If you are looking for an application that can make your online payment processes smooth, prompt and easy, all you need is a secure payment gateway. With the introduction of digital transactions, there emerged a host of gateway services that enable payments via their electronic platform. Although most of these gateway services have been in use for years now, the COVID pandemic has triggered the need of using these.
How does the payment gateway services work?
- Users/customers have to choose a reliable payment gateway that connects their mobile’s app or website with the bank.
- Once the user makes a payment through any of the chosen gateways, the merchant website send the details to the selected gateway for confirmation.
- Upon verification of the details from the bank, the entered amount gets debited from the user’s account to the merchant’s bank account.
Most payment gateways charge a fee for the transaction. If you are scouting for the cheapest yet trusted payment gateway services, the following list could come in handy.
Cashfree
Are you on the lookout for a payment gateway that charges the lowest Ticket Deposit Rate (TDR)? Well, then you can select Cashfree for making your payments.
- Featuring a wide range of payment methods on its extensive list, Cashfree’s options include debit and credit cards, Paytm, Airtel, Mobikwik, Freecharge, PayLater, Cardless EMI, ZestMoney, OlaMoneyPostpaid, several UPI, NEFT, IMPS and PayPal.
- The services provider also offers advanced features such as the Refunds suite. Use the payout links for Cash On Delivery order refunds.
- You can return a product and claim a refund as instant settlements and instant refunds can make it possible.
- Cashfree’s payment gateway is priced at 1.75% per transaction
- The initial setup fees, annual maintenance charges and minimum annual business requirement is zero at Cashfree’s gateway.
Paytm
Paytm, a leading payment service gateway with a high consumer base. Here’s what makes Paytm an affordable and favourable payment gateway.
- Offers a cash wallet to enable small eCommerce merchants to pay easily
- Supports cards such as Visa, Amex, Mastercard, Maestro, Discover and Diners at a fee of 1.99 flat. For international debit and credit cards, it is 2.8 %
- All net banking and Paytm wallet transactions are also charged a flat 1.99%
- Although the minimum annual business requirement is nil, the annual charges and initial setup is Rs 5000.
- Offers multi-currency support
- For UPI and Rupay, the applicable fee per transaction is 0.
- Settlement can take up to 2 days. Paytm services are backed by a real-time customer support desk.
Razorpay
A payments solution that allows businesses to receive, process and disburse payments with its product suite, Razorpay offers access to myriad deposit modes.
- You can pay your seller via credit and debit cards, Net Banking methods, UPI and other popular wallets such as JioMoney, Mobikwik, PayUmoney, Airtel Money, FreeCharge, Ola Money and PayZapp among other options.
- Razorpay has a solid market reputation; thanks to its tech integration that makes transactions possible at a reasonable price.
- The annual maintenance charges and setup fee at Razorpay are zero.
- Transaction fee applicable per transaction is 2% on every successful transaction plus 1% for international cards, EMI and Amex.
- Transactions at Razorpay are liable to 18% GST on the transaction fee.
- This payment service gateway provides mobile app integration for both Android and iOS users
- Supports a range of e-commerce CMS systems
- Settlements are done within 3 days in your connect a bank account.
CCAvenue
If you are searching for an affordable payment gateway that offers multi-currency support, CCAvenue could make a viable option. Here’s what makes them popular.
- CCAvenue offers 200 plus payment options. These include credit cards such as Mastercard, Visa, JCB, Amex, eye click and Diners Club.
- The multilingual payment feature enables several international and Indian languages
- Payments can be made in any of the listed 27 major currencies including Euro, Singapore and American Dollar, Pound Sterling, EAE Dirham and Indian Rupees.
- Initial setup fee is zero
- Annual maintenance charges of Rs 1200 is applicable
- The transaction fee on mobile wallets, IMPS, UPI, wallets such as Freecharge, Mobikwik, Paytm, PayZapp, Jana Cash, Jiomoney, SBI Buddy, OlaMoney and on credit and debit cards like Visa, Mastercard and Maestro RuPay is 2% flat.
- The six listed International credit cards charge a flat fee of 3% on payments
- CCAvenue does not charge any withdrawal fees.
