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Before discussing the best payment gateways, one must know what is a payment gateway is and how does it work?
A payment gateway is an application that makes the whole process of online payment easier, streamlined, and secure. It acts as a link between the website or app and the bank. It is the simplest medium ensuring secured money transactions. Payment gateways enable users to accept payments from anyone, anywhere from all channels and devices. It helps receive payments by transferring critical information from their merchant websites to their issuing banks, card associations, and also online wallet players. The gateways play an important role in the online transaction process, which is the realization of value, hence they are seen as the critical pillars of e-commerce.
When a customer orders a product from a payment gateway enabled merchant, the payment gateway performs a variety of tasks to process the transaction. When the card details are filled in, the payment gateway allows the transaction data to be sent directly from the customer’s browser to the gateway via the merchant’s system. The payment gateway then forwards the transaction information to the payment processor used by the merchant’s acquiring bank. The payment processor then forwards the information to the card association. The credit card issuing bank receives the authorization request verifies the credit or debit available and then sends a response back to the processor with a response code. It in turn forwards the response to the payment gateway. The payment gateway forwards it to the interface used for payment where it is relayed back to the merchant and cardholder. This entire process takes nearly 3-4 seconds. The merchant then fulfills the order and at the end of the day submits all their approved authorization to their acquiring banks for settlement via the processor. The bank then deposits the total of the approved funds into the merchant’s nominated accounts. The entire process from authorization to settlement to funding takes 3 days.
The best merchant payment gateways in India are the following:
This is one of the best payment gateways in India that helps merchants to collect and distribute payments. It analyses the designation of your website or app and offers iframe, pop-up, smart analytics, and various other features. It also supports several e-commerce CMS systems and has ready-to-use integrations for Shopify India, WooCommerce India, and Magneto. Cashfree settles the funding within 24-48 hours.
The transaction fee of Cashfree payment gateway is as follows:
95% for UPI, Digital wallets, net banking, and selected credit/debit cards.
5% for Pay later and Cardless EMI
5%+ INR 7 for international credit/debit cards.
There are almost 100 payment options available including digital wallets, UPI, and various EMI options. The top brands which use Cashfree are Zomato, Dunzo, Xiaomi, and Zoomcar.
Razorpay is the only payment gateway in India that offers businesses to accept, process, and disburse payments seamlessly with its product suite. The approximate settlement time Razorpay takes is about 72 hours.
The transaction fee per transaction charged by Razorpay is as follows:
2% for Indian consumer Credit/Debit Cards, Net Banking, UPI, and Mobile Wallets.
3% for International Credit/Debit cards, Diners, and Amex cards.
18% GST applicable on the transaction fees.
There are about 100+ payment options available including PayLater and NEFT/RTGS payments. Goibibo, IRCTC, Grofers, and Zoho are some top brands that use RazorPay as their payment gateway.
CCAvenue is one of the largest payment gateways in India that accepts payment in 27 foreign currencies including the Euro, American Dollar, Pound Sterling, and UAE Dirham. To serve customers in major global markets out of India, CCAvenue might just be the Payment Gateway one can look up to. Though the settlement time is quite long equaling to one week.
The transaction fee is as follows:
2%-3% for domestic Credit/debit card
2% for digital wallets
0% for UPI payments
3%-4% for International Credit Cards
More than 200 payment options are available including EMI options. Myntra, Lakme India, Airtel, BookMyShow are some top brands using CCAvenue.
PayU is one of the best payment gateways to accept online payments with minimal development effort, easy sign-up, and a quick onboarding process. One can start accepting payments securely and seamlessly without any iOS, Android, or Windows app, within minutes, with our 100% online hassle-free onboarding process. The settlement time is a minimum of 2 days after the transaction process which takes about 5-7 days.
The transaction fees charged by PayU is as follows:
2% + for each transaction
3% + GST for international transaction and EMI payment options
There are about 100+ payment methods and it supports all major e-commerce CMS systems. Top brands like Byju’s, Swiggy, Netflix, and Samsung are using PayU.
Unlike other payment gateways in India, with Instamojo, one can create a merchant bank account without even a website. It is considered one of the best payment gateways for the purchase of digital files, music, videos, etc. It supports all major e-commerce CMS systems including Magneto and OpenCart. The settlement time at most exceeds three working days.
The transaction fee charged per transaction is:
Free for NEFT/RTGS/Bank transfer
2%+ INR 3 for Debit/Credits, Net Banking, Wallets, Pay later.
3% +INR 3 for International Cards and American Express Cards.
18% GST applicable on the transaction fee.
100+ payment options are available including NEFT/RTGS/Bank Transfer and EMI. UrbanClap, Dunzo, Alt news, and Adani Realty are some top brands using Instamojo.
The ones connected with business related to credit cards consider payment gateways as their closest companion. They function in such a way that the important information will be processed and transmitted without giving the hackers the chance to steal that information. The correct way to choose a particular payment gateway is by comparing the settlement time, the transaction fees, and the flexibility in payment options. Payment Gateways are essential for online transactions to be done securely, several of the apps are fit, one just needs to choose wisely with their requirement. To get the best payment gateway and to transfer your offline shop online, get in touch with Lytechx Digital Pvt. Ltd, the best web developer company in Jaipur.