Factors to consider while choosing the right payment gateway

Are you looking for a fully-integrated system to improve payment processes for your business? Do you want to maintain a good cash flow for your trading? If yes, then you got the right track to explore knowledge. This post will help you to look at the important factors to choose the best online payment service. This service would not only help your customers to pay you with ease. But will also reflect in your merchant account and improves the cash flow. You can choose from the top 10 payment gateways that are thriving in the Indian e-shopping market.

Transaction cost

For using a payment network, you would have to incur a cost that comes in three ways such as set-up, monthly fee, and transaction charges. In order to find the best service, you must consider the volume and value of your transactions. Most payment channels render their services at competitive transaction rates. But if the value of your transactions is high then you must choose one that offers a competitive transaction fee. But if the volume of your transactions is high then you must look for a service that has an affordable monthly fee.

Card types

Indian buyers mostly use RuPay debit/credit cards, Visa, MasterCard, American Express, UnionPay, etc. Therefore, while choosing the payment network you must look into payment gateways that allowed payment processing via all these cards. It will enable you to provide a smooth shopping experience to customers. They can easily use their cards for processing payments that would be credited into your account with no obstruction. Plus, customers can also get a faster and easier transaction experience for paying the money. Among the top 10 payment gateways like Cashfree, Instamojo, Razorpay, and PayUMoney, you can easily choose the solution for your eCommerce website. These payment networks enable all sorts of cards to be used for payment processing.

Multi-currency support

This is an extremely important factor to consider if you have international buyers for products and services. You need to source a solid payment network to ensure smooth payment processing in local Indian currency from overseas buyers. Therefore, you must pick a service that supports multi-currency payments. CCAvenue, PayPal India, Cashfree, Razorpay, and Amazon pay are some secure and smart Indian payment networks that provide multi-currency support. Thus, using them for your eCommerce website will make your priorities fulfilled with faster and more secure payments.

Integration and mobile support

You must look into the top 10 payment gateways that have the influential network to connect with other systems easily. A payment network must connect to your accounting and invoicing software. This would enable you to have automatic updating of payments to your bookkeeping system. It will save your time as you would not have to spare time to track and record payments manually. Moreover, a good payment service will be able to connect with mobile software applications. This will allow your customers to pay using their mobile devices and also offer flexibility to them for paying regardless of the devices they use.