Hassle-free is the word one looks for when talking about payment gateway for online products or services. Several payment gateways are up on offer to eCommerce store to help users in their payments. It is not easy to select one out of the few. Hence the need stands to summarize the major factors to be considered while choosing a payment gateway. They are:
- The cost of the gateway.
- Time to setup the payment.
- UI of the gateway (whether pleasing and easy to comprehend or not)
- Support/after sale services.
- Various payment options offered (credit/debit card, net banking, online wallet, etc).
Examining these factors will give a fair idea on which Indian payment gateways suits the needs of the website under consideration. Now we can take a look at the 10 Indian payment gateways that are offering services to an eCommerce store.
The oldest payment gateway in India (Ed. 2001) and has recently revamped their user interface and merchant dashboard. CCAvenue has been around for a long time which explains why it has integrated almost every bank and payment option available today. It is a tried and tested payment gateway and is a significant step forward for start-up e-commerce websites. CCAvenue supports multiple currencies but doesn’t process South African currency even though they claim to accept it. It has zero setup fee for startup Pro Plan and Rs 30000 setup fee for the Privilege Plan. They have zero annual maintenance charges, and the transaction fee varies from 1.99%+ Rs3 to 2.99% + Rs 3.
2) Citrus Pay
A payment gateway launched in 2011 which currently caters to a massive user base of 800 million. It is well funded and has a support team that is very responsive. During their initial years, they had demanded a high setup fee and detailed documentation, but now the setup fee has been taken off and just levies an easy annual maintenance. Processing is smooth in Citrus Pay, but some clients have complained about their support team. They also have a lengthy documentation process but compared to previous years; they have significantly reduced onboarding time. They have zero setup fee and an annual maintenance fee of Rs 4900. Transaction fee starts from 1.99% + Rs 3.
3) PayUbiz / PayUMoney
PayU India has two branches, PayUbiz for large e-commerce enterprises and PayUMoney is for consumers to make payments. It also has a wallet solution. It is a major company of the Naspers group and has a net value of 25 billion and serves 4000 odd businesses. PayUBiz has a setup fee ranging from Rs 4900 to Rs 29000 whereas PayUMoney has a zero setup fee. PayUBiz has an annual maintenance fee of Rs 4900 with PayUMoney levying zero amount for maintenance. Transaction fee for PayUBiz is 2.20%-3.90%, and for PayUMoney it is 2%.
It is a payment gateway offered by the French Ingenio group, which has stamped its authority as the global leader in payment services. EBS has a huge valuation, but in India, the service feedback has been a bit mixed. Recent changes have reduced their service charges and now caters to the needs of smaller businesses as well. Consumers have expressed mixed reviews regarding this gateway as some of them are not happy with the support and services provided. They have a clean UI and a good number of payment processing options along with a lower onboarding time. EBS has setup fee varying between Rs. 4799- Rs. 23999 depending upon the plan. Annual maintenance fee is Rs 2400 fixed. Based on the type of plan, transaction fee varies between 1.25 % to 3.75 %.
Established in 2012, Instamojo allows merchants to collect online payments with ease even without maintaining an e-commerce website. The added advantage is that they offer services at very reasonable charges. The customer support remains a bit tardy, but the payment processes have a better success rate. Easy to start an account as one can start on Instamojo with just a bank statement and PAN card. Instamojo is very responsive and useful with new features being added to it every day. It remains as the best payment gateway for smaller/new e-commerce ventures. Instamojo levies zero setup and maintenance fees and a very modest 1.9% transaction fee.
Atom started in 2006(FT Group), is an innovative payment service provider that stands out with over 100 payment options. It handles over 15 million transactions and caters to 4500 businesses across the country. It has a lengthy documentation period of 5-6 days and requires business registration documents for onboarding. They do not support international payment/credit cards and also does not have a multi-currency support. It waivers the annual maintenance charge for the first year and for which it is Rs 2400 a year. Transaction fees vary from 0.75% to 2.1% depending upon plan and mode of payment.
One of the prominent payment gateway solutions in India. Annual maintenance charge is zero, and it adopts a variable transaction fee concept. Multi-currency support is provided, unlike other gateways in its bracket and also offers international payment support but at a refundable security deposit of Rs 30000. Initial setup fees vary from zero to Rs 20000 and have a transaction fee varying from 1.25 % to 4 %.
8) Emvantage Payment Gateway
It is a PCI-DSS v3.1 certified payment gateway in India. It offers safety, security and easy integration along with a high transaction success. Amazon recently acquired emvantage to build its online payment. They do no support international payment or credit cards but accept all domestic cards. Also, they levy zero withdrawal fees and takes almost a week to start with the first transaction. Emvantage setup fees vary from Rs 10000 to Rs 30000 and also a customizable option for businesses dealing with volumes higher than 50 lacs. Transaction fees range from 1.5 % to 4 %.
9) Zaakpay Payment Gateway
A gateway renowned for its excellent services in online credit/debit card and internet banking transactions. They also present a negotiable maintenance and transaction processing fee. They have been facing some difficulties with their online contact form recently, and it is advisable to email to the registered mail ID directly to ensure proper intimation of the request. Zaakpay has a fast on-boarding time of just two days and has a customized annual maintenance charge and transaction charge depending upon the customer.
10) Airpay Payment Gateway
Airpay is a new and unique payment platform which is a handy assist for global e-commerce and retail. It was founded by Kunal Jhunjhunwala, Amit Kapoor and Rohan Deshpande. Its key feature is the interactive voice response system. However, users find that the transaction processing takes a while. Their setup fee is very low and has a customized approach to maintenance and transaction fees.