In an era of e-commerce platforms and the importance of digital presence for any business be it SMEs, MSMEs, startups or entrepreneurs, payment gateways have become essential to accept payments through digital mode. The technology lets businesses integrate a secure and fast payment gateway that offers multiple payment options like credit card, debit card, wallets, netbanking, EMI, UPI etc. A strong payment gateway partner is pivotal for direct to consumer ventures and online platforms.
The availability of flexible payment options enhances customer experience and drives growth for the business. A payment gateway can be integrated in any website or mobile application that sells a product or service as well as a point of sale in a retail store.
Below are the top five fintechs players providing a dynamic payment gateway to businesses.
Paytm Payment Gateway
Paytm is known for pioneering mobile payments among Indians with their powerful campaign ‘India Kahe Paytm Karo’. Its subsidiary Paytm Payments Services Limited runs Paytm Payment Gateway, which is the most cost effective one as it offers zero setup and maintenance cost, business can go online in 24 hours with minimum documentation and so on.
Businesses can also collect customer payments from several channels like websites, handheld devices like mobile and tablets, and social apps like WhatsApp, Facebook, or via email and SMS. Most importantly, it is also the only payment gateway that has a T+1 settlement cycle. Merchants can also take their business global by accepting international payments from over 200 countries. Some of the biggest brands have integrated Paytm Payment Gateway including Zomato, Swiggy, Uber, IRCTC, Myntra, Lenskart, Flipkart, Airtel, Jio and so on.
Another reliable payment gateway is Instamojo that is trusted by lakhs of businesses considering it provides over 100 online payment modes to consumers. It offers a suite of features to manage payments online easily. With Instamojo’s extensive and out of the box payment integration services, businesses can integrate its payment gateway and go live within a matter of a few hours.
It takes no charge for NEFT/RTGS and bank transfers, however it does not support multi-currency payments. Its advanced technology ensures customers return in case of payment failure.
Another popular payment gateway is CCAvenue that offers over 200 payment options including 6 credit cards, over 58 net banking, more than 97 debit cards, 13 prepaid instruments, 15 Bank EMI etc. It also collects payments in 27 major foreign currencies allowing customers to pay in the currency they know best.
Besides, it provides a multilingual checkout page in 18 major Indian and International languages for a wider global reach. It engages consumers who prefer content in their native languages resulting in an enhanced user experience and increased transaction success rates.
Established in 2000, BillDesk is a one-stop payment provider that is specialized in managing recurring payments on cards. It gives end-to-end mandate management with greater convenience and control for customers. It is preferable for businesses that require regular monthly payments from customers. It enables customers to set up recurring payments using Cards, eNACH or UPI AutoPay and access all bank accounts in India.
It supports over 150 payment methods for accepting payments on a company’s website or mobile application.
Another simplest and fastest payment gateway is Cashfree that provides innovative solutions to accelerate online sales. It allows customers to pay via any card with over 65 netbanking options, UPI, Paytm & other wallets, EMI and Pay Later options. In addition, it accepts payments and gets fast settlements even on bank holidays with instant refunds.
Cashfree intends to offer the best UPI checkout experience with the highest success rate to consumers. Brands like Ixigo and Nykaa are using its advanced payment gateway features to scale their business. Also, it has the lowest payment gateway charges and accepts more than 100 foreign currencies.