Top 10 payment gateways you should choose for your Business?

Top 10 payment gateways you should choose for your Business?

If you are in a startup or small business, it could be quite difficult to choose a Payment Gateway for your eCommerce store.

Payment Gateways help users to accept electronic payments through various ways like credit cards, debit cards, online net banking, mobile-wallets and many more. The payment Gateways takes the money from the buyer on your behalf and transfers them into your linked bank account after deducting the transaction fees.

Things to consider before setting up a payment gateway

  1. Payment gateway cost (Setup fee, TDR, Annual free etc)
  2. Time to setup payment gateway
  3. User Interface of the gateway (User-interface of Payment Page)
  4. Payment options (Credit/Debit Cards, Netbanking, Mobile Wallets, UPI, etc)
  5. After sale Support / Merchant Support & Service
  6. Supported currencies (Support Multicurrency)
  7. Offers multiple banks options
  8. Offers multiple credit cards options
  9. Multilingual support/options
  10. Support mobile platform
  11. Affiliation with Payment processing networks
  12. What is there Settlement Cycle?

We have listed some of the best Payment Gateways in India that offer fast and secure service at reasonable prices.

  1. InstaMojo (No Setup Cost, No AMC)
  2. CCAvenue (No Setup Cost, 2% TDR)
  3. EBS (AMC Rs 2400)
  4. PayU Payment Gateway From PayUMoney (No setup Cost, No AMC)
  5. Atom Paynetz Payment Gateway (First Year Free)
  6. Citrus Pay (AMC Rs 1200)
  7. DirecPay (No AMC)
  8. Razorpay (No setup Cost, No AMC)
  9. ZaakPay
  10. PayTM

1) InstaMojo (No Setup Cost, No AMC)

Instamojo is India’s Largest Multi-Channel Payment Solution with over 300000+ small businesses collecting payments using their service. Instamojo was established in the year 2012. Instamojo provides 2 mins set up and its completely free.

Key features :

  1. Quick start accepting payments
  2. Provides Simple APIs integration
  3. No set up fee required
  4. Annual maintenance Charge are zero, completely free
  5. Transaction Fee are per successful transactions 2% + Rs 3
  6. Settlement Cycle : 3 days in your connected Bank account
  7. Collect payment using payment link on Whatsapp/Facebook/Twitter/SMS
  8. Offers free online store to sell items
  9. Supports Android and iOS Mobile App Integration
  10. eCommerce support – Provide API plugins for all major ecommerce platforms
  • CS Cart
  • Drupal
  • WordPress
  • WHMCS
  • Prestashop
  • Megento
  • Meteor JS
  • Opencart

2) CCAvenue (No Setup Cost, 2% TDR)

CCAvenue is one of the biggest and most popular payment gateways provider in India. It offers 200+ payment options including 6 credit cards. It also supports 27 major foreign currencies. CCAvenue also allows multilingual payment page in 18 major Indian and international languages.

Key features :

  1. Available Payment Options
    • 7 Credit Cards
    • 53+ Net Banking
    • 98+ Debit Cards
    • 7 ATM Cards
    • 48 Bank’s IMPS
    • 16 Prepaid Instruments
    • 12 Bank EMI
  2. Multiple Currency support – Collect payments in 27 major foreign currencies
  3. Multilingual Payment/Checkout Page – Provides 18 major Indian and International languages options
  4. Supports payment page UI customization as per brand need
  5. Offers free online shopping cart to sell items
  6. Provide Retry Option – Retry option helps reduce number of abandoned transactions and boosts success rate more than 15%
  7. eCommerce support – Provide API plugins for all major ecommerce platforms
    • Buildabazaar
    • Cubecart
    • Drupal
    • Interspire
    • Joomla
    • Magento
    • Magento Go
    • Martjack
    • Moodle
    • NopCommerce
    • Opencart
    • OsCommerce
    • PrestaShop
    • VirtueMart
    • WHMCS
    • WordPress
    • ZenCart
  8. CC Avenue S.N.I.P – Provides option of Social Network In-stream Payments to sell products and collect payments in-stream across social network
  9. CC Avenue PhonePay – Allows customers to make the payment via their phones.
  10. Provides Fraud & Risk Identification System & Knowledgebase (FRISK) service to secure payment gateway experience.
  11. No set up fee required for startup plan
  12. Annual maintenance Charge are Rs 1200
  13. Transaction fee varies as per payment option
    • All MasterCard & Visa Credit Cards (Domestic): Flat 2% fee
    • Debit Cards MasterCard / Visa / Maestro / RuPay : Flat 2% fee
    • Netbanking : Flat 2% fee
    • Wallets : Paytm / MobiKwik / JioMoney / PayZapp / Jana Cash /
    • Freecharge / SBI Buddy / The Mobile Wallet: Flat 2% fee
    • Cash Cards ITZCash / ICash / Oxicash / PayCash : Flat 2% fee
    • Bank’s IMPS & UPI: Flat 2% fee
    • International Credit Cards on Visa, Mastercard, American Express, JCB and Diners Club: Flat 3% fee

