Best secure payment gateways in India
As more firms establish an online presence, the term “seamless user experience” has taken on new significance. Payment gateways, which make online buying even more convenient for clients, have been a key stride in this direction.
Unfortunately, criminals have turned their attention to payment gateways as a prominent target for online fraud. According to a survey published by Financial Express, online fraud incidents in the Indian ecommerce business increased by about 500 percent between 2016 and 2019. This is terrible news for new firms joining the market, who appear to be caught in the headlights when it comes to payment gateway integration.
Customers must be protected from such scams as much as possible if ecommerce companies wish to keep their faith in online payment platforms.
A lack of alternatives in free payment gateways has also been identified as a key cause in customers abandoning their purchases in the middle.
Today’s question is how companies can assure safe online transactions while maintaining overall ease. To do so, we must first understand the meaning of the word “payment gateway,” as well as the mechanics that make it work.
What is payment gateway and how does it work?
Consider a payment gateway to be similar to a cash register, although one that operates electronically. Payment gateways are services that simplify online payment methods, such as credit or debit card payments, for ecommerce websites. PayPal, RazorPay, Cashfree, and other well-known payment gateway companies are just a few examples.
In general, a payment gateway operates as follows:
The user’s browser and the purchasing site’s server establish encryption, which encrypts data flow between the two end points.
When a payment processor obtains approval from a financial institution, such as the user’s bank, to proceed with the transaction, it issues an authorisation request.
The user approves payment, verifying that it is they who are making the transaction and enabling the retailer to accept payment.
In 2022, a business may pick from a number of top payment gateways based on the amount of security provided and the convenience with which payments can be made. We’ve compiled a list of some of the top Indian and international payment gateways that new businesses may employ to improve their customer experience.
1) Paytm Payment Gateway
Paytm Payment Gateway offers a secure and PCI-compliant solution to conduct high-volume transactions that include not just credit/debit cards but also net banking, UPI, and Paytm wallet. There is no price for account creation or maintenance with this payment gateway.
Paytm has managed to establish itself among the tiniest sellers as well as the general public. Paytm has transformed the online payment procedure in India with the use of Verisign-certified SSL encryption technology.
Payment method Charges
Charges
0 % UPI
Payment bank Paytm
1.99 percent plus GST
Paytm wallet
1.99 percent plus GST
1.99 percent + GST for credit cards
Debit Card(RuPay)
0 %
Debit card(Visa, Mastercard)
0.4 % + GST (for transactions of 2,000 or more) 0.9 percent + GST (for transactions over 2000 )
1.99 % for net banking + GST
2)Cashfree Payment Gateway
Cashfree payment gateway offers one of the most comprehensive Pay Later alternatives, allowing customers to pay for their goods over time in instalments.
Even COD refunds can be started and completed using Cashfree’s Cashgram feature. Customers may check the status of their refund on the cashfree dashboard using the cashfree refund API.
Once an order has been placed on the site, you can block the money. In the event of a cancellation, you can receive a full refund without incurring any cancellation fees.
Cashfree is India’s only online payment gateway that operates on a T+1 cycle. That is, one day after the payment is started, it is deposited to your bank account.
Payment method Charges
1.75 % for debit cards
1.75 % on credit cards
1.75 % UPI
1.75 % for netbanking
EMI without a credit card – 2.5 %
Cards from all across the world – Per transaction, 3.5 % + Rs. 7 per transaction
Paytm/PayPal’s payment gateway levies standard charges
2.95 percent fee if you use an American Express card.
Use this link to create your cash free account right now – https://merchant.cashfree.com/merchants/signup?referrer=partner&refCode=CFEX9289
Please call us at 9739966977 for assistance .
3) Instamojo Payment Gateway
The Instamojo payment gateway is designed to make online selling and payments easier for small enterprises and entrepreneurs. Sellers may use Instamojo to make payment requests through SMS. Artists that use Instamojo to sell their designs, photography, books, and other works love it.
Instamojo offers an embed button that can be posted on blogs or websites for rapid cash collection.
Fee for processing-
Charges
NEFT (National Electronic Funds Transfer)/Bank Transfer
There is no cost.
UPI, Net Banking, Debit Cards, Credit Cards, and Wallets are all examples of payment methods.
2 percent + 3 rupees (exclusive GST)
International cards and AMEX cards
3% + Rs. 3 (exclusive GST)
Payment Gateways for International Transactions Online
4) PayPal Payment Gateway
PayPal’s Payflow, perhaps one of the most well-known payment gateway choices in the world, provides an unrivalled customer experience. Payflow works flawlessly with practically all merchant sites and accounts.
Businesses may improve their sales prospects by including PayPal’s payment gateway choices on their website, since it is one of the most widely utilised online payment methods in the world.
Payflow Gateway can help merchants create a better checkout experience for their consumers. They may either access the API and pass transactions to PayPal, or they can host the PayPal-secured checkout pages.
Fee for processing-
Charges for different payment methods
Payflow link
$0
Payflow Pro (with the added features)
$25
5)Stripe Payment Gateway
In recent years, Stripe has become one of the most popular payment gateways. Stripe’s services are used in a variety of industries and feature end-to-end encryption. Every month, Stripe adds new features to its platform, reducing the risk of online fraud and improving the user experience.
Stripe now allows multi-party payments in 25 different countries, and Stripe’s recovery features make it simple to manage recurring payments. Furthermore, the Stripe payment gateway encrypts all card numbers on disc using AES-256 to ensure safe payments. These decryption keys are spread among several machines to minimise the risk of a security compromise.
Mastercard and Visa card Issued in India
2%
American express cards issued in India
3.5%
Cards issued outside India
3%
International cards
4.3% (currency conversion will lead to additional 2% fee)
