Comparison Between Top 15 Payment Gateways in India

There’s been a lot of discussions around which is the best payment gateway to process online payments in India. With a lot of strict rules and restrictions implemented by Paypal called upon by Reserve Bank of India, it is not much considerable for Indian merchants when it comes to running an eCommerce website.

With the recent upsurge in online shopping, the payment gateway plays an important role in the customer buying experience. Payment gateways are proven the most vital technologies ever created. Before, there wasn’t any reliable, secure, and fast manner to transfer payments and make purchases online. But with payment gateways, online monetary transactions nowadays are now far better and faster. More so, they’re continuing to alter the face of finance and business as they are known to us.

In this post, we bring to you, the comparison table of the most popular payment gateways in India. Here is the list of parameters that are important for you to consider while selecting a payment gateway

Points to be Considered While Selecting a Payment Gateways

1. The cost of a payment gateway

Most of the players require us to pay the ‘Set-up fee’. (which ranges from 5000 to 50,000) And then they charge you a % on every transaction that happens over your e-commerce website (This is called TDR and ranges from 2.5% to 7%). TDR & set-up fees are inversely proportional to each other. They all offer multiple plans starting with low set-up fee+high TDR & others with high set-up fee+low TDR. In addition to TDR & set-up fee, they also charge you yearly Annual Maintenance Charges (AMC) which range from Rs. 1200/year to Rs. 3600/year.

2. The service

Opening a Payment gateway a/c is just like a bank a/c. It is necessary to have a good relation with the service provider. And that is possible only if the service provider provides good service. From ensuring least hassle in opening the a/c to smooth operations later on; they should be accommodating and act reasonably with an understanding attitude. Well, i guess that would be too much to ask

3. User interface of payment page

This is the only tangible element of a payment gateway provider service. And YOUR customers have to interact with this page to make the payment to you. So before you sign-up with anyone, make sure they have a good & simple-to-use payment page.

4. Other Basic things

There are other important basic things which even though are taken for granted, should be cross-checked with the provider that you are considering. For example – Multiple Payment Options, Stringent Fraud Check Processes, High Uptime, Reliable company/service provider, Sandbox environment, integration API.

Top 15 Most Popular Payment Gateways in India

Razorpay

Razorpay is the simplest payment gateways in India which allows businesses to accept, technique, and disburse bills with its product suite. It is accessible to any charge mode which incorporates MasterCard, open-end credit, internet banking, UPI, and famous wallets including JioMoney, Mobikwik, PayUmoney, Airtel Money, FreeCharge, Ola Money and PayZapp.

Key features:

• Annual maintenance Charge: ZERO
• 2% per successful transaction; +1% for International cards on EMI and Amex;
• No setup fees;
• No Annual maintenance charges;
• GST applicable of 18% on the transaction fee.

PayKun Payment Gateway

PayKun is an Easy, Secure, and Trusted Online Payment Gateway in India. It has among the lowest per-transaction charge (TDR) of flat 1.75% in its standard plan. 

Key features:

• Zero set up and maintenance fees
• Safe and secure
• Affordable international payments
• Friendly and personalized support
• Live Chat, Call, Email, and Whatsapp Support
• 120+ payment modes and multi-currency support
• Customized Pricing Plan available
• Sandbox Mode (test) before registration
• Ready Integration kits (Plugins and SDKs)
• Customized checkout in terms of logo and color
• All major website and mobile Application platforms supported for integration
• Integration assistance and technical support provided
• Payment Links

CCAvenue

CCAvenue is one of the oldest players in the eCommerce business and one of the widely used payment gateways in India. They offer more than 100 payment options including different types of credit cards, debit cards, internet banking, digital wallets, and EMI along with an option to pay in multiple currencies like US dollars, GBP, and Indian Rupees.

As per our past experience, CCAvenue takes over 4-5 weeks to activate all the payment options if your application gets a green signal without any problem. The payment options like debit card and Netbanking get activated fast (within 1 week from the date of applying if you are lucky) but credit card payment option activation may take longer due to involvement of high risk and most of the payment gateways often ask for hefty documentation for credit card option activation.

Key features:

• Set-up fee: Rs. 0
• TDR%: Credit Cards – 2.25% || Debit Cards – 1.25% || Net Banking – 2.25%
• AMC: Rs 3600 which is negotiable.

