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Best Payment Gateways for eCommerce in 2021

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Payment Gateway is an online payment service that enables merchants and businesses to pay their customers with debit or credit cards very easily. Which is very secure for your business, well managed, and supports all multi-channel processing simultaneously. If you run an online store, then choosing a successful and good payment gateway provider to thrill your online customers or take payment is very important and necessary. According to recent research, about 86 percent of customers now shop online via credit or debit card, which saves their time and makes shopping easier for them. With the introduction of many new technologies for online payment and shopping by smartphone, it is becoming the most preferred and easily paid option for customers.

In this article, we have tried to tell you which is the best payment gateway for your business and how it gives you a better conversion rate for other people as well as their acceptance. 

PayTM:

Paytm has become the best payment gateway for ecommerce in India for small businesses. It is currently one of the most recognized brands in India. Now when they have given up plastic money with credit cards, they started entering our economy. With its easy-to-use and huge online consumer base, PayTM has enabled merchants to make online payments with improved convenience through PayTM Cash Wallet. 

  • Initial set-up fees: Zero

  • Maintenance Cost: Zero Annual maintenance costs
  • Fees per transaction: 1.75 %+ GST per transaction for Indian Debit and Credit Cards, Net banking, UPI, and Indian Wallets.
  • Supports credit/debit cards: MasterCard, Visa, Maestro, RuPay, JCB, eZeClick, Diners, and Amex 
  • Settlement Period: 2 to 3 days

PayU:

PayU is also known as PayU Money. It is an online payment service provider that focuses on merchant shopping and payment as well as the needs of merchants, providing a single integration solution to receive other payments. This gateway is one of the top payment gateways to enable and accept online payments with minimal payment efforts, simple sign-up, and a quick onboarding process. Currently, PayU Payment Gateway serves more than 4000 merchants, including leading e-commerce giants such as Snapdeal, Jabong, BookMyShow, Trades, and more.

  • Initial set-up fees: Zero

  • Maintenance Cost: Zero Annual maintenance costs
  • Fees per transaction: 2% + GST per transaction for Indian Debit and Credit Cards, Net banking, UPI, and Indian Wallets.

3% + GST per transaction for International Cards, EMI, etc.

  • Supports credit/debit cards: Visa, MasterCard, Diners, and Amex 

  • Settlement Period: 3 days

GPay (Google Pay):

GPay means Google Pay. It is a highly recommended digital wallet platform and a major online payment system created by Google to enable the app and tap-to-pay shopping, allowing users to use smartphones, watches, and tablets. Also provides a payment facility. Small-scale Indian merchants can accept instant payments from their customers by sharing contact details or QR codes, this is a very simple, instant, and secure payment gateway. Used by a number of people as Gpay also gives rewards on every transaction.

  • Initial set-up fees: Zero

  • Maintenance Cost: Zero Annual maintenance costs
  • Fees per transaction: Zero
  • Supports credit/debit cards: Visa, AMEX, MasterCard, American Express, Diners Club, JCB, Maestro, and Discover
  • Settlement Period: Quick payments 

PhonePe:

PhonePe lends merchants to accept payments by all UPI-based apps, debit and credit card, and payment applications. PhonePe can help you grow your online business by enabling your customers to use multiple payment modes. Online payments are fast, simple, and secure with PhonePe. They provide many more payment containers that can be integrated with any payment gateway on your eCommerce site, Android, and iOS applications. Money rewards are also an attractive feature of phonepe for your customers.

  • Initial set-up fees: Zero

  • Maintenance Cost: Zero Annual maintenance costs
  • Fees per transaction: Zero
  • Supports credit/debit cards: Almost all
  • Settlement Period: Quick payments 

BHIM UPI Payment Solution:

Bharat Interface for Money (BHIM) is a recognized Indian payment application that allows you to make payments easily and instantly using Unified Payments Interface (UPI). You can make instant bank-to-bank payments, and you can easily make money from just your mobile number or your virtual payment address (UPI ID).

  • Initial set-up fees: Zero

  • Maintenance Cost: Zero Annual maintenance costs
  • Fees per transaction: No charges on transactions ranging from Rs 1 to Rs 100,000. Some banks charge very little for UPI and IMPS transfers.
  • Settlement Period: Instant transfers

Freecharge Payment Solution:

The FreeCharge payment gateway provides a digital wallet that allows retailers and online merchants to accept payments from their customers. The wallet was launched by telecom companies to accept payments from customers as a recharge facility. The company saw the potential of eCommerce in India and developed its payment solution for Indian merchants with an influx, an unprecedented trend even today.

