Running a business is no easy task. You have to manage a lot of things, including the store, website, customers, payments, and more. Having one or more strong and convenient payment gateways for your online/offline store can make things much easier, especially for your customers.
If you are looking to add a new payment gateway to your e-commerce website or brick-and-mortar business, you need to consider a number of things first, like which payment systems your customers prefer, support to currencies (digital, fiat, etc.), international payments, customer support, etc. Selecting the right payment gateway can sometimes be a daunting task, especially when you’re dealing with international customers.
If you’re having the same dilemma, here we talk about the top 7 payment gateways that you can include in your business right away for efficient, fast and cost-effective payment processing.
But, first thing first.
What are payment gateways and how do they work?
A payment gateway is an application that can be easily integrated with existing e-commerce or shopping store systems for securely accepting payments from customers.
A payment gateway will accept payment from a customer by verifying their payment information (credit card details, etc.), checking funds and processing to deduct the requested amount.
An ideal payment gateway system should be highly secure, fast and reliable. Here are some of the best options you can consider for your business.
Things to look for when selecting a payment gateway
When looking to select the right payment gateway, consider the following things:
- Easy integration to ensure the payment system can directly fit your existing infrastructure
- It must support a number of currencies, including popular ones like Dollar and Euro
- It should be easy to set up and do not require a lot of time in management
- The transaction fee should be low, thus leaving more profits to you
PayPal is a global payment system that allows payments with merchants & businesses in more than 200 countries. This is one of the best options when you’re looking to do business transactions with international clients/customers. You can access PayPal through an online website, mobile app, etc. and use it for services like accepting/making payments, business loan processing, and more.
Digital currencies like Bitcoin are increasingly becoming a choice payment system of people in many countries. They are secure, fast and peer-to-peer, and most importantly, they are decentralized, so they work without centralized authorities like banks.
Lately, newer and more stable cryptocurrencies like CWR are making their name in the digital payment industry by allowing users to make secure, fast cross-border payments in a low-cost manner.
CCAvenue is one of India’s largest digital payment systems that accept payments through credit/debit cards (offline/online transactions) and many other options such as digital wallets, UPI, etc. (for online transactions). It can be used for both online and in-store payments. CCAvenue is presently used by over 100,000 local/online merchants worldwide. However, it does not offer the international payment facility, as of yet.
Razorpay is a popular payment system that is based in India and allows Indian businesses to accept/make payments worldwide, in many countries including USA, UK, China, Australia, Mexico, among others.
Compared to PayPal, Razorpay has some extra features like support for netbanking transactions, live chat support, recurring payments, etc.
PayU Money is one of the few payment gateways in India that offer unlimited services to merchants and users at zero setup or maintenance cost. The transaction fee is also among the lowest, and it supports all the standard payment options, including credit/debit cards, digital wallets, etc. Other notable features include SSL and two-factor authentication, easy to integrate, etc.
Google Business Wallet is a nice and secure application for merchants as well as users. It lets you store all your credit/debit cards and accounts in one place, load money directly to the digital wallet and use the same for making payments at both local and online merchants. The wallet is directly linked with Google Pay, allowing merchants to accept payments with this method. The payments are instant, and there is no transaction fee.
2CheckOut is an online payment processing service that makes a great alternative to PayPal, especially for freelancers and small businesses looking to make small transactions. You can use the payment gateway to accept online payments from a number of countries around the globe. So, it’s usable for individuals as well as businesses. The money transfer fee is, however, slightly more than other options.
When selecting a payment gateway for your business, make sure to consider all the factors that are important for your business. Ask your customers on social media which payment gateway/s they prefer the most. Also, you can find out the best payment service for you by assessing your company requirements, fees for different types of transactions, etc.