India is experiencing a digital revolution with a surge in demand for e-commerce, online payments and traditional online services. An article published by Statista Research Department estimates the number of digital transactions in India at nearly 44 billion in fiscal year 2021.
With the exponential increase in the volume of digital transactions, businesses must adapt to the digital atmosphere. For those businesses that haven’t made a move yet, now is a good time to update themselves with the latest market needs. The most efficient way to accept payments online is through a payment gateway.
That being said, not all payment gateways have the same functionality. Some may charge excruciatingly high fees; some may not support all payment methods, some may require intensive coding to payment gateway integration.
It is therefore crucial to understand the fine print of the features offered by a payment gateway before selecting one for your business. Here are eight essential questions a trader should ask themselves when evaluating a gateway.
What payment methods are supported?
Online payment can be initiated using several methods. It is up to the customer to choose the path that suits him best. The most common payment methods in India are credit cards, debit cards, net banking, UPI and mobile wallets. Supporting a customer’s preferred payment method also means more customer satisfaction.
The more methods the company supports, the more customers it has. The best payment gateway for India that supports over 100 payment methods is Zaakpay. Before opting for a payment gateway service, merchants should confirm which modes it supports.
What are the processing fees and terms and conditions?
Payment gateway services charge businesses for transactions. Merchants should carefully consider the costs of the gateway service. They should specifically check the installation cost and any hidden and additional costs to make sure they can afford the service.
The cost is typically based on the type of business, expected transaction volume, and payment methods supported, among other factors. It is also important to review the terms and conditions set by the gateway service. Few services also charge an annual or monthly maintenance fee or a fine for not meeting the minimum transaction volume threshold.
What are the security features of the payment gateway?
Accepting payments online carries many risks of cyber attacks. No customer would want their sensitive payment information to be stolen. They would avoid paying through a gateway that looks dodgy or questionable.
The gateway must be PCI DSS compliant and encrypt customer data to protect against cyber fraud for maximum security. A secure gateway will automatically lead to better sales figures. Merchants should analyze the security features offered by the gateway as well as the frequency with which they are updated.
Is it easy to integrate the gateway into the website?
The company’s website is built on a suitable platform. It should be checked whether it is possible to integrate the gateway into the website platform. The ease of integration of the gateway is also essential. Modern gateways come with codeless plugins for all major website platforms that can be directly integrated.
Merchants should also inquire about the customer support provided throughout the onboarding process and the estimated time to get it all started. The best payment gateway for India that activates the merchant account in about 24 hours is Zaakpay.
How effective is their customer support?
Round-the-clock customer support is crucial for any merchant as payment issues can arise at any time. They should also confirm the areas for which customer service would be available. Merchants may need technical assistance if the gateway stops functioning.
At other times, they may need administrative assistance to verify the status of a payment. They may also need help tracking incomplete or fraudulent transactions. The gateway service must be well equipped to provide all of this support. Zaakpay, the best payment gateway for India, offers 24/7 customer support to merchants and their customers.
Are checkouts easy?
Merchants must also confirm the payment process from the gateway. Does the gateway require mandatory registration for payments? Does it offer the option of paying guests? Many customers abandon the purchase if the payment process is long and complicated. Traders should also verify the experience on multiple devices.
The clientele can be spread across devices with different screen sizes. It is therefore important to check if the gateway offers a consistent experience on all these devices.
What are the gateway customization features?
Customizing the gateway according to business needs provides an advantage. Few gateways offer the ability to customize the appearance to provide a consistent user experience. Merchants can check if the gateway allows customization of color scheme, font, logos and other aspects.
Customers also appreciate the functionality to save payment information to facilitate future transactions. Does the payment gateway provider do this? Can the merchant customize the features to be offered to customers?
Is it easy to cash out?
Small businesses need constant cash flow. Merchants should educate themselves about the withdrawal process well in advance. They should also check if the gateway would work with their existing bank account or if a new account needs to be opened.
Another vital question is whether there is a minimum withdrawal threshold below which the service will not allow withdrawal. Checking the time it would take to process a payment is also relevant. All bulk payment processing fees should also be verified.
Businesses should research and evaluate all available payment gateways before deciding on the last one. The cost of gateways should also be compared against each other to find the best fit.