  • Initial set-up fees: Zero

  • Maintenance Cost:  Zero Annual maintenance costs
  • Fees per transaction: Zero
  • Settlement Period: Swift processing

Cashfree Payment Gateway:

Cashfree is one of the leading banking expertise companies. If you are looking for bulk payment, Cashfree is the only one available in India. It offers the most comprehensive payment options for Visa, Master, Maestro, RuPay, AMEX cards, over 70 NetBanking options, Paytm, and mobile wallets such as MobiKwik, FreeCharge, and Airtel. It also supports UPI, PayPal, NEFT, and IMPS.

  • Initial set-up fees: Zero

  • Maintenance Cost: Zero Annual maintenance costs
  • Fees per transaction: 1.75 % per transaction for Indian Debit and Credit Cards, Net banking, UPI, and Indian Wallets. 

3.5 % + Rs 7 Per transaction for International Cards, EMI, etc.

  • Supports credit/debit cards: MasterCard, Visa, Maestro, Rupay, and American Express

  • Settlement Period: 24 hours

Instamojo:

Instamojo is also a digital payment gateway mixed with an e-commerce platform for Indian merchants. It provides you the facility to collect payments through credit card, debit card, wallet, or UPI on its website or application across India. All you have to do is create an account on your online portal, and you can start selling very easily in a few minutes. It is quite popular and the reason is also interesting. Instamojo is the only service provider that allows its customers to register with them, even if customers do not have a website.

  • Initial set-up fees: Zero

  • Maintenance Cost: Zero Annual maintenance costs
  • Fees per transaction: 2%+ Rs 3 per transaction for Indian Debit and Credit Cards, Net banking, UPI, and Indian Wallets. 

5% + Rs 3 per transaction for digital products and files.

  • Supports credit/debit cards: Visa, Diners, Master, AMEX, JCB, and Discover

  • Settlement Period:  3 days

EBS Payment Gateway:

EBS is a payment gateway from E-Billing Solutions Pvt. Ltd., which facilitates Indian eCommerce stores to use payment collection facilities provided by multiple banks, cash cards, and payment processors on a platform with minimal integration. It is available in many languages ​​such as Hindi, English, Gujarati, Tamil, Telugu, Bengali, and Marathi, offering to design paid pages in one of seven diverse languages.

  • Initial set-up fees: Rs 9599 

  • Maintenance Cost: Rs. 2400 annually
  • Fees per transaction: 2% per transaction for Indian Debit and Credit Cards, Net banking, UPI, and Indian Wallets. 

3% per transaction for International Cards, EMI, etc.

  • Supports credit/debit cards: Visa, JCB, Master, AMEX, Diners, and Discover

  • Settlement Period:  2 to 3 days

Razorpay:

Razorpay is the best payment gateway across India. The main objective of which is to promote online payment in India by providing hassle-free integration to the people and making India digital stress-free. It provides a fast and secure way of paying merchants, online stores, and many more companies and enables you to pay online.

It gives you access to all payment modes including credit card, debit card, UPI, and net banking. Such as MobiKwik, JioMoney, PayUmoney, FreeCharge, Airtel Money, Ola Money as well as PayZapp, etc. many other wallets.

  • Initial set-up fees: Zero

  • Maintenance Cost: Zero Annual maintenance costs
  • Fees per transaction: 2% per transaction for Indian debit and credit cards, net banking, UPI, and Indian wallets, and 

3% per transaction for international cards, EMIs, etc.

  • Supports credit/debit cards: MasterCard, Visa, American Express, BAJAJ, DICL, Maestro, and RuPay

  • Settlement Period: Its settlement period is 3 days.

CCAvenue:

CCAvenue is a popular payment gateway that offers many payment options for you. It is the oldest payment gateway utilizing more than 80% of e-commerce merchants in India. Established in 2001, CCAvenue has become one of the main payment gateways replacing the online payment gateway. Indians love it because it is available in 18 different Indian languages. It provides an online payment facility for online customers by credit card, debit card, net banking, digital wallet, mobile payment, and cash card, etc.

  • Initial set-up fees: Zero

  • Maintenance Cost: Rs.1200 for annual maintenance costs
  • Fees per transaction: 2% per transaction for Indian Debit and Credit Cards, Net banking, UPI, and Indian Wallets and 

3% per transaction for International Cards, EMI, etc.

  • Supports credit/debit cards: Amex, JCB, Diners Club, MasterCard, Visa, Maestro, Rupay, and eZeClick, etc.

  • Settlement Period: The settlement amount is one week for all amounts above Rs 1,000, which is the minimum amount of the transaction.

CONCLUSION:

Online payment on the website makes it easy for the buyer to buy products/services without extra effort to pay. Online payment gateways provide a platform to securely conduct online transactions. These are certainly not the only options there are many more. And finally, the decision on the right payment gateway for your business is up to you. You have several factors to consider: your target customers and how they use the app, the fees charged by the payment gateway, how easy it is to get your money, and how easy it is to integrate the gateway for your business or your app.


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