Effective ways to choose the best payment gateway in India in 2021
New Delhi : Almost every business owner grapples with this genuine and common concern of establishing a payment gateway India for his e-commerce website. The online markets have become the central selling points for all the retailers and purchase points for the buyers. As per some reports published by Statista, online payments are likely to expand with over 20% CAGR (Compound Annual Growth Rate) between 2019 and 2023. If taken into numbers, this expansion will yield around 660 million Indian customers using an online payment gateway India by December 2023. So, retailers and online merchants must gear to learn the most effective ways to choose the best payment gateway in 2021.
One should aim at identifying the best mechanism and an increase in the conversion ratio to get a reliable source. If the payment gateway India also contributes to telling the brand story by customising the services, there is no better way to use the platform. Merchants who learn the ways to choose the best get the opportunity to save themselves from chaotic tasks, including lengthy verification process, rigorous documentation process and an abrupt setup procedure. One has to know the perfect filtration process to make the right choice!
Payment Gateways Transactions: A Comparison
Here is a tabulation of a comparison made between a few selected countries on the real-time transactions in 2019.
The table shows how India is leading the list with a huge margin in the number of transactions in a year. So, merchants, retailers and businesses looking for a payment gateway India should understand the importance of a reliable and robust setup because these numbers are going to increase in the future!
Effective Ways To Filter The Best Payment Gateway
Here are a few effective ways that online merchants, retailers and businesses can optimise to choose the best payment gateway India for them. These factors will help them see through their needs and make an effective decision.
Choose A Preferred Type of Gateway
There are two major types of payment gateways; integrated and hosted. The former gateway redirects the customers to its processing platform, and the latter hosts the payment window on the client’s website. One should identify the best one depending upon his business needs.
Check Transaction & Setup Fees
Every payment gateway India setup comes with a predefined fee and transaction charges. Merchants should compare these charges with their budget and the services they are getting in this range from all the available options. The one that justifies the amount must be the pick!
Determine The Need For Automatic Billing
Merchants who offer products or services on a subscription basis should use a payment gateway with an automatic billing facility. The gateway will use the customers’ account details to deduct the amount at a defined time. This facility improves the service experience on both ends. However, integrating a cancellation option is crucial in this case.
Examine Purchasing Funnel System
The purchasing funnel system determines the time taken for completing a transaction. Consider the number of steps needed to complete an online payment using a debit/credit card. If there are too many pages and steps to follow, a customer might lose interest! Also, the speed factor will become an issue. So, one must demand a demo before making the right choice.
Compatibility of CMS & Payment Gateway
The CMS (Content Management System) of almost every e-commerce website has a payment gateway plugin. Consulting the service provider about its compatibility with their gateway will be a fruitful task.
Do Not Neglect Overseas Customers
Overseas customers also contribute to revenue generation! So, one must have a window for international transactions to let those customers reap the service. Look out for international payment facilities in the gateway.
Grasp Multiple Payment Solutions
Every customer is comfortable with a particular payment method. Some like card payments, some prefer e-wallets, and some use UPI. A payment gateway India must have all these options available.
Check The List of Supported Cards
Does the payment gateway support all types of Indian and international cards? This question should be on the finding list of all the merchants. With the new rules laid by RBI for maintaining debit and credit cards, this factor is a vital one. Look out for the most common options like MasterCard, Rupay, etc. The more flexible payment options, the higher are the chances of a merchant to hold onto his customers!
Review The Market Goodwill
Market goodwill of a payment gateway service provider will have a direct impact on the goodwill of the merchant using the same. Customers usually think these tie-ups to administer fraud are mutual. So, they will cease using the platform and will also spread the negative word of mouth. Therefore, merchants have to be sceptical about their choices.
Customer Supper Service
The customer service department plays a crucial role in the business. Merchants need to tie-up with a competent service provider in the industry. Getting the customer service department at their disposal is the best they can do for their business growth.
Conclusion: Make The Best Choice
One should not let the budget quotient take the steering wheel of his decision-making process. Yes, money matters and merchants always want cost-efficiency, but long-term plans are reliable when considered rationally! So, choosing the cheapest without considering all these factors is not the right way to approach this task. Selecting a payment gateway that justifies all these services at a reasonable rate will yield better results.
A payment gateway India that turns out to stand all these grounds and seems to have the potential must be the best for a merchant. Since every business has its set of rules and foundation, one should analyse these factors from his perspective that will benefit the business. The objective is to serve a payment option that comforts the customers!