Deciding on a payment gateway is crucial for any business – small or big. The right payment gateway will help your clients to pay for your services and goods quickly.
Up until your business is limited to the local audience, there are immense options including Cash on Delivery. But once you expand your business internationally, it becomes difficult to have a smooth workflow.
Let’s evaluate the best payment gateways available:
PayPal is a global name and offers services in 200+ countries. They offer business loans, web payments, apps etc for richer customer experience.
Fee: 4.4% + fixed fee based on the currency per transaction
- Customized invoices to customers to get payments quickly & easily
- Live customer support
- Receive money in 100+ currencies
- PayPal Here Card & Apps processes payment, creates an invoice and tracks sales.
One of the largest gateways in India. It has assured lowest prices.
Fee: 2% per transaction
- Zero setup and maintenance fees
- SSL and 2FA
- Transaction management
- Integrated Payment system
- Payment Options (Netbanking, UPI, Cards, Wallets)
It allows to accept, process, and disburse payments. Brands like Mercedes-Benz, Udacity, Grofers, HotStar uses this.
Fee: 2-3% per transaction
- Easy integration
- API Driven
- 100+ Payment options
- Dashboard reporting
- Instant activation
Start off without any worries with zero setup fee. Brands like Myntra, MakeMyTrip, Starbucks Coffee, and ClearTrip are its customers.
Fee: 2-3% per transaction
- Zero setup fee
- 200+ Payment Options
- Mobile Payments
- Multi-Currency Processing
It’s the fastest growing platform for eCommerce businesses. Create payment links, share with customers and get paid instantly!
Fee: Flat fee @2% + Rs 3 per transaction
- Payment buttons
- Free tools
- Shareable payment links
- Visual charts of payment
- Dispute Resolution Center for your buyers
- Deciding on your payment gateway
Imagine this: You have a beautiful and speedy website. Your customer is impressed and is about to complete the transaction but the payment fails. That would hurt bad, right? The ultimate goal of your website is sales. Your decision should take into consideration various aspects like integration, quick resolution centre, currency support so that there’s no failure.
Avoid going for a payment gateway “only” because of low cost. There are high chances you will have to invest a lot of your time in integration and setting up everything on your own.
Sakshi Behl is a marketing manager at MageHost, a Managed Magento Hosting Company. She specializes in content marketing and has knowledge of WordPress, Magento, and Hosting. You can connect with her on LinkedIn: https://www.linkedin.com/in/sakshibehl