In 2022, choosing the right payment gateway for your firm will be one of the most critical decisions any entrepreneur or businessperson will make. Customers may like your whole brand experience, but a mistake at the product checkout phase may create a lasting negative impression that is tough to reverse.
Using the wrong payment gateway may be costly in several ways, ranging from lost revenue to negative word of mouth and corporate image and reduced client loyalty. When it comes to online payments, you might argue that the last impression is often the best.
As e-commerce grows in popularity, competition is at an all-time high—and the consequences of bad judgments may be disastrous to a small business. As a result, your business must choose the best payment gateway for your platforms and give a tailored experience to your target market.
We have done all of the homework to help you choose the best payment gateway to ensure that your brand story turns into sales via a powerful and easy checkout process. Before we get there, let’s go through the eight criteria you should use to evaluate a payment gateway as an online business.
In today’s world, a payment gateway must accept as many payment methods as feasible
1. Payment Method Options
The days of just issuing debit/credit cards and offering online banking services are over. Customers are increasingly looking for alternatives to conventional sources such as mobile wallets, UPI, etc. As the decision-maker, you must choose a gateway that provides these alternatives since the buyer is not confined to a small number of selections; the more, the merrier.
2. Reliability and Success Rates
The success rates of payment gateways are by far the most critical factor since they impact the frequency of payment failures. The best times to measure them are not during daily or weekly roundups but on sale and holiday days like Navratri, Diwali, Christmas, and New Year, when transactions skyrocket. The number of transactions per second indicates high success rates, especially during peak traffic; the higher this figure, the more durable and scalable the payment gateway. The payment gateway’s library of stored cards, bank accounts, and UPI IDs is another crucial factor. The transaction is more likely to succeed if these details are auto-filled, and the customer does not have to re-enter them manually every time.
3. Procedure for Checking Out
Many redirections throughout the checkout process are the worst possible experience for a customer. One-click payments and lightning-fast checkouts are becoming more popular among customers. Payment gateway in India supports mobile wallets and Buy Now Pay Later is required if you want one-click checkout options.
Because transaction costs for UPI and Rupay debit payments directly impact profit margins, it’s vital to find a payment gateway that doesn’t charge them. UPI and Rupay debit transactions currently account for more than half of all trades. Depending on the monthly transaction volume, an online business might save up to INR 1 lakh per month.
5. Platform Compatibility
As your organization grows, you will most likely need to increase your spending and shift to more prominent platforms to manage size and security. Consequently, all major CMS, e-commerce platforms, CRM, and ERP tools must be compatible with your payment gateway, as businesses switch between platforms and need a variety of CRM and ERP software as their business expands.
Confirm that the Payment gateway in India supports T+1 settlements with no holiday restrictions. T denotes the day of the transaction, while T+1 denotes the accommodations for the next day. Because most settlements do not take place over the holidays, business owners must wait until after the holidays to be paid. Choosing one with no such limits is very useful to businesses of all kinds when it comes to cash flow.
It should go without saying, that it is vital to highlight the payment gateway’s security to ensure that it is updated. Fortunately, most gateways are aware of the need of meeting security standards.
8. Ease of Onboarding and Integration
Finally, to prevent payment gateway deployment delays or long-term compatibility issues, choose Payment gateway in India to sign up for and connect with your website and app.
If you’re looking for a payment gateway, be sure it can easily connect to your website or platform and help your business develop. Do your homework and study reviews before deciding on a Payment gateway in India service provider.
Paytm is the clear victor for online payment gateways, as seen by its industry-leading 3000 transactions per second, over 30 platform integrations, T+1 settlements that include holidays, and the option of charging 0% on UPI and Rupay debit card transactions.
While the T+1 settlement means that as a company owner, you won’t have to wait indefinitely for payments to show in your bank account, the 0% fee is a game-changer for consumers who utilize Payment gateway in India to save money on online purchases.