With a surge in the number of online shoppers, India’s shopping industry is undergoing a transformational change. While many businesses are operating online exclusively, countless others have shifted their base to cater to a vast pool of audiences. According to a survey published in the Journal of Banking and Financial Technology, digital payments in India recorded a 46.5% increase in total volume in FY19. Keeping up with the revolution in online shopping, businesses are steadily embracing online payments to stay relevant.
Customers in the digital era demand a secure payment option tailored to their preferences. Payment gateway solutions assist online businesses with this and help create a seamless buyer journey.
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A payment gateway is an e-commerce application that facilitates online transactions between the merchant website and the customer. With a range of payment modes available for customers, online businesses must have the best payment gateway for India that is convenient for the customer and allow them to choose a payment mode of their choice in a fuss-free manner.
Be that as it may, your business needs the best online payment gateway that not only enables fast transactions but also shuns frauds, offers quick refunds and expedites recurring payments.
Here are some key features you must look for in the best online payment gateway that will help revamp your position in the online marketplace.
1. Diverse Payment Modes
Payment gateways typically accept payments through debit, credit and prepaid cards, as well as COD and bank transfer. However, the inclusion of mobile payment options like UPI, QR codes, and eWallets helps fine-tune the customer’s buying journey. Adding other credit options like Pay Later makes for a comprehensive experience for your customer.
2. International Payments
The best payment gateway for India enables global connectivity and scalability for online businesses.
With online marketplaces becoming the norm, it makes sense for businesses to look at international transaction features in the payment gateway of their choice.
Ensure that the gateway platform accepts payments via major international debit and credit cards, and currencies without charging a heavy setup fee. With this, your online business is set to scale and cater to a global audience with ease.
Also Read: 3 Ways to Earn Customer Trust and Grow Sales
3. Refund policy
The concept of ‘free returns’ has taken over the online shopping business. A free refund or a no-questions-asked refund policy has led to an upswing in the number of shoppers eager to buy from a brand.
Processing refunds of online transactions traditionally takes 5-7 business days. This deters customers from choosing online payment methods or even, rethinking their decision to shop from your brand.
Verify the refund policy with the best online payment gateway provider and enable swift refunds for your customers. A transparent and hassle-free refund policy builds your customer’s trust in the brand, converting them into loyal customers.
4. Secure Payments
The best payment gateway for India adopts security protocols and data encryption to shield their customer’s sensitive information from fraud and misuse. Check for service providers that have SSL certification and adhere to the information security standards.
Additionally, OTP and 3D authentication methods also help prevent fraudulent transactions. By implementing appropriate security measures, businesses can reassure customers and motivate them to return in the future.
5. Easy Installation & Onboarding
Major payment gateways offer same-day onboarding and one-click integration, so merchants can start accepting online payments right away.
Reliable payment platforms come with built-in plugins to help merchants activate payment solutions on their website without any coding. Additionally, look for platforms that provide live support to help with the installation or have detailed walkthrough guidelines to assist you.
6. Fee Structure
Major payment gateway providers cater to businesses of different scales and have pricing plans depending on the size of the enterprise. It is important to check the per transaction fee against each payment mode that is supported, such as, credit/debit cards, UPI, wallets.
Some platforms also offer zero setup and maintenance fee along with customized plans at the enterprise level. The right platform should be compatible with the number and frequency of transactions that your ecommerce or service based business is expected to process.
7. Recurring Billing
Through the recurring billing functionality, merchants can set up automatic billing cycles for customers.
For recurring bills, users can save the payment information and be billed automatically at regular intervals.
This is especially beneficial for subscription-based businesses that have a recurring payment model. After recurring payment is set up, the merchant can authorize the payments without following up with the user. This translates into a smooth experience for both the customer and the merchant.
8. Custom and Express Checkout
Custom checkout options by payment processors keep the buyer on the merchant website without redirecting them to a third party website. To enhance this, the checkout page can be modified to match the brand colours and theme.
In this way, the entire process takes place on the merchant site, and buyers can enjoy a speedy, frictionless checkout.
Revolutionizing the online payments industry, Zaakpay’s payment gateway is adept with state-of-the-art features to make quick & easy payments, and is helping businesses revamp their payments model one step at a time.
Zaakpay is a payment gateway platform that enables efficient collection of payments to assist small, medium and large businesses. With Zaakpay, merchants get access to safe and secured payment processing with hassle-free integration on their websites, e-commerce platforms or mobile applications.
With Zaakpay, merchants get access to 100+ payment modes including Debit Cards, Credit Cards, UPI, Wallets, Net Banking, Pay Later etc.
A leading payment gateway, Zaakpay offers the latest features like QR code payments, along with checkout and payment links, enabling a smooth customer experience that can enhance customer loyalty leading to skyrocketing sales.
A unified payment platform like Zaakpay processes payments much faster, giving your
business a competitive edge.