EBS Payment Gateway
A compliant e-billing solution can be trusted for its services. Here’s what makes EBS Gateway a popular payment gateway service.
- Merchant account provider with certification of PCI DSS 3.0 compliance standards
- Initial setup fees are zero while the annual charges are Rs 2400 flat
- Customizable package
- Multi-currency support. EBS Payment accepts currencies from 11 foreign countries
- Accepts Visa, MasterCard, American Express, JCB and Diners cards allowing international transactions.
- No withdrawal cost applicable
- Settlement does not exceed 2-3 days from the transaction date.
- Services are activated within 24 hours of service.
- Provide on the go banking with its integrated Mobile App Payment Gateway; compatible with Windows, iOS and Android.
- Supported e-Commerce EMS systems
- Backed by a solid customer support desk
Grezpay
Grezpay, an intermediary payment gateway offers payments services from various banks and other popular payment methods. It is an integrated payment gateway service that facilitates online payment via its cohesive platform.
- Hosts a simple dashboard for merchants that works as a single point access
- Email notifications for transactions
- Facilitates 9 kinds of e-wallet payments including MobiKwik, JioMoney, Freecharge, Amazon Pay, Airtel Money, PayZapp, PhonePe among others
- Facilitates payments via diverse options that also includes Net Banking, payments via debit and credit cards.
- Instant refund
- Fully encrypted; thanks to its advanced privacy and security measures
- Ensure same-day settlement
- Registration can be done free
- Supports international payments
- Mobile-friendly website
PayPal
A popular payment gateway, PayPal can foster business growth with its fair and affordable pricing for both startups and small businesses. Here how!
- PayPal’s payment gateway can be accessed from 200 countries
- The service supports 25 currencies, making it a global option.
- PayPal charges 0.9% +30 cents for online payments
- In-person payments are charged at 2.7%
- PCI-compliant and secure
- Easy to set up for your eCommerce. Allows payments through Shopify, Big Commerce, WooCommerce, Squarespace and a host of other online checkout platforms.
- PayPal accepts a score of cards including Visa, American Express and MasterCard
- The payment gateway is backed by a strong team of professionals reachable through live chat, email, a community forum and an online business resource centre.
Amazon Pay
A relatively novel payment gateway that allows you to enjoy card-free payments, Amazon Pay can make a grand choice as an affordable option. An international gateway, Amazon Pay has emerged as a popular choice for its simple interface and minimal fees. Here’s why you can opt for Amazon Pay.
- Multi-currency
- Supports small and large businesses
- Transaction fees (for domestic transaction across UK) is 2.7% + £0.30
- Amazon Pay’s fraud detection technology is available for your business.
- Amazon Pay prevents provides fraud detection and prevention mechanism by verifying and validating customers with trusted login
- Merchants can choose their preferred eCommerce platform, set up an Amazon Pay account and configure services.
World Pay Online Payments
If you are looking for a simple and pocket-friendly online payment gateway, World Pay Online has enough reasons to feature on your list.
- Real-time data allows users to check the status of throe order live and view conversion rate at any given time.
- All transaction details are available at a couple of clicks
- PCI Compliant
- Prompt payouts
- Recurring billing ensures that you don’t have to pay any extra charges to offer subscriptions or to store customer’s card details (for future reference)
- With advanced security measures in place, World Pay wards of possibilities of fraudulent transactions
- The swipe rate is 2.90% + £0.30.
- A PCI Compliance fee of $15-$25 per month is applicable.
Stripe
An integrated suite of payments provides a swifter platform to grow. Stripe offers a holistic payments platform with its simple pricing. Here’s how
- Charges 1.4% plus 20p for European cards while for non-European cards 2.9% plus 20p (extra 2% fee is applicable in case of currency conversion)
- Supports a dozen of popular payment methods around the world; all on this single integrated platform
- No initial set-up fees or monthly fees
- Verifies customer’s identity before an online purchase with its 3D Secure authentication method
- Keeps expiry and renewal information of cards updated automatically via the card account updater
- Uses machine learning models to promote revenue for your business with its affordable authorisation rates in real-time
- Stripe allows access to funds from the dashboard within minutes via your eligible debit card.
