Payment Gateway

Hello guys payment gateways are important factor in a website where there is money transaction. Today I will list out some of the best and most used payment gateways.

What is Payment Gateway?

Payment gateway is a service that authorizes payment using credit cards, debit cards, Net banking, paytm etc. This kind of service is used where online transaction is takes place. It includes online business, e-commerce etc. If you want to sell anything online using a website, your website must have payment gateway integrated.

Working of Payment gateway

Payment gateway acts as a middleman between the bank and the merchant’s website. When you(user) wishes to make a payment, the website sends an encrypted payment details through the payment gateway. The payment gateway confirms the validity of these payment details with respected bank and dispatches the amount request by the user(you) from your account to the merchant’s account.

paymentgateway-how-it-works

Look for this points before using any payment gateway

  1. Security & Trust
  2. Reliability
  3. Good Rates
  4. Diversity
  5. Superior User Experience
  6. Easy Integration
  7. Multiple Payment Options (Credit/Debit Cards, Net-Banking, Mobile Wallets, etc)

Some of the Best Payment Gateway in india

Instamojo

InstaMojo is one of the best payment gateway in india. It was started by Aditya Sengupta, Akash Gehani, Harshad Sharma and Sampad Swain in 2012. Instamojo can host your file or content and provide Buy Now button to that file or content, in short you don’t need any website to host your content. No redirection required, customers will not even have to redirect to different page to do the payment.

InstaMojo charges 1.9% of the successful transactions. If you want to host your content on their website, they will charge 5% of the transaction. InstaMojo will collect the money on your behalf and send the amount in your bank account within 3 business days. For example, if you price a song at Rs. 100 and sell it through InstaMojo, you will get Rs. 97.83 in your bank account. InstaMojo will deduct Rs. 1.9 as their fee and Rs. 0.27 as service tax.

Visit their site here.

CCAvenue

CCavenue is one of the biggest gateway in india. Almost 80% of e-commerce merchants use this service. CCavenue also helps you accept international payment. They allow you to accept payment in 27 major currencies (including USD, GBP, Euro, Yen, Yuan etc.).

It also provides multilingual checkout page. This is really helpful for those people who do not understand english. CCAvenue allows customer to see the check-out page in the language that they understand the best. They offer interface in 18 major Indian and International languages.

They offer a large number of payment options:

  • 7 Credit Cards (MasterCard, Visa, American Express, JCB, Discover, Diners Club, eZeClick)
  • 73+ Debit Cards (All MasterCard / Visa / Maestro / RuPay)
  • 48+ Net Banking
  • 8 Prepaid Cards / Wallets

Visit their site here to know more about this payment gateway

PayPal

It was found by Elon Musk, Peter Thiel, Max Levchin, Luke Nosek, Ken Howery, Yu Pan in Dec 1998. It is one of the oldest payment gateway. When it was started it was a revolutionary idea of sending money using email. It is a simple and inexpensive way of sending and getting money.

It is easy to start of with. First register with paypal using email address. Then link that paypal account to your bank account by using bank account no, bank name and IFSC code of your bank branch. After this paypal will transfer two small amounts (Rs.1 and Rs.2) in your account. After receiving this amounts you need to goto your paypal profile and enter the amount received. If entered correct values your paypal account is now ready for transactions.

To receive payments just give your paypal registered email id to the person you want to receive payments from. After the person sends the payment you will receive an email about the transaction.

In some countries they will let you keep money in the paypal account but in india you cannot. So when you receive payment in paypal account it will automatically transferred to your linked bank account after cutting paypal commission (3.4% of total transaction). Same procedure for sending payments.

So head to the site and start sending and receiving payments.

There are numrous payment gateways you can use now a days.

I have not included other payments option as their will be big post if I mentioned all the payment options. The most used and secure payment options is explained by me and other few i have listed it out.

 

 


Also published on Medium.