3) EBS (AMC Rs 2400)

Electronic Billing Solutions or EBS is first Indian payment gateway who is PCI DSS 3.0 compliant (Payment Card Industry Data Security Standard) and ISO 27001- 2013 certified. EBS is based in Mumbai. It offers 100+ payment options including 6 credit cards. It also supports 11 major foreign currencies.

Key features :

  1. Available Payment Options
    • 6 Credit Card brands
    • 73 Debit Cards
    • 8 Prepaid Cards/Wallets
    • 50+ Net Banking
    • 8+ Bank EMI
  2. Multiple Currency support – Collect payments in 11 major foreign currencies
  3. Supports payment page UI customization as per brand need
  4. Provide Auto Retry Option – Retry option helps in arresting abandoned transactions and further boosting the success rate by 10-12%.
  5. Offers go live with EBS in 24 hours (Within 24 hour Merchant account activation)
  6. eCommerce support – Provide API plugins for all major ecommerce platforms
    • Magento
    • Zencart
    • Opencart
    • Tomatocart
    • Prestashop
    • WordPress Eshop
    • WordPress E-commerce
    • WordPress woo-commerce
    • WordPress Easy digital download
    • Joomla virtuemart
    • Joomla Hikashop
    • Joomla Akeeba subscription
    • Joomla Joomshopping and many more
  7. Offers online store front solution with EBS
  8. Provide promotional free setup offer on Starter plan (Actual setup fee is 9599)
  9. Annual maintenance Charge are Rs 2400
  10. Transaction fee varies as per payment option
    • Credit Cards(Visa, MasterCard): Flat 2% fee
    • Debit Cards(Visa, MasterCard, RuPay, Maestro) : Flat 2% fee
    • Net Banking(40+ Banks) : Flat 2% fee
    • EMI on Credit Card(9 major banks supported) : Flat 2% fee
    • Wallets / IMPS / Cash cards / UPI: Flat 2% fee
    • Amex, ezeClick, JCB, Diners : Flat 3% fee

4) PayU Payment Gateway From PayUMoney (No setup cost, No AMC)

PayUMoney is a good option for start-ups with limited budget and less profit margin. They do not have any setup charges and the best thing is that they offer a 2% discount to your customers from their end. The Only charges they bill you is the transaction fee which is also very nominal. PayUMoney started its functioning in 2011 and now its fastest growing e-commerce payment gateways in India. With only having saving account you can start accepting payment with PayUMoney it allow to get started instantly and collect payments.

