Why Does Online Payment Gateway?
If you are reading this post then definitely you are interested knowing about the best online payment gateways. There are a number of online payment gateways and millions of people getting benefit from them.
This happens because the merchants can get the payments directly into their bank accounts and all transactions are listed at the single place. It becomes easy to track the payments and no paperwork required.
It doesn’t matter whether you are a small seller or an e-commerce business giant or even the end user buying the product or service. The online payment systems serve their purpose very well. If you are a merchant or seller then you will love this article.
It is also important to bloggers, the web designers or online marketers to receive their payment without any hassle. This industry is growing continuously day by day. As most of the countries support digital money and easily converted to the currency of specific country through these online gateways, people prefer this system over traditional cash and cheques.
In the earlier days, people could not trust as expected but today it is need of businesses transactions. People are searching the best gateways for them in order to receive their payments. And, in all of these services the online payment gateway is one step above.
Payments can be received by cheques, cash, net banking and direct to bank accounts but online payment gateway is very important as it features fast transactions, support for multiple currencies, security concerns, real-time tracking and much more. Every system has its pros and cons. In the all of these services, we have the online payment gateway is the best choice, especially for businesses.
Selection of The Best Online Payment Gateways
If You search for the online payment gateways, you will find hundreds of companies providing the same. When I searched the payment gateways for India, I found so many companies providing the online payment gateways.
These companies include PayPal, Payoneer, Payza, PayUMoney, CCavenue, Paytm, EBS, RazorPay, CitrusPay, Instamojo and much more. Each of them has their own business strategy. But the transaction rates, setup fee, annual fee or maintenance fee, support for multiple currencies, market reputation & dependability, customer service, speed and most important the security and privacy are the major aspects of selecting the best payment gateway for you.
I have listed a few online payment gateways here and they are really nice. In terms of safety of transaction, commission rates and overall fee for providing the online payment gateway for easier payouts, the following solutions I feel the very best for everyone.
The Best Online Payment Gateway Solutions
Paypal is one the best online payment gateway for your business as well as personal transactions. It is a very secure solution to send or receive money. PayPal has founded in December 1998 and now it is one of the largest online payment gateways. It has a good reputation in the market for online money transfer and it is a good alternative to the traditional paper currency like banknotes and cheques.
In terms of features, it provides the superior solution for money transfer with a very secure way. Though some cases of scams have happened, still it is one of the most trusted on the international level. The fee for transactions is flat 4.4%+ fixed fee and it will reduce up to 2.9%+ fixed fee for the larger volume.
It does not charge a single penny on the purchase. The annual account maintenance charges, setup fee, and monthly charges are also waived off. You have to pay, only when you receive payments and, it directly transferred to your bank account linked to it (It may take some time to transfer funds to your account).
How does PayPal work?
When you sign up for PayPal, it gives the option to link your local bank, mobile number, and debit/credit card. However, the primary Email ID of your account is used for receiving funds. It can store funds in your PayPal account itself but not supported in all countries like India due to Government regulations.
You have to share your PayPal email ID (or merchant ID for more secure transactions) to send & receive payments. Even you can shop with the PayPal money. It gives another option to sell kinds of stuff on eBay for lesser transaction rates.
PayPal also supports a wide range of currencies which makes it easy to use in a worldwide situation.
If you don’t have the PayPal account then Sign up here for free.
Payoneer is also an international payment gateway established in 2005. Currently, it provides online money transfer and refillable debit card service in more than 200 countries and 150 currencies. The transaction rates are less than the PayPal and variable according to the currency you use.
It does not charge you anything when you purchase or send money through Payoneer. The fee structure has made by keeping everything in mind and suitable for everyone. If you try to compare PayPal and Payoneer, you won’t find much difference, though transaction rates of Payoneer are lesser than that of PayPal.
How does Payoneer work?
Payoneer a cross-border payment gateway beneficial for receiving funds especially from the US and EU. When you sign up for a Payoneer, it will link to your local bank account. However, if you want to receive payments from international clients, Payoneer will give you a bank account for ACH in the US and SEPA in the EU.
It helps to do your business locally as well as internationally with the same efficiency. The benefit of this service is that you won’t lose in currency conversion when receiving payments from these countries.
