While setting up an online store or developing a product, selecting the best payment gateway is one of the prime significant business decisions you require to make. Though all payment gateways look the same and acclaim to be the top payment gateways, one must carefully evaluate the available options based on your specific business requirements.
There are different questions like Do you accept international payments, Do you want to offer wallets like Paytm as a payment option on your checkout page, Do you like to offer “buy now, pay later” options to ensure a smooth payment experience and Does your firm have a high average order value that requires multiple EMI options. Altogether one must understand uses needs; you can assess your options. There are list of important things you should consider when choosing the best payment gateway for your business.
Payment Methods
The most familiar payment methods for domestic transactions are online banking, cards – Visa and Mastercard, and UPI. There are some customers prefer to pay with other payment methods, such as mobile wallets like PayTM, Ola Money, Jio Money, etc., and other cards like Rupay, American Express, Maestro, Diners Club, and Discover.
International Payment Gateway
The payment gateway for international payments must support multiple currencies and should be simple to set up. We can consider Paypal as the most reputed and familiar payment method for consumers worldwide.
Offer Integration Support for your E-commerce platforms
In case if you sell on an e-commerce platform such as Shopify, Magento, WordPress, etc., one must make sure the payment gateway you select has plugin integrations available for the e-commerce platform.
Provide Quick On-boarding
There are many payment gateway providers which promise 2-3 minute on boarding, but it can take several days before your account is activated. Check with the payment gateway provider about documentation requirements, approvals, and other relevant formalities, as these could cause delays in starting your account.
Feature of Pricing
A payment gateway charges between 2 and 3% per transaction. Based on the payment method you like and the volume of your transactions, you can always opt for a customized plan. There might be recurring and annual maintenance fees, and some platforms might charge for free installation.
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