Key features :

  1. Available Payment Options
    • UPI
    • Debit and credit cards from all card associations(Visa, MasterCard, Maestro etc)
    • 50+ Net Banking
    • Pay through digital wallets
  2. Start accepting payments in less than 5 minutes with PayUMoney.
  3. No setup charges
  4. No AMC charges
  5. 2% instant discount to all your customers.
  6. Easy Integration with eCommerce platforms
  7. Integrates with your savings account as well.
  8. Provide responsive and mobile ready payment UI experience
  9. Automatic settlement of payments
  10. Nominal transaction fees, Transaction fee : 2% of sales for normal transactions and 1% extra for AMEX cards

5) Atom Paynetz Payment Gateway (First Year Free)

Atom Paynetz is promoted by Financial Technologies Group and It offers 265+ payment options including credit cards, 100 million+ transactions per year, 50000+ merchants across the country. For the first year, the Annual Maintenance Charge gets waived off from the company. However, the standard charge of INR 2,400 will be applied from the next year.

Key features :

  1. Available Payment Options
    • IMPS
    • Debit and credit cards from all card associations(Visa, MasterCard, Maestro etc)
    • 45+ Net Banking
    • NEFT / RTGS
    • Bank EMI
  2. Domestic Credit Cards supported: Visa, Master, AMEX, Diners, JCB, Discover
  3. Multi-Currency Support: Not Supported
  4. Settlement Cycle : in T+2 days
  5. No set up fee required for Standard plan
  6. Annual maintenance Charge : Generally waived off for first year, however second year onwards it will be Rs 2400
  7. Transaction fee varies as per payment option
    • All MasterCard & Visa Credit Cards (Domestic): 2.1% fee
    • Debit Cards(Visa, MasterCard, RuPay, Maestro) : 25% fee
    • Net Banking (50+ Banks) : Flat 2% fee
    • Wallets : 2.2 % fee
    • Major Bank’s EMI Options : 2.35 % fee
    • Bank’s IMPS : Flat 2 % fee
    • Credit Cards (International) : Flat 4% fee
    • American Express / Amex EMI, JCB & Diners Club : Flat 3% fee

6) Citrus Pay (AMC Rs 1200)

CitrusPay facilitates digital payments and online checkout processes for more than 800 million strong electronically linked user base. CitrusPay was founded in 2011. It has over the years emerged as the preffered choice of million and has an admirable list of clients.

CitrusPay has one of the lowest service charges in the industry; they levy a flat 1.99% + Rs. 3 for each transaction done through them. CitrusPay also levies Rs. 1,200 as a yearly maintenance fee. Their superior infrastructure translates into a very high conversion rate for merchants. For big merchants the company has a steady payment service with a setup fee charged. For all transactions, the merchant needs to pay 2.9 percent of the sale proceeds as fee.

CitrusPay merged with PayU. The official website of CitrusPay redirect to PayUMoney.

  • No setup charges
  • Annual Maintenance Fee: Rs.1200

7) DirecPay (No AMC)

DirecPay is a TimesofMoney Service. Apart from offering a wide range of affordable payment options, they also give an assurance of T+2 settlement cycle. It also offers option of Multi Bank EMI, wherein all major banks like HDFC, Citibank are supported for EMI conversion. The other unique features include dropped transaction tracking, automated reconciliation, real time MIS and on demand analysis & reporting tools.

The PCI DSS certified and Norton Secure gateway offers easy integration to ecommerce business, a simple registration and a flexible payment process. However, Direcpay requires 5 days for account activation, after the documents are verified by concerned authorities.

Key features :

  1. Available Payment Options
    • 4 Credit Card brands
    • 56 Debit Cards
    • 1 Mobile Payments
    • 42+ Net Banking
    • Bank EMI
  2. No AMC charges
  3. Transaction charges : variable transaction fee apply
  4. International Payments/Credit card Support: Supported with an additional refundable security deposit of Rs 30000
  5. Multi-Currency Support: US $ is supported for merchants with International Payment Gateway activation
  6. Settlement Cycle : in T+2 days
  7. Customer support not available over weekends. However you will be able to connect easily with support team over weekdays
  8. 5 to 7 days time required to start transaction with DirecPay
  9. eCommerce support – Provide API plugins for all major ecommerce platforms
    • nopCommerce
    • Prestashop
    • OpenCart
    • OSCommerce
    • Joomla
    • WordPress
    • WHMCS
    • cubecart
    • cscart
  10. Supports Android and iOS Mobile App Integration

8) Razorpay (No setup Cost, No AMC)

Razorpay is relatively new in the arena of e-commerce payment gateways. Launched in the year 2013. Razorpay aims to revolutionize the online payments process through secure and easy-to-integrate APIs, which makes it easy for businesses to integrate and process transactions.

