What is a Payment Gateway?
A payment gateway is a facility provided by eCommerce that enables credit or debit card payments for traditional offline stores as well as online stores.
It makes it easier for data to be transferred between a payment portal and the front-end processor or acquiring bank. A payment portal could be a website, a mobile app, or an interactive voice response service.
The payment transaction between the customer (buyer) and the merchant is automated by the Payment Gateway service (seller).
On behalf of the merchant, it is typically a third-party service provided by a system of computer processes that process, validate, and accept or deny credit card transactions over secure Internet connections.
A merchant (seller) can accept credit cards, debit cards, and other types of electronic payments thanks to the payment gateway infrastructure.
Working on Payment Gateway
When a customer submits an online order, the gateway is involved. He or she has the option of paying online or by COD (Cash on Delivery). The procedure starts when a customer decides to pay online.
The payment gateway then determines whether there are enough funds with the issuing bank. It verifies that the transaction won’t exceed either the credit limit or the balance in the bank account.
To make sure the transaction is completed, the payment gateway now encrypts and securely delivers the card information to the card schemes.
The payment gateway is returned to the merchant website after the card scheme accepts the transaction where the deal will be finalized.
The information is sent to the bank. Then the bank handles requests to transfer money from the customer’s account to the company’s account.
What are eCommerce businesses?
E-commerce involves selling and buying goods in online mode.
E-commerce can be done on computers, laptops, cell phones, and other smart devices. E-commerce transactions make almost every good or service accessible, including books, music, airline tickets, and financial services like stock trading and online banking.
Business (B2B) and Business Consumer (B2C) eCommerce are two popular forms of eCommerce. While B2C vendors concentrate on selling goods to consumers, B2B vendors concentrate on selling goods to other businesses.
The Top 10 Indian Payment Gateways for Online Stores
Another well-known provider of payment solutions in India is Razorpay, which accepts, handles, and distributes payments in compliance with the intended use.
Shashank Kumar and Harshil Mathur established Razorpay in 2013. Vendors, online retailers, and merchants can use the services offered by this Indian financial business.
Users can access a system made to handle end-to-end payments through Razorpay. That can also be combined with a variety of websites and apps. After purchasing Opfin (a payroll administration company), this Bangalore-based fintech company is now accessible to organizations as well.
Credit cards, debit cards, net banking, UPI, and other well-known wallets are all accepted forms of payment.
There are no setup costs, withdrawal costs, or yearly maintenance costs for the same. You would simply need to be aware of the transaction costs, which range from 2 to 3 percent. This is dependent on the mode of payment as well as the type of transaction—domestic or foreign.
One of the top-packed payment and banking service providers in India is Paytm. It provides services to customers, offline retailers, and other online platforms.
With its “Paytm Cash” wallet and large online user base, Paytm has become a major payment provider. Consequently, a tiny eCommerce retailer may benefit from accepting payments through Paytm.
Paytm stands for “pay through mobile”. This global firm with headquarters in India provides a digital payment system for financial services and e-commerce. Vijay Shekhar Sharma founded this fintech in 2010 as a DTH and prepaid recharge platform and is based in Noida. More than 2 crore merchants in India currently use Paytm, which is currently available in 11 Indian languages.
It can be used to pay your utility bills, buy groceries, pharmacy payments and recharge your mobile bills.
One such payment gateway is PayPal, a global American company. It is a very popular eCommerce platform that mostly deals with internet payments and money transfers and operates in several nations, including India. founded in 1998 under the name Confinity with a completely different business concept, and later changed its business model to become a digital wallet in 1999. Max Levchin, Luke Nosek, and Peter Thiel are the company’s initial founders. Currently, PayPal has offices across India in Bangalore, Chennai, and Hyderabad in addition to its US headquarters in San Jose, California.
This platform provides the facility to send invoices via email. It is a platform that fulfills the transaction needs of all sizes of businesses.
One of the best payment gateways for accepting online payments with little development work, simple sign-up, and a quick onboarding process is PayU (previously PayU Money).
With their 100% online hassle-free onboarding process, you can begin accepting payments securely and easily within your iOS, Android, or Windows app, within minutes.
With the help of the Instamojo Payment Gateway, new businesses can quickly set up a merchant account and start accepting payments online, or through a website. Instamojo’s fees are quite reasonable.
Sampad Swain, Akash Gehani, and Aditya Sengupta founded this gateway in 2012. They wanted to establish confidence among businesses on the internet. It currently supports payment solutions for over 20 lakh Indian enterprises.
On mobile and online, they provide payments, a free online store, logistics, credit, and financing. Any business owner with a bank account can sign up and begin selling online.
This payment gateway is specifically created for online stores, and it costs about 2% of each transaction + rupees 3. This does not include the GST that was applied to your transaction.
A safe and secure transaction between the buyer and the vendor is made possible by PayKun, a supplier of payment gateway services. Many satisfied merchants have registered and are active today and have grown their businesses with PayKun’s assistance.
Anyone—large or small—individual, trust, non-profit organization, online store, etc.—can easily sign up on PayKun and use the payment gateway to accept payments online. On the PayKun checkout, clients will have a variety of payment alternatives.
Paykun provides 120+ modes of payment. Also, they provide excellent customer service via mail, chat, and phone calls.
An Indian payment gateway and API platform are called Cashfree Payments. Their payment options can aid online enterprises. They have added more than 100,000 merchants thus far. Raju Datta and Akash Sinha founded the company in 2015 with its headquarters in Bangalore. In addition to being integrated with eCommerce platforms like Shopify and Magento, this platform supports a variety of payment methods.
To accept domestic and foreign payments on your online store, you can use the Cash Free payment gateway. Additionally, you can use their products to streamline your payment requirements.
In India, CCAvenue is one of the largest payment gateways. It provides 200+ payment alternatives, including 6 credit cards including eye click, JCB, Mastercard, Visa, and Amex. Additionally, it can process payments in multiple currencies. It supports 27 major currencies, allowing you to serve clients in some important international markets aside from India. Additionally, CCAvenue offers a Multilingual payment page in 18 Indian as well as foreign languages.
One of the top 10 payment gateways in India is Citrus Pay. Numerous payment choices are available, including popular credit cards like MasterCard, American Express, Visa, etc.
The payment gateway has established high levels of protection, making it safe. Additionally, the business offers subsidiary services including Citrus Cash and Citrus Cube, an online bill-paying tool (an online wallet).
Many documents must be submitted in hard copy and electronic form during the onboarding process, which some customers find to be onerous. The quick and secure transactions that result on your website, however, make the process worthwhile.
In India, EBS is a payment gateway that complies with PCI DSS 3.0. Using the platforms, you can receive payments from clients using their credit and debit cards, net banking, and other modes.
Among the many financial products offered by the EBS (Electronic Billing Solution) payment gateway is a merchant account service.
They have obtained security certification from the Payment Card Industry Data Security Standard (PCI DSS) 3 – level compliance program (PCI DSS).
Small business owners that want to take payments online and integrate eCommerce payments are among the merchants in India that E-Bill Solution serves.
They provide their services to big and small companies that conduct online sales of products and services. Their offerings include credit/debit cards, net banking, debit card, e-wallet, and mobile wallet payment acceptance.
The top 10 Best Payment Gateways in India for eCommerce Businesses are mentioned above. All the gateways have special features that make them different from others. The business must analyze various gateways and find which one is suitable for them. In this way, they can choose the best available option from the various options. Jobs to be done will undoubtedly speed up your procedure.
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