In today’s world of technology, almost every business is online. If you’re not yet online, then it’s time to consider getting your business online. The good news is that you can start accepting customer payments with a business account. However, you need a payment gateway to accept credit card payments. Many payment gateways are available in the market, but not all are trustworthy. So, how do you choose the best payment gateway?
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How to Choose the Best Payment Gateway in India?
- Setup And Transaction Costs
Checking the setup and transaction costs is compulsory when choosing the payment method. It’s important to know the fees you will pay for using the gateway and if you can make the transaction in time. Also, you need to check if there will be any extra charges. For example, some gateways charge money per transaction, known as a fixed transaction fee. Others charge a percentage of the transaction fee, known as a percentage transaction fee. Some charge only a small amount of money to process a payment, while others charge higher fees to process a transaction. Some of them also charge for their services. Some are paid for processing a transaction, while others are paid for setting up the account.
- Multi-Currency Support
The payment you select should be Multi-currency Support because sometimes you need to send and receive payments in different currencies. In India, three major payment gateways are very popular among businesses as they are reliable and fast.
If you have selected one of the above payment gateways, the payment gateway should support multiple currencies like INR, USD, EURO, GBP, etc.
We know that India has its currency, INR, but the world is changing, and many people have also started using the US dollar. As per the latest statistics, more than 60% of all transactions in the USA are done in the US Dollar.
- Lengthy Payment Process
Customer registration is required for certain payment gateways, which results in an increased number of necessary procedures. Most users who get to this page will close the window and not register or use the website any further. This ensures a fast, efficient and secure payment experience.
- Customer Support
Customer support is an integral aspect of any business. They are responsible for helping your customers and providing them with answers to their questions and queries. Ensure that you have contact information available for your customers on the payment gateway’s website.
- Authenticity and Security
Authenticity is a significant obstacle to your success. You have to be authentic in your presentation and your service. Your goal is to accomplish this by choosing an established brand that holds a preeminent position in the market.
Even though this may reduce your cost considerably, it will still cost you a considerable amount. A lot of trusts are placed in the highly reputable Payment Gateways. Consumers are more likely to buy a new product from a well-known brand than a product from a company they don’t know.
- Cash/Pay On Delivery
Other simple factors must be considered, such as whether the payment gateway offers its clients Cash on Delivery or not. If the gateway does not offer Cash on Delivery, you must make online payments using credit or debit cards. If you pay via credit or debit cards, you will have to use a credit card with a lower transaction limit, as opposed to the payment gateway’s credit limit, which usually is between Rs 20,000 and Rs 100,000 per day. For example, if your credit card has a transaction limit of Rs 10,000, you will have to make two online payments, one at Rs 10,000 and another at Rs 2,000, to pay the amount you wish to pay through the payment gateway.
- Multiple Gateways
Many business owners use multiple payment gateways to make payments to customers. It’s a good idea to use several types of payment gateway. You should select the right gateway when you need to make payments to someone. For example, if you sell services online, you must use a gateway for online transactions. If you need to make payments through a mobile app, you should use the same type of gateway that your customers are using. Make sure that your payment gateway works with your business. It’s also a good idea to register with more than one gateway. You will benefit from this because you will be able to compare the services of each payment gateway.
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