Key features :

  1. No setup charges
  2. No AMC charges
  3. Online Activation within 2 working days
  4. Supports Android and iOS Mobile App Integration
  5. eCommerce support – Provide API plugins for all major ecommerce platforms
    • WooCommerce
    • Magento
    • CS Cart
    • OpenCart
    • Shopify
    • WHMCS
    • Arastta
    • Prestashop
    • WordPress
    • Easy Digital Downloads
  6. Transaction fee varies as per payment option
    • Indian Credit Cards, Indian Debit Cards, Net Banking from 58 Banks, UPI, Wallets including Freecharge, Mobikwik etc : 2% per transaction
    • Diners and Amex Cards, International Cards, EMI : 3% per transaction
    • GST as applicable on fee

9) ZaakPay

Zaakpay is powerd by Mobikwik, based in New Delhi & Bangalore. Zaakpay is established in the year 2011. Zaakpay has two products to offer- Webpay and Bankpay, making Zaakpay a complete online payments solutions provider. Webpay has a simple four step procedure to setup the payment gateway. To start with Zaakpay, fill out the  online application and the merchant account is set up and activate in 2 working days.

Key features :

  1. Available Payment Options
    • Credit Card
    • Debit Cards
    • Wallets
    • Net Banking
    • Bank EMI
    • UPI
    • Link-based Payments
    • International Card
  2. No setup charges
  3. No AMC charges
  4. 100% online registration , Merchant account activation within 2 working days
  5. All Indian & International Mastercards, VISA, Discover & Diner’s cards acceptable.
  6. Over 52 Indian major banks supported for netbanking
  7. Customized payment flows to wow your customers and increased transaction success rates
  8. Easy to integrate. Intuitive dashboards and APIs
  9. Supports Android, iOS and Windows Mobile platform
  10. Multi-Currency Support not available
  11. Settlement cycle :T+2 days
  12. eCommerce support –
    • WordPress
    • x
    • 3
  13. Transaction fee varies as per payment option
    • Credit Card, Debit Card, Net Banking, UPI, Wallets: 1.90% Per Transaction
    • International Credit Card, EMI, AMEX, Diners : 2.90% Per Transaction
    • Per transaction GST charges extra

10) PayTM

Paytm is one of the leading Payment gateway option in the ecommerce industry due to its online consumer base with ‘Paytm Cash’ wallet. Paytm serves 45 Lakh+ merchants with 20 Crore+ wallet Users on Paytm and 30 Lakh+ transactions processed per day.

Key features :

  1. No setup charges
  2. No AMC charges
  3. Collect payment using payment link on Whatsapp/Facebook/Twitter/SMS
  4. Supports Android, iOS Mobile platforms
  5. Transaction fee : Flat 1.99% Per Transaction. (Per transaction GST charges extra)
  6. Settlement cycle :T+1 day for Wallet , T+2 for payment gateway (CC, DC,NB) transactions
  7. Multi-Currency Support: Not available as of now
  8. Faster Onboarding – Get access to sandbox instantly. Go live within hours
  9. eCommerce support – Provide API plugins for all major ecommerce platforms
    • Magento
    • Opencart
    • Nopcommerce
    • Prestashop
    • CS Cart
    • WordPress
    • Ubercart
    • WooCommerce
    • Gravity Forms
    • Easy Digital
    • VirtueMart
    • osCOMMERCE
    • WHMCS
    • Drupal Commerce
    • WP eCommerce
    • Zencart
    • Moodle
    • Joomla
    • ViArt

We have go through the various criteria that you should consider while choosing  payment gateway for your ecommerce store and also have seen the leading and trustful payment gateways available in India. These are some of the best payment gateways in India that you can check as per requirement and feasibility.

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