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A payment gateway is payment processing software designed specifically for an online business and other online-based marketplaces. It is the backbone of such business models because it is a majorly used way to accept payment on online platforms.
It requires both merchant and customer involvement while easing the work for both ends. It authorizes the payment mode and creates a link between the merchant and customer's payment mode to transfer money.
Ecommerce payment gateways have great versatility and flexibility because they work with multiple payment instruments like Debit card, Credit Card, Net Banking and UPI. This offers seamless choices for customers to pay with and eliminates all restrictions in payment processing for merchant's business.
Payment gateways also have high-security coverage to ensure the safety of consumer's sensitive information they input while making payment, there is 128-bit encryption with PCI-DSS security compliance as standard. This protects the gateway from any cyber threat like phishing or hacking. While this is standard, there are many gateways that use more advanced security protection if the business model is large.
If you are a fresh start-up or a rookie in the online business, we bring you some of the best payment gateways for easy and fast payment processing.
PayPal is the most trusted payment gateway out in the market and is globally used. In a year, PayPal processes more than 4 billion transactions because of its efficient service and highly renowned image. It extends its services to India as well, facilitating international fund transfer between Indian merchants and their customers abroad.
There are still some restrictions for PayPal to work domestically in India due to the Banking Regulations Act but it is very reliable for international payment processing.
This is the most preferred payment gateway in India. CC Avenue offer highly reliable services and provides more than 200 payment options support. International credit cards like Diners Club, Amex, JCB and ezeClick are also supported by CC Avenue payment gateway which helps merchants to serve the customer outside the country as well.
27 major currencies can be traded with this CC Avenue payment gateway which helps a customer to pay in their preferred currency.
They have 24×7 customer support over voice, email and chat mediums.
PayU Moneyis one of the best payment gateways out in the Indian domestic market. It is a very fast and safe payment gateway which is designed specifically for Indian merchants who deal within the country. It is very affordable and works perfectly for small or medium-sized businesses.
PayU money also accepts some international currencies but that is based on the policy of their banking partners.
It has recently merged Citrus payment gateway with itself which has enabled it to function more widely and efficiently in almost every part of India.
Cashfree is the best Ecommerce payment gateway in India. It is popularly known for its easy user-interface and low transaction fees.
It provides services with more than 75 net banking options, multiple card companies like Maestro, MasterCard, Amex, etc., on top of this it supports 6 digital wallets like Airtel, Mobikwik, etc.
It also supports UPI, NEFT, IMPS payment options with the fastest settlement cycle of 24 to 48 hours.
Razorpay is a highly integrated payment gateway service provider offering multiple services on a single platform. Services like recurring payments, invoice sharing, disbursement and many more are offered within one single application.
It accepts multiple payment options like cards, net banking, mobile wallets, and UPI and all such brilliant services at a reasonable price.
Integrated security- Laced with Level 1 PCI DSS compliance security. End-to-end encryption ensures extra safety.
DirecPay is a revolutionary payment gateway which is a one-stop platform for all payment solutions. It is developed with the latest technology to ensure fast payment processing on Ecommerce Website. It is also the largest payment gateway in India offering varied services and support for merchants.
Economic transaction fees- It charges flat 2% transaction fees for domestic payment modes and 3% for international payment cards like Amex, Diners Club, JCB, and ezeClick.
Multi-currency facility- It supports transactions in dollars with a separate gateway activation for international transactions.
Documentation- Merchant's need to provide required business documents for registration.