A payment gateway is a mechanism that can read and transfer payment information from a customer’s bank account to a merchant’s. Its primary function is to store data, ensure the funds are available to make the transaction and get the merchant paid. Thanks to the payment gateways in India, the online payment process has become quite simple. The transaction details are sent to the gateway for confirmation when a payment is made through a payment gateway. The details are verified in the next step, and the money is transferred. If you are running a business or a start-up, you might be confused about which payment gateway you should go for. This article will take you through the top 6 payment gateways in India.
Here is the list:
1. RazorPay
Shashank Kumar and Harshil Mathur founded RazorPay in 2013. This fintech company offers service to e-commerce sellers, merchants and vendors. It provides a system that is designed to manage end-to-end payments. Therefore, it is possible to integrate it with different websites and applications. The company is based in Bengaluru (Bangalore). They do not charge set-up, withdrawal, or maintenance fees. The only thing to keep in mind is that they charge 2 to 3% transaction fees, which depends on the payment method and whether the transaction is domestic or international.
2. Paytm
Paytm is short for Pay through mobile. This multinational company provides a digital payment system for financial and eCommerce services. Vijay Shekhar Sharma started it in 2010 as a pre-paid and DTH recharge platform. The transaction fees for modes of payments such as Paytm wallet, net banking, and credit cards are 1.99%. However, the maintenance fees and set-up or withdrawal charges are nil.
3. PayU
PayU is a payment gateway that started off in the Netherlands. PayU offers acceptance from payment modes such as debit/credit cards, UPI, Net banking, etc. It supports multiple currencies and can accept international payments. The pricing for PayU depends on the plan chosen. The three plans offered include—Business Plan, Business Premium and Starter Plan.
4. EBS
E-billing or EBS comes under the parent company of Ingenico Group. It facilitates online payments from the seller’s website and allows them to collect payments. The pricing for the initial set-up is nil, and further charges are based on the requirements. Apart from that, a transaction fee of 2% is charged for domestic debit and credit cards and net banking. For the other methods, the fee is 3%.
5. CCAvenue
CCAnvenue can help you start your business in just an hour, as this payment gateway in India makes transactions easier. Infibean is its parent company which was founded by Vishal Mehta. As per the pricing, they offer a paid and a free version. The transaction fees vary between 2% and 5% depending on the mode of payment.
6. CashFree
CashFree is one of the leading payment gateways in India. The pricing for this payment gateway in India is only 1.90% for every transaction. They can collect international as well as domestic payments.
Grow Your Business with RazorPay
In this article, we have discussed various payment gateways in India. Even though they all provide good services, RazorPay is the most popular one, and the one you should go for. They make payments smoother and more convenient for businesses. In addition, they are the only payment solution company in India that enables businesses to process, accept, and disburse payments through their product suite. Visit their official website today to know more about their services.
Also Read: Payment Gateways: What They Are And How They Work I India CSR
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