Apart from transaction fees, it charges 2-2.75% to withdraw funds in your local account. All details are shared to your dashboard.
The another advantage of choosing Payoneer is that the association with the Mastercard and you can get Payoneer Prepaid Mastercard for easier and convenient fund withdrawal or buy a product or service on a global level. You can get the Mastercard currency converter tool to check your transaction fees.
It provides the cap of 5 lac for the single transaction and withdrawal for the single business day. However, the cap grows up to 25 lac for a calendar month. The payments exceeded that limit will be rejected.
If you are receiving money from overseas clients, Payoneer will give the edge over the PayPal, especially when you are receiving from the US or EU.
You can earn $25 for the Sign up for Payoneer. And, the interesting thing is that it’s free.
In this list, the PayUMoney also a game changer when we talk about online payment gateways for India. PayUMoney provides a faster and secure transfer (128-bit SSL encryption and PCI DSS level 1) of funds.
It also provides the HTML code for the ‘PAY’ button to receive money on your own portals like website or blog. The most I like about them is their instant support feature.
It has a community of more than 2.5 lac active sellers and happy with their service. It charges flat 2% only for all transaction that is very less as compared to other payment gateway solutions. Apart from that, it adds 1% extra only on AMEX cards. It does not charge any setup fee or annual maintenance fee. So it is growing at very rapid rates.
The mobile friendly versions and login free checkout with the support of more than 125 banks and cards make it harder to beat. Faster account activation and even faster settlement make it amazing. It also features free billing software for your phone and let you create bills and collect payments.
Card Swipe Machine
PayUMoney provides the card swipe machine for its sellers with minimum documents (PAN and a canceled cheque). You can link it with existing bank account also.
The wireless card swipe machine can access any type of debit/ credit card and anywhere in India and gives full access to your transactions. Being eco-friendly it does not use paper and sends the receipt to buyer’s mobile number. Smart huh?
Other benefits are it cost only Rs. 8500 that is very less price and no monthly or yearly premium. TDR also set up 2% less. You are a smart seller and I’m sure that you won’t miss this deal.
Even if you haven’t taken the decision, it’s time to roll on. Sign up here for PayUMoney now!
When we think about the mobile payment solution no one misses out the word Paytm. It is one of the leading mobile payment solutions with the e-wallet feature.
Easy to set up and simple to use even by a rookie. Paytm has integrated with most of the brands as the online payment gateway. It also provides money transfer solution with the zero setup fee and annual maintenance. The transaction rates are also set up to 1.99% (+ service tax).
Even Paytm has come with the deal with the zero fee for the first 3 months (or gross transaction of 2 lacs, whichever is earlier). It is very popular payment gateway and millions of people using it for buying the kinds of stuff. I think if you like the Paytm, you won’t miss this deal. Sign up here for the free Paytm Business account.
It is also one of the trusted online payment gateways with no monthly charges or setup fees. The transaction rates may differ up to 5% according to country and currency used.
It provides cross-border payments also with very less fee of 1.5% for that. It features flexible payment methods with debit/credit cards and PayPal also. Moreover, it let you receive payments by bank transfer, international wire transfer, and even on Payoneer Mastercard too.
It is one of the options of online payment gateway and really amazing. Easy to start and see your business growing rapidly. If you want to check it out, Sign up here for the free 2Checkout seller account.
You have got the best online payment gateways here. Even one is remaining, the Instamojo. But truly, I had a very bad experience with their service for the KYC documents verification process.
They simply told me that my business is not compliant with their service and closed my account without leaving any option behind. However, if someone wants to join them, go for that. But before sign up, don’t forget to clear your doubt about the KYC verification and your business integration.
The Instamojo offers the simple and easy to follow user interface and the lots of features like social pay, store for physical as well as digital goods (You can store your digital files on their server).
It charges 2%+Rs.3 for each transaction while 5%+Rs.3 for the hosted digital goods. It has also waived off other fees and charges regarding setup, annual maintenance etc. You can go for it if you want.
I have found these online payment gateways, the best suited for any e-commerce business from the beginner to the established brands too. The companies listed above have tied up with many big companies like Amazon, Flipkart, Snapdeal, MakeMyTrip, Jabong, eBay and e-commerce platforms like Shopify, Magneto, and WooCommerce etc.