In the year 2022, the most important decision for any businessman or business person is to choose the right payment gateway for his business. This is now fully accepted. If the customer likes your brand very much and the whole buying process is easy, but there is a problem while making the final payment, then the customer experience is spoiled and the image of the brand is also affected.
If the payment gateway is not easy and proper, then the brand gets negatively affected in many ways. This includes disadvantages like poor opinion of the people about the brand, loss of credibility of the brand. When you talk about online payment, you can say that the last impression (the customer’s experience at the time of paying the last payment) is the best impression.
So, we have worked hard to find out the best payment gateway for you. It’s our endeavor to ensure that your brand story is accompanied by the best customer checkout experience and increases your sales. Before knowing about them, it is important to evaluate these eight payment gateways in any online business.
1 – Facility of maximum options for payment – It is very important in a payment gateway today that it provides maximum options to the customers for making payments. As before, now providing credit / debit and net banking facilities will not work. Today’s customers need different options. Such as Mobile Wallet, UPI and other such options which are different from the old traditional options. The decision is up to you and hence choose a gateway that includes all these options. Basically, you should include enough options that the customer never feels a lack of options.
2 – Reliability and success rate – The success rate or the success rate is the most important thing for a payment gateway. It is only through this that the frequency of payment failure is known. The exact way to measure this isn’t on a daily or weekly basis. Measured during heavy sale days and festive seasons, such as Navratri, Diwali, Christmas and New Years. This is because the number of transactions on such days is much higher than the average. The way to measure a high success rate even in the festive season is when the traffic is highest, ‘transactions per second’. The higher it is, the more robust and scalable the payment gateway will be. Another important aspect is the number of cards, bank accounts and UPI IDs saved in the payment gateway. If these details are pre-filled, then customers do not have to manually fill it again and again before every payment.
Learn how business owners can use Paytm Payment Gateway to save around INR 1 Lakh per month
3 – Checkout Experience – The worst experience for customers is when they have to deal with multiple redirects during checkout. In today’s era, customers want quick checkout and one-click payment. If you want one-click checkout payment, the payment gateway should have features like Mobile Wallet and Buy Now Pay Later.
4 – Price – Prices have a direct effect on profit margins. While choosing any payment gateway, it is important to check that there is 0% transaction charge on UPI and Rupay for online payments. Therefore, today through UPI payment and Rupay debit payment Over 50% of online payments are being done, Although it depends on the monthly transactions in your business, but in an online business, you can save up to 1 lakh only by saving transaction charges at the payment gateway.
5 – The platform is convenient to use – As your business grows, you invest more. Your online business needs a much larger platform to protect and transact on a large scale. In such a situation, when you are shifting business across multiple platforms, it is necessary to use more than one CRM and ERP software. Therefore, it is important that all major CMS, e-commerce platforms, CRM and ERP tools are compatible with the payment gateway.
6 – Settlement – While choosing the payment gateway, make sure that only T+1 settlement option should be selected. Holidays are also included in the days taken for the payment to be added to the account in T+1 settlement. Here T means the day the transaction took place and T+1 means the next day settlement. Usually settlement is not done on bank holidays. Business owners have to wait for the holiday to be credited to the payment account. The advantage of choosing T+1 settlement is that there is less waiting for payment in their account, whether small or big or any level of business. This maintains the cash flow, which is very beneficial for the business.
7 – Security – For online payment, it is very important that the security standards are fully taken care of. The payment gateway should include the latest features as per the current requirements and keeping in mind all the aspects, so that it remains completely secure. It is a good thing that most gateways take full care of security standards and also change with time.
8 – Ease of onboarding and integration – Lastly, you need to choose a payment gateway that is very easy to sign in. Also, there should be no problem in integration of that payment gateway with your website or application. Integration or adding a payment gateway also includes ensuring that the payment gateway does not take much time to implement. Apart from this, there should not be any problem in using it for a long time.
Based on these eight dimensions, we have examined different payment gateways in the country. Keeping all these points in mind, we saw which payment gateway is the best. Here’s what we found to be better and why:
As you can see most of the people have put their trust in Paytm for online payment gateway. Its secure, industry-leading 3,000 transactions per second, presence on more than 30 platforms, T+1 settlement facility including holidays and 0% charges on UPI transactions Facilities are the reason behind this.
T+1 settlement means that as a business owner you do not have to wait long for the payment to be added to your bank account. 0% charge has proved to be a game changer for the customers in online transactions. This is the reason why people are choosing Paytm Payment Gateway.
If you want to add a payment gateway to your online business, you should choose a platform that has multiple features at once. Also, which is also designed keeping in mind the future needs and such a great platform is Paytm Payment Gateway. To learn more about this and sign in to the gateway click here.