Being an e-commerce store owner you know the importance of providing good user. The payment gateway plays an important role in the customer buying experience, the good payment gateway should be smooth, fast, secure and trustworthy.
The best payment gateway ensures the security and confidentiality of the customer leaving a good impression and trustworthiness on the e-commerce website or app.
The payment gateway in an e-commerce store should set up in right manner, if it’s not properly functional, your business could suffer from cart abandonment due to payment gateway issues, that leads to loss of customer and sales.
1. Cashfree
Cashfree was started in 2015 and it has more than 15,000 business using their service. It supports credit/debit card, net-banking and UPI. It is one of the cheapest payment gateways. It requires no setup cost and has high security. They offer fast payment service and instant refund facility.
The facility of receiving international payment is also available. This payment gateway has a solution called “Cashgram”. It generates a weblink so that businesses can send it to users and collect payment.
Features:
- No setup cost
- Invoice generation
- Fraud checking
- Easy to configure
- Low transaction fee
- High security
- Recurring billing facility
- Website integration
- Auto collection of payment
- Instant refund
Pros:
- Low transaction fee
- Auto collection of payment
- Instant refund facility
- Accepts international payments
- Allows multicurrency processing
- Invoice generation
- Website and application integration
Cons:
- Cashfree prefers to work with government-registered businesses.
Notable Customers:
- BigBasket
- Dunzo
- Xiaomi
- HDFC ERGO
2. RazorPay
Razorpay is also a very powerful payment gateway for businesses. The company was founded in 2014 and now it has more than 800K customers who use Razorpay payment gateway.
The speciality of Razorpay is instant activation and easy integration. If you leverage this payment gateway, you also get a Dashboard where you can see real-time data of purchasing. Small, big and large companies, freelancers and self-employed have loved Razorpay as it is extremely simple to use and secure also.
The payment gateway allows you to accept payment via various types of methods such as credit/debit card, net-banking, UPI and wallets. There are different kinds of websites such are WooCommerce, Magento, CS-Cart, OpenCart and so on; Razorpay can be used as a payment gateway.
Features:
- API driven automation that requires zero manual intervention
- 100+ payment modes
- Dashboard facility to check real-time data
- Easy integration
- Invoice payments
- Integration with website for payment
- 24/7 support
- Save saving facility
Pros:
- Easy integration with less code.
- Fast and secure payments.
- Credit/debit card, UPI, net-banking and 100+ payment methods.
- Better conversion rate.
- All major international cards are accepted
- Real-time currency conversion is possible
- Zero setup cost
Cons:
- High failure rate in international transaction
Notable Customers:
- Unacademy
- UrbanClap
- Zoomcar
- Groffers
- BookMyShow
3. Paypal
Paypal, having a global reputation, can be a good choice for your business. The payment software giant has a presence in more than 200 countries and more than 325 million active customers.
It has world-class security for making an online transaction. It allows almost every international credit and debit card. In addition, it also supports international currency settlement. Merchants can withdraw money in 56 currencies. The company provides seamless shopping with a checkout conversion that is 82% higher than other payment methods.
PayPal also monitors transaction 24/7 that protects customers from fraud. There is also a facility for recurring payment.
Features:
- Electronic invoice
- Website integration
- International transaction
- Fraud protection service
- Allows multiple currency processing
- 24/7 customer support
- Recurring payment
- Card details can be saved
- Mobile payments can be done
Pros:
- Invoice for payments
- 24/7 customer support
- International payment can be done
- Easy integration with website
- Multiple payment methods
- Easy recurring payments
- Secure and fast
- Payment using QR code
Cons:
- Not advisable for smaller transaction as the charges are high.
Notable Customers:
- Udemy
- MakeMyTrip
- ALT Balaji
- Gaana
4. Instamojo
Instamojo is another successful Indian payment gateway company that has more than 1 million active customers.
This payment gateway has gain popularity because of the ease of use and extremely simple user-interface. It also offers 100+ payment modes including. It also allows recurring billing facility so that merchants can accept payment on a monthly basis. Integration with website and mobile integration can also be done.
The best thing about Instamojo is, it takes no charge for NEFT/RTGS and bank transfer. It does not support multicurrency payment.
Features:
- Electronic invoice payment
- Website and application integration
- Recurring payment
- Easy Onboarding process
- Payment analytics
- Online store
- 100+ payment modes
- Live chat facility
Pros:
- Zero setup fees
- Allows free digital file hosting
- Allows sharable payment links
- Smooth user-interface
- Ease of website and application integration
- 100+ payment modes
Cons:
- Does not support multicurrency payment.
- Livechat feature needs improvement.
Notable Customers:
- Zepo
- Adani Realty
- SpringBoard
5. PayU
PayU is a fintech company that provides payment technology to online merchants. The company was found in 2002 and is headquartered in Hoofddorp, Netherlands.It allows online businesses to accept and process payments through payment methods that can be integrated with web and mobile applications. As of 2018, the service is available in 17 countries.
It has best success rate and a 24×7 support that is quick and provide optimal solutions.
Features:
- Supports credit and debit cards and UPI’s
- Website and mobile payment
- Advanced security
- Easy Onboarding process
- 24/7 support
- International transaction
- Allows multiple currency processing
Pros:
- Zero setup fees
- Allows sharable payment links
- Smooth user-interface
- Ease of website and application integration
- Multiple payment options
- Mobile friendly user-interface and user-experience
- Good conversion rate
- Supports international transaction
Cons:
- Does not have recurring billing facility
- Does not generate an invoice of payment
Notable Customers:
- Dream11
- OLA
- Red Bus