Payment gateway – Factors selecting the best

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.

Grocery apps and coupons with payment gateway
Digital coupons and payment gateways
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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With bachelor's and masters in engineering and technology I try my best to be ahead in engineering the mobile ecosystem!

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