A payment gateway is a service which processes and authorizes credit card, debit card and direct payments for an e-commerce website. It is the feature which keeps the website functional by collecting payments for all the transactions in the website.
When users fill in all their details, the website sends information to the payment gateway. The payment gateway then verifies the information from the bank. Following a successful verification, the amount is transferred to the e-commerce website owner from the customer’s account. If the customer opts for a net banking transaction, there is direct interaction with customer’s bank only.
Any faults in the payment gateway will have a negative influence as customers will not trust any website which does not smoothly process their payment. No amount of marketing or level of website design can cover up for an ineffective payment gateway. You will experience a drop in sales by losing the faith of your customers. As a result you have to ensure that your payment gateway functions smoothly and does not fail the users.
This article compiles a list of 6 payment gateways which you can incorporate in your e-commerce website to collect payments.
InstaMojo is an extremely popular payment gateway. It is extremely popular among small sellers because of the simplicity in its use. The onboarding process is extremely simple as you need to provide your bank details and PAN card. No other documents are required. With InstaMojo, you can collect payment from multiple channels like WhatsApp, Facebook, Twitter etc. Setup time is also extremely fast. Like other payment gateways, InstaMojo also has a provision for Netbanking, EMI’s and Wallets. The analytics section is also a well-designed feature for performance improvement.
Atom payment has gained prominence due to its usage of Interactive Voice Response. With an IVR organizations can accept payments through debit and credit card over phone call. Its other features include Paynetz which is a state of the art integrated dashboard that enables payment acceptance, revenue boosters and viewing both internet and IVR transactions. Atom has also enhanced its reputation with a great customer care and service support which are the cherry on the cake to its vast set of features.
3) Citrus Pay
Formed in 2011, Citrus Pay has become extremely popular in a short time period. This is due to unique features and innovative features like Single-Click check out and In-App purchases. The payment gateway has designed itself to suit its customers by providing them access to branded payment pages across all devices that have a wide range of payment options. Buyers are also extremely appreciative of how failure in transactions redirects them to the payments page only. They also have an application which allows individuals to easily transfer money. To top it all it is extremely secure, thereby solving the biggest headache which website owners have.
4) PayU Money
What it lacks in affordability, PayU money more than makes up for it in the consistency of its delivery. It has one of the lowest rates of transaction failures. Another reason for its success and popularity is the fact that it follow the PCI DSS 2.0 standard, which makes the payment gateway more secure than regular PCI DSS standards. In other words, it is the standard of excellence as far as safety is concerned. PayU has a feature called Release on Delivery which is a useful intermediate between COD and credit/debit payment. Other benefits include sending invoices by email and one click payment and tracking the payment status through PayU money.
5) CC Avenue
One of the most popular payment gateways in India, CC Avenue is the payment gateway for numerous large and small businesses. The main reason for their popularity is due to their extremely secure servers which facilitate safe transactions. Their services include the inclusion of ATM cum debit card processing, direct debit to the bank account of over 50 Indian and international bank accounts. CC avenue is also famous for offering mobile payments. However, they want a website to have a few features before dealing with any website. These include having a refund and terms & conditions policy, implying that they want the website to be as authentic as possible.
These are the top payment gateways which you can use for your e-commerce website. They offer a combination of convenience and functionality which will benefit you, by benefiting the consumer.