Running after a successful e-commerce endeavour only exhausts you if you have been adopting all this while the wrong strategies to hook your visitors up to your website and convert them into your customers. You need to sell all of your products really well but again; a tough job!
Inability to build customer trust is one of the major reasons why selling products online is a tough job for e-commerce merchants. A secured and reliable payment gateway is a key to assure your visitors that their ATM cards and money are secured if they shop with you. What is a payment gateway?
It will not be called a frail opinion if we define a payment gateway as a software and servers that transmit Transaction information to Acquiring Banks and responses from Issuing Banks (such as whether a transaction is approved or declined) [Source: 2checkout]
A payment gateway then stands as an integral part of any website which aims to deal directly with customers online. As there are a ton of payment gateway available, each of those has specific features and function which makes them unique from each other. Depending upon the nature of your e-store, you can choose, buy, and implement a right payment gateway on your website.
How does a payment gateway work?
How to choose a payment gateway apt for you? Can it increase your sales by making your customers build trust with you? Consider the following to figure out answers to such questions.
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It supports all major banks for easy access
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Its set up fee or maintenance fee is affordable to you
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Its TDR Per Transaction fees is less for greater benefits
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It is secured and fraud-prevented; offers CVV & AVS
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It accepts payments through credit, debit & PayPal
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It accepts multi-currency as you might deal with foreign clients
As there are many promising payment gateways, here we have reviewed and compared the top five payment gateways in India. Following is the detailed review:
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CC Avenue
CC Avenue is a payment gateway widely chosen by the merchants across the globe launched in 2001 by Avenues India. It is headquartered in Mumbai and has offices in Delhi, Hyderabad, Bengaluru, and Chennai. It offers multilingual checkout page with over 18 major Indian and 10 international languages which gives the customers a much localized shopping experience at merchant’s ecommerce website or app.
Merchant Panel: CC Avenue
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PayUmoney
Headquartered in Gurgaon, PayUmoney has offices in Bangalore and Mumbai and deliver payment gateway services across the country. PayUmoney can be easily integrated with HTML, Python, HTML, ASP, .Net, Java and almost with every scripting language.
Merchant Panel: PayUmoney
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2Checkout
2Checkout is a simple payment gateway that can be easily integrated with opensource carts. Its payment API libraries comes in PHP, RUBY, .NET. JAVA and PYTHON. It is complied with PCI level 1 which means it has advanced fraud protection for safe transaction through your website.
Merchant Panel: 2Checkout
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PayTm
PayTm is the most simplified payment gateway availed by 82% of the total merchant population in India. It has made online transactions easier, effective and easier as it offers basic and advanced payment solutions at your fingertips. Sharing payment links with customer through Facebook & Whatsapp is an interactive feature which is loved by both merchants’ and customers.
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Merchant Panel: PayTm
Comparison Chart: 4 Payment Gateways
|
Payment Gateway |
Browser Compatibility |
Set up Fee |
Annual Maintenance Charge |
Major Banks Supported |
Cards Supported |
TDR Per Transaction |
Goods & Service Tax |
Currency Accepted |
Extras |
|
CC Avenue |
Google Chrome, Mozilla Firefox, Internet Explorer 8, Windows, Macintosh, Linux |
0 ₹ For Start Up Pro & 30, 000 ₹ For Privilege Pack |
1200₹ (Waived off for 1st Financial Year ) For Start Up Pro Pack |
SBI, ICICI, HDFC, Axis, Kotak, IndusInd, HSBC, Central Bank of India |
MasterCard, Visa, Maestro, RuPay, American Express, Amex EMI,JCB & Diners Club |
2% |
18% |
27 Multi currencies Accepted (QAR,MYR,LKR,THB,CAD, PHP, INR, SGD,USD,OMR,HKD,ZAR,NZD & others) |
Paytm, MobiKwik,JioMone, PayZapp, Jana Cash, Freecharge, SBI Buddy,The Mobile Wallet |
|
PayUmoney |
Google Chrome, Mozilla Firefox, Internet Explorer 8, Windows, Macintosh, Linux |
0 ₹ |
0 ₹ |
Axis, HDFC, ICICI, SBI, BOI, CBI, Corporation, IndusInd and All others. |
Credit & Debit Cards of Visa, MasterCard, AMEX and other International cards Issued in India only |
2%
|
18% |
INR |
3% TDR On Amex Card, Net Banking |
|
Paytm |
Google Chrome, Mozilla Firefox, Internet, Explorer 8, Windows, Macintosh, Linux |
0 ₹ |
0 ₹ |
Axis, HDFC, ICICI, SBI, BOI, CBI, Corporation, IndusInd and All others.
|
Credit & Debit Cards of Visa, MasterCard |
1.99% |
18% |
INR |
Net Banking, Paytm Wallet Available |
|
2Checkout |
Google Chrome, Mozilla Firefox, Internet, Explorer 8, Windows, Macintosh, Linux |
0 ₹ |
0 ₹ |
Axis, HDFC, ICICI, SBI, BOI, CBI, Corporation, IndusInd and All others.
|
Debit Cards Paypal Diners JCB Major Credit Cards |
3.9%
|
18% |
26 Multicurrency Accepted |
1.5% Extra charged for foreign payment acceptance |
So, it was a review of four payment gateways that are widely used by Indian merchants. In this review, we compared PayTm, PayUmoney, 2Checkout, and CC Avenue. If you have any questions or would like to add something to it, please share your opinion is the comments section below.