Demonetization announced by Prime Minister Narendra Modi made cash sales difficult to come by. This situation forced retailers to search for other mode of transactions. Here comes the need for a payment gateway for the businessmen. Before choosing the payment gateway following are parameters, which had to be factored prior to settling with the right one.
The cost of a payment gateway
Each and every player requires us to pay ‘Set-up fee’. (which ranges from 5000 to 50,000) and then they charge you certain percent of every transaction that happens over your e-commerce website (this is called TDR and ranges from 2.5% to 7%). TDR & set-up fee 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.
The service & attitude
Payment gateway account are similar to your bank account. Mutual trust and faith are needed to have a good relationship with the service provider. It 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 reasonable with an understanding attitude. It is the USP.
User-interface of Payment Page
The customers have to make payment through this page, please ensure before signing in that they have a good and simple to use.
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,
Half the battle is won when one figures out the right payment gateway provider & plan for you. There after there is a big hassle to complete the 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 its doesn’t end there. Initially, they allot you 2-3 options to collect payment & all other main options (like VISA & MASTERCARD) are activated later & may take up to a month.
So all of planning to accept online payment on your e-commerce websites, it is better start well in advance (at least 30-45 days before you actually want to start accepting it). It is strongly believed that everyone is doing their best they can in the given conditions & stipulations laid down by RBI.
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