More: The biggest 3rd party player in India and powers around 85% of Indian eCommerce websites. It has been in the market for around 15 years now. It offers a wide range of payment options, around 140+. There are a wide range of features, which are free of cost, for all the customers with the Payment Gateway. It is a good and trusted option to opt.

Paytm

Paytm may be a relatively new player within the market but is doing well as far as their platform and services are concerned. They acquire one among the simplest user interfaces for any payment gateways. As of now, they're powering major online sites like Snapdeal, Homeshop18, ITC Hotels, Dishtv, PVR, Bagittoday.com. Considering the are still very new, the processing of all applications may take a couple of more days than usual.

Key features:

PayPal

PayPal is a Global price platform available in 200+ countries across the world. PayPal claims to have processed four billion payments (inclusive of 1 billion mobile) in 2014. This is the reason behind why we need to have a paypal integrated to our eCommerce store if we need to await orders from worldwide consumers. PayPal supports more than a hundred currencies with fund withdrawal facility in your financial institution money owed in 57 currencies and holds balances of their PayPal accounts in 26 currencies. In India, merchants mostly use PayPal to get hold of funds from foreign customers only because of banking regulations an Indian company cannot receive Indian credit score cards via Paypal.

Key features:

• 2.5% + 3 INR for all modes of payment

PayUbiz

With leading brands like Snapdeal, Goibibo, Bookmyshow, Freecharge, Jabong and Groupon on board, PayUbiz also known as PayuIndia is one of the most promising payment gateways of India. Payu offers quite reasonable processing fee on its gateway and seems to be a good option for those who can afford to pay for its packages

The fund is quite clear- the higher you pay for the gateway, the lower TDR you pay on each transaction.

Important to mention, they have an annual maintenance charge of Rs. 2400 associated with each of their plans.

Key features:

• Set-up fee: Rs. 6000
• TDR%: Credit Cards – 4.9% || Debit Cards – 1.25% || Net Banking – 4.9%
• Annual maintenance cost- Rs. 2400
• Can be negotiated up to || Set-up fee- Rs. 4000 || AMC – Rs. 2400

PayU

PayU payment gateway which was formerly known as PayU Money is certainly one of the best payment gateways. It works wonders for accepting bills online with minimal development, easy sign-up, and brief onboarding process. One can start accepting payments securely and seamlessly within their iOS, Android, or Windows app within minutes, ensuring a hassle-free onboarding payment process.

Their charges:

• Annual maintenance Charge: Zero.
• Transaction Fee per Transaction: 2% + GST per transaction on American Express & Diners Cards
• 3% + GST on international transactions & EMI payment options.

DirecPay

DirecPay is an incorporated online payment gateway solution for Indian merchants. With the provision of solutions together with DirecPay's payment gateway, India has emerged as a huge marketplace for shops looking to promote online. DirecPay's integrated suite of a couple of fee alternatives offers traders in India an easy & convenient choice to grow their online commercial enterprise. DirecPay is one of the first Indian payment gateways providing a credit charge gateway incorporated with Debit Cards, Net Banking & Mobile payments in conjunction with a fast, reliable and secure passage for processing eCommerce payments. With a number of the lowest costs inside the marketplace, DirecPay has a few distinct advantages to power your online commercial enterprise in India.

Key features:

• Set-up fee- Rs. 7500 , 6.5% TDR
• Annual maintenance costs-Rs. 2400
• Can be negotiated up to || Set-up fee- Rs. 5000 || 6.5% TDR ||
• Annual maintenance cost- Rs. 2400

Zaakpay

Zaakpay’s special offers for Startups may be money-making and elusive for people looking to release their Ecommerce venture without having to spend hefty cash for a price gateway separately. Needless to say, there are many other PGs that may be available for nil setup costs but Zaakpay stands aside for a little something. They provide you with a custom citation in their Transaction rates relying on your enterprise type. They have exceptional plans for eLearning portals and websites selling patron goods. They can also promote you on their partner internet site Mobikwik, in case you exceed transaction volume of Rs. 10 Lacs/ month the use of their price gateway.

Key features:

• The Annual Maintenance cost -Rs. 2400/- applicable from 2nd year.

