction ID.
(e) Authentic customer support
SabPaisa offers dedicated customer support through channels like; email, voice message, as well as chat messages. Further, Mansha AI brings an innovative way of customer query handling.
Summary of SabPaisa features:
- Hybrid payment gateway integration system
- Mansha AI
- Customized SabPaisa Qwik forms
- Dedicated SabPaisa App
- Innovative customer support
For more information, click on https://sabpaisa.in/
Paytm has emerged as a predominant payment gateway post demonetization of 2016. Most importantly, Paytm’s business model has emerged as a replicable model for many financial enterprises.
Paytm Cash wallet facility has enhanced its consumer base. Due to its QR based system, Paytm continues to be the choice for small businesses.
The features of the number five in the payment gateway list are:
It gives a simple application that is very straightforward to set up and start operation straightaway. Hence, it is summarily adaptable on almost all types of smartphones.
Paytm comes with no maintenance charges. Hence, it is convenient for small businesses like start-ups and brick and mortar stores.
(c) Payment Modes
Paytm supports domestic credit and debit cards. As transactions take place primarily in Indian currency, there is no international credit card processing support. Also, there is a Netbanking facility for about fifty banks.
(d) Payment gateway charges
Paytm doesn’t charge any transaction fees. Overall, Goods and Services Tax (GST) of 18% is charged on Paytm transacted materials and services. Significantly, this helps in enhancing government revenue generation.
Initially, the first settlement happens within 4-5 days. Going ahead, settlements take place on a one-day post-transaction date.
(e) Customer support
Voice-Enabled customer support provision 24/7 throughout the week.
Summary of Paytm features:
- Convenient setup
- No maintenance charges
- Multiple payment modes
- No payment gateway charges
- 24/7 customer support
For more information, click on https://paytm.com/
By facilitating collateral-free loans and instant settlements, Razorpay brings in a wide range of services.
The features of the number six in the payment gateway list are:
a) Smart collect
The reconciliation process is made easy with the option for automatic incoming payment notification. Multiple payment modes like NEFT, RTGS, IMPS are supported.
Enjoy subscription plans with the automated recurring options available in the platform.
With the customized payment pages, payments take place in a hassle-free manner.
Cash crunch for your business is a thing of the past with the Razorpay capital. Be it loans or instant settlements, Razorpay capital provides it all.
The custom APIs facilitate different payment routes like split payments, vendor payouts, etc.
Summary of Razorpay features:
- Easy reconciliation with Smart collect
- Varied subscription plans
- Custom payment pages
- Razorpay capital for business funding
- API enabled custom payment routes
For more information, click on https://razorpay.com/
Do not worry if you have an unregistered business, PayU is here to help your business flourish. With the simplified user interface, the payment platform is adaptable for both individuals and businesses alike.
The features of the number seven in the payment gateway list are:
The presence of the account activation process makes it possible to accept payments within five minutes of the initial setup.
With a wide range of payment modes like Net banking, wallets, cards, and UPI, transactions proceed in a smooth and seamless manner.
The presence of a dynamic dashboard eases both transaction and account management functionality. Further, the users are given a real-time alert of transactions via push notification.
There is ease of operability through numerous integration options. For example, an additional feature addition happens through the change of code. Also, customers could avail of real-time updates via the auto-update feature.
Summary of PayU features:
- Simple initial setup
- Numerous payment modes
- Dynamic payment management
- Flexible payment integration
For more information, click on https://www.payumoney.com
Prospects of Payment Gateway System in India
The future of the payment gateway system in India looks very promising. The success of payment gateways in India depends on two factors: (1) gateway interface and (2) user satisfaction.
While there are common features that unite the payment gateways, but there are certain features unique to each of them. For example, CCAvenue comes with a safe card storage vault mechanism that brings in additional security. On the other hand, security is assured through product links on Instamojo. Further, Razorpay Capital makes loan approval and settlement easy and affordable.
Similarly, SabPaisa’s hybrid payment system works well for both big and small businesses. Be it a small brick and mortar shop or an MNC, SabPaisa’s online payment systems will capture the most minute transaction. Besides, SabPaisa’s Mansha AI runs on artificial intelligence which clearly guides customers within the practical scenario.
Going ahead, there is no dearth of payment gateway options for businesses at present. The suitable payment gateway selection is business-centric as well as customer-centric. A wise selection based on cost, efficiency, and effectiveness is the need of the hour.