Payment gateways provide you the option of accepting card payments both online and in-store. Both online and offline, they provide rapid and easy credit card payment processing(opens in new tab). In-store Point of Sale (POS) processing is also supported by payment gateway systems.

Using a basic payment gateway to handle low-volume purchases might be quite beneficial. However, because monthly costs eat into income more than processing fees, you may discover that paying a monthly price for merchant processing with interchange fees becomes cheaper if sales volume exceeds a crucial threshold.

Advantages of Payment Gateway

1.      Fast and secure transactions – The security and speed a payment gateway provides to your payment processing environment is its primary benefit. The top online payment gateways can help you accept payments 50 times faster. This means you can give your clients a better shopping experience while controlling your cash flow. Because the payment approval procedure takes just a few seconds, both merchants and customers don’t have to wait long to complete the transaction.

2.      Minimum setup costs – You can set up your payment gateway with minimal expense, whether running a small business or a start-up. Even though payment gateways charge a transaction fee and a chargeback cost, they are worthwhile. In addition, most reputable payment gateways have a low initial setup fee.

3.      Improved customer experience – When a consumer can’t find his preferred payment option on the checkout page, he’ll have no choice but to leave your site and purchase at a rival company. It simply implies that customers choose websites that provide a wide range of payment choices as well as speedier and more secure transactions. You may improve your consumer experience by incorporating the correct payment gateway.

4.      All forms of payments accepted – Payment gateways enable you to expand your business into new areas worldwide. Anyone having access to the internet may shop on your site and make payments from anywhere on the planet. Online payment gateways enable you to take payments in various currencies and methods, allowing you to expand your client base without anxiety.

5.      Payment Automation – Another advantage of using an online payment gateway in India is that it eliminates the need for human intervention or labour-intensive payment processing. Payment automation not only saves time and money it also reduces mistakes. With the correct payment gateway, you may set up automated disbursements, repeating invoices, and payments.

Best Payment Gateway Integrations

CC Avenue 

It is a well-known payment gateway that accepts a variety of payment methods. It accepts JCB, Visa, MasterCard, Diners Club, American Express, and eZClick credit cards. The CC Avenues payment page is available in 18 languages (both Indian and international) and takes payments in 27 different currencies.

Paypal

Paypal has evolved into one of the most flexible and well-known online payment processors. We picked it as the finest payment method for online businesses since it allows clients to pay using PayPal and almost any other payment method at low prices. PayPal believes that giving its service as a payment option to clients may enhance checkout conversions by 44 percent due to its trusted reputation and broad use. It’s also quite simple to add PayPal as a payment option. Users sign up for a PayPal account and add a “Pay by PayPal” button to their website. Paypal also automatically generates a PayPal invoice for digital goods for online purchases for better accountability and transparency, which is mailed to the seller and buyer.

Billdesk 

Bill Desk is a well-known payment gateway that allows users to pay and receive all of their bills in one convenient location. Bill Desk is linked to many Indian banks, making the payment procedure simple, quick, and secure. Customers may choose how and when to pay using Bill Desk, and they can also establish payment reminders or alerts.

JusPay 

 This secure payment gateway is well-known for its rapid checkout functionality and Secure 1-Click Mobile Payments experience. It automatically processes OTP from SMS and optimizes the network to save page loading time.

PayU 

This payment gateway is well-known for making the entire online payment procedure as simple as possible. It is the Naspers group’s main firm and services approximately 4,000 merchants in India. PayUMoney has worked with several of the country’s largest banks to provide a secure platform for receiving and sending payments.

Stripe 

It’s geared for larger businesses and has a slew of APIs that help you build your own subscription services, on-demand markets, and crowdfunding platforms. Ruby, Python, PHP, and Java are among the development languages supported. Stripe also supports over a hundred different currencies and includes features like mobile payments, subscription billing, and one-click checkout. Users also have access to a dashboard where they may see a visual representation of their transactions. Clearly, Stripe is a feature-rich payment gateway, however, it does need a higher level of technical understanding from the customer than other suppliers.

To sum it up

The advantages of a payment gateway to a shop or an online store might be nullified if a client does not feel secure submitting their payment information; businesses need to choose gateways with excellent reputations and security features. Payment gateways will give customers and businesses the security and opportunities they want as they seek easier methods to pay and trade.

Want to check out other tools to help you build the perfect course? This blog might help you!