Cashfree

Cashfree gives the widest range of fee options: cards (Visa, Mastercard, Maestro, Rupay, Amex), 75+ Netbanking alternatives, Paytm and 6 popular mobile wallets like Airtel, Mobikwik, Freecharge, alongside the widest sort of PayLater and cardless EMI options which incorporates ZestMoney, OlaMoney postpaid etc.

Cashfree also has the fastest settlement cycle of 24 hours to 48 hours. Cashfree Payment Gateway Offers Lowest TDR in India. they provide popup, redirect, iframe, and seamless checkout modes as in line together with your site layout and are simple to mix with its exact developer’s charge gateway integration documentation.

Key features:

• 75+ net banking: Flat fee @ 1.75% + Rs 0 per transaction on Credit & Debit cards on Visa, Mastercard, Maestro and RuPay.
• Flat fee @ 1.75% + Rs 0 per transaction on Wallets includes Paytm, Airtel Money, Freecharge, Mobikwik, Ola Money, Jiomoney.
• UPI: Flat fee @ 1.75% + Rs 0 per transaction
• Initial Setup Fees: ZERO
• Annual Maintenance Charges: ZERO
• Minimum Annual Business Requirement: ZERO

EBS

EBS is a popular payment gateway in India deployed by many merchants on their eCommerce website but their TDR is not pocket friendly for sure. They do not offer any free plan as per their website and the AMC of Rs. 2400 costs you which is higher than most of the other payment gateways available these days. In order to get their Starter plan, you need to shell out Rs. 9599/- as one time fees in which they offer Netbanking, Credit Card transaction, and Debit card transaction at a flat TDR of 3.75% which is comparatively higher than other options available.

Key features:

• Set-up fee – Rs. 12000 || 5% TDR || AMC – Rs. 3600
• Can be negotiated up to || Set-up fee – Rs. 4000 || 5% TDR || AMC – Rs. 2400

More: One of the good ones among the whole lot, as far as service is concerned. They are pretty accommodating & act reasonably. It has good UI when compared to others. Competent rates. They are now my 2nd preference because lately their service levels have been falling.

Instamojo

Instamojo is certainly one of the best payment gateways for the purchase of digital files, tickets, services, goods, music, videos, etc. The payment system is quick and well secured. It helps merchants can use this payment gateway to collect money from transactions on Facebook, Whatsapp and Instagram and others. The gateway also enables merchants to collect their bills through SMS or emails.

Key features:

• Annual maintenance Charge: ZERO
• Transaction Fee :2% + Rs 3 per transaction

Easebuzz

Easebuzz is a software program platform that allows companies to have a payment gateway and value-added services. Easebuzz offers offerings in handling complicated payment issues like vendor bills, recurring payments, split bills and more than one value-added services which has helped companies to scale.

Key features:

• Annual maintenance fees – Zero
• Transaction Fee per Transaction – 1.5% per transaction on all Domestic Debit cards (Visa, Master, Rupay and Maestro)

Conclusion

Once you figure out the right payment gateway provider & plan for you, half the battle is won. Then starts the real hassle to complete loads of required paperwork. If performed at best possible speed, it shall take about 5-10 days to complete all formalities & get a payment gateway a/c. But it's doesn’t end there yet! Initially, they allow you 2-3 options to collect payment & all other main options (like VISA & MASTERCARD) are activated later & may take up to a month. The way payment gateways in India have smoothened transactions gives the mobile app development industry to purge into the crux of technology.

If you are looking forward to doing online sales from your own eCommerce website, do a comparison check of the payment gateways here and then decide which one to go with.

Since not all the payment gateways functions in the same manner, it’s critical to make the right choice..Below are a few elements one should consider while figuring out which payment gateway one should use:

• Check out the transition costs associated with a payment gateway. Make positive that it falls within your budget.
• Evaluate whether or not the price gateway requires you to undergo a sign-up process. If yes, then it’s higher to avoid such payment gateways.
• Look out for payment gateway if it supports different currencies, specifically whilst you need to make bigger your online business globally.
• In order to recognize what products (virtual or physical) you may sell, take a look at the terms and clause of the payment gateways. 
• Check if the payment gateway accepts credit card, debit card and PayPal payments.
• Ensure that the payment gateway does no longer require your users to replenish useless fields and so on. 

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