Payment Gateways and Online Transactions. What is Payment Gateways and Online Transaction?
As the digital world is a trend. So many businesses are shifting online. This is also because of COVID 19 in some or other way. The impact of COVID 19 is so harsh. That it has forced so many offline businesses online. Now the most vivid problem in this situation is social distancing. People want social distancing and no contact delivery. Well with or without COVID 19. Online businesses come with online transaction methods. The online transaction makes it easier for consumers and businesses. This is one of the biggest reason why Online Businesses are increasing at a high rate. Online Business comes with a challenge. The biggest challenge with online businesses is online transactions itself. Because who would want to spend online if you don’t feel safe. Several reports are there of frauds. Frauds make your brand name sink down.
For instance, someone places an order for electronics. Pays online even thou you delivered product. You hear a complaint stating “someone paid you from there ID”. So in this case indirectly your business reputation is at stake.
In this article, we will discuss; Payment Gateways and Online Transactions. 5 top best Payment gateways and online transaction.
What is Payment Gateways? What is its importance?
Payment Gateway is a service which provides different methods of online payment. Or you can understand better it as Mode of online payment for buyers. Traditional Payment Gateway in India is rapidly changing. As the digital world has introduced.
It is important because of authenticity and verification. And it’s main importance is to provide buyers cashless and stress-free delivery.
Payment Gateways and Online Transactions
Top 5 Payment Gateways in India
1. Razor Pay
Razor Pay started in 2013. We would suggest if you are a new startup. And you are searching for the best. Razor pay is the one which will meet your end goals. You get access to the use of every payment method. Like a credit card, debit card, UPI etc. You get some of the popular wallets including. JioMoney, Mobikwik, PayUmoney, Airtel Money, FreeCharge, Ola Money and PayZapp. Need to pay for transaction fee only.
2. CC Avenue
CC Avenue started in 2001. This company is very old in the field of payment gateways. CC Avenue supports every bank of India. You will find almost every payment option for banks. They claim to provide 24 hrs onboarding system. The platform is reliable and trustworthy. Many e-commerce sites are also working with them. Snap deal, Myntra, redBus also uses CC Avenue. You have to pay for set up, transaction and maintenance. However, this isn’t expensive. Hence on no. 4. New startups should go for this one.
3. Insta Mojo
Instamojo came to limelight because of it’s a user-friendly interface. They have introduced onboard system recently. However, you still need to provide your bank details and documents for permanent id. Thousands of active users are using it to collect payments. They work for ebooks, reports, tickets. They also have tutorials, merchandise, invoices, services, etc. Popular consumers are Urban Clap. You have to pay for the transaction fee.
EBS is a France based company. They work in India. Top consumers are snapdeal, firstcry etc. They have implemented a special team and support for frauds. This company works under Ingenico Group. EBS has lower it’s pricing. But it is still a very expensive place. You need to pay for set up, maintenance and transaction. Approximately 50,000 bucks in total.
5. Cash Free
Cash Free is used to collect and disburse payments with the help of more than 100 payment methods. Like visa, MasterCard, Rupay, UPI, PayTM and other wallets. They also provide various EMI options etc. They claim more than 3000 business had paid using cash-free. Cash-free is a very good website. It is backed by Silicon Valley investors. Also incubated by Paypal. They have some awesome features. Like plugin play, you can pay internationally in the link-up with PayPal. They have a collection of NEFT-IMPS. Once you signup for cash-free. You only have to pay a transaction fee. Club factory, Milaap etc are their regular users.
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