Top 7 Payment Gateways for Small eCommerce Businesses

July 26, 2016

With the increasing number of eCommerce startups, use of payment gateways has raised rapidly as it helps businesses to build trust among customers by making easy transactions possible.

It has been forecasted by many market studies that the demand for trustworthy payment gateways will rise rapidly in the future however with regard to payment gateway advantages, the first thing that every business need to understand is that, there is nothing like having the best payment gateway as it ensures easy, safe, speedy and secure money transactions at less pricing.

Benefits of Having a Payment Gateway for Your Small Business

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What is a Payment Gateway and How It Functions?

Payment gateways bridge the gap between banks and online businesses. When a user buys something online and wishes to make payments online through his credit or debit card, payment gateway’s facility helps him/her. This facility is not only for established eCommerce businesses but a number of home based online businesses are also using it.

When a business owner chooses online payment option and fills bank and card details, the merchant website sends the users information to payment gateway. After that, the payment gateway confirms the provided information from bank and do transfer from users account to merchant’s account safely. The image given below will explain you how a payment gateway transaction takes place.

Types of Payment Gateway

Payment gateway application helps in secure, safe and speedy online payments. They can be divided into two categories:

The banks payment gateways
The third party payment gateways

Third party service provider companies tied up with different banks to provide a safe and secure payment gateway option to merchant or small business like you.

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Top Payment Gateways for Small e Commerce Businesses

The selection of a best payment gateway is one of the crucial tasks to do an online business profitably. There are abundant payment gateway service provider companies to select from. All of them have their own advantages and disadvantages.

So selection of a right payment gateway is very important for every business. Don’t understand? Just dig deeper to get an insight of available payment gateways service provider companies to choose the best one for your business. These entire payment gateways are appreciated by the e commerce businesses for unique features. Although, to choose a correct payment gateway for your e commerce website, you can ask SME Joinup experts team, they will help you to pick the ideal one payment gateway.

Paytm

Paytm payment gateway was launched by Paytm, one of the India’s renowned e commerce marketplaces. It is best payment gateway for startups and small businesses because it ensures safe and secure online transactions. Its pricing is also genuine and flexible and does not cost too much to business owner’s pocket. It addition, you will get access of a fully furnished website that has various functionalities useful to perform various tasks related to payments. The key advantages include:

It is a smartest way to collect payments through Credit Cards, Debit Cards, Net Banking, Wallet, EMI and many more.
It has Wallet option and customers love this option to make payment
Highest success rates
Developer Friendly APIs, SDKs, Plugins for all major platforms
Its marketing tools can be used for re-engaging customers
No physical paperwork required for registration
Activate Paytm Wallet after signing-up
Support to accept payments on mobile sites, in an app, IVR and even SMS

Atom

Atom Paynetz is providing small businesses the ‘new way’ to pay. It is a part of Financial Technologies Group Enterprise which is India’s only company that offers payment collection facilities throughout channels including IVR, Online, IMobile & POS using cards and IMPS. As a certified Internet Payments platform, it allows eCommerce businesses to accept payments online over the website securely and safely. The company was established in 2006 and since after it has taken over 100 payment options more than 4500 merchants across different sectors. It also provides real-time confirmation and has features like multi banks EMI and many others. It has a dedicated helpdesk to understand the needs of small businesses and provide immediate solutions for solving their queries. It offers multiple payment options through Debit Cards from the banks like Citi Bank, Axis Bank, Syndicate Bank, PNB and others. Whereas it ensures high level of customers’ satisfaction with its innovative features:

Offer around 100+ payment options
Accept 50+ debit cards for direct debit from bank accounts
Offer 50+ Net Banking options
5 credit cards
Third party validation enabled banks for broker transactions
Provides reliable customer support 24/7 & 365 days

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Paynimo

Paynimo Payment Gateway is another revolutionary gateway to receive payments. It is powered by TechProcess Payment Services Limited which is a leading online bill payment solutions provider company in India. It uses a next generation technology that provides everything to empower small businesses to take their business to the next level. The unique features of Paynimo include:

Next-Generation Payment Gateway
e–Payment on Delivery
Interactive Voice Response Service
Payment can be done through Credit, Debit, Prepaid, Commercial, Netbanking , Instant Money Payment System (IMPS), RTGS, NEFT and through e-wallets
Offer the ‘Quickform’ entry or ‘Bulk Data Upload’ feature in the merchant console
Instant massage alert about success or failure of the consumer’s payment
Have a option to provide refunds to consumers
Virtual POS

PayUbiz

PayUbiz, earlier known as PayU is also one among the list of best Payment gateways in India. It enables e commerce businesses to pull together payments online from customers and sources with world class features. It is owned by Naspers, a global leader that has presence in countries like Poland, Hungary, South Africa, and Russia and among others. E commerce giants like snapdeal, Jabong and many others are using PayUbiz. The list of offered features include

Flexible pricing packages
Risk Management System
Multi Currency Gateway
Mobile optimised payment page
IVR Payment
Store Card Feature
And Payment Analytics etc.

Payzippy

Another trusted payment gateway option is PayZippy. It is Flipkart’s owned Payment Gateway Service especially launched for Indian merchants. Apart from Flipkart, the merchants like Bluestone, Babyoye, Lenskart, Caratlane, Makemytrip, Zansaar and others are using this payment gateway because of its advantageous features. The service provider company ensures fast and a convenient service that is PCI DSS certified. The other advantageous factors include:

Fast & Super Convenient to use
System has undergone stringent security audits by industry experts
Can be implemented with zero setup fees
Need not to pay annual maintenance cost
All information remains encrypted and secure

CCAvenue

CCAvenue is providing simple, secure online payment gateways to Indian e commerce websites since 2001. Currently it is powering more than 80 percent e commerce businesses with powerful payment gateway services in the country. It carries along many ground-breaking features and offers a wide range of services like phone pay and SNIP (allows collection of payments across social media) and more. List of top clients of CCAvenue include ClearTrip, MakeMytrip, AirAsia, Naukri, Yatra, redBus, Myntra, Snapdeal and others

It handles payment made through Visa, MasterCard, ezeClick, American Express, Diners Club etc
Zero Set fee
In-App payments made easy

Citrus Pay

Citrus is another player in the industry of payment gateways in India. It is backed by Sequoia Capital and carries along some amazing features like In-App purchase, single citrus click checkout etc. You can get access of its branded payment pages across all devices after login. The list of top clients of Citrus Pay include Meru, Zivame, Kaya, ProfitBooks, Emirates, Healthkart and many others.

A zero setup cost
Very low TDR charges

Key Things to Consider before Setting up a Payment Gateway

Many other names can be included in this list. If you are the one who seeks for genuine information on payment gateway services in India, contact with SME Join up team members, they will suggest you the payment gateways which will work best for your e commerce venture.