Article published by : Amit K on Wednesday, March 31, 2021 - Viewed 71 times

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Category : Finance

7 Tips to Choose Best Payment Gateway for E-Commerce Business



Getting the best payment gateway in India is vital to the online sector. Your online business support and operation would depend on the best payment gateway available. We'll see some good advice on choosing the right payment service for your platform.

1. Integration
When choosing payment gateway solutions in India, you need to verify it to make sure it is compliant with your network. If not fully integrated, certain problems can occur in the UI. Next, you can figure out how the payment processor accepts and chooses the platform code. You will find the compatibility material on their website or contact them and find out more about it.

2. Usage Complications
Few payment gateways are not user-friendly, which could lead to further failed transactions. The payment gateway user interface should be as simple and organized as possible and more user-friendly. It's supposed to be straightforward and easy for any person to understand. This would eliminate any problems that the customer could encounter by having a proper payment mechanism. Only prepaid orders are most lucrative for your online company rather than COD orders.

3. Failure Rates
It is also likely that certain orders can fail due to technological errors or system problems in the payment process. First, you can define the payment gateway provider has low default rates before you select one. There is no need for more than one payment processor. You need to bear in mind selecting a payment portal with low default prices.

4. Settlements
It's an essential element, that if a buyer pays for an order, the money comes straight to the company account; actually, it goes to the best payment gateway in India provider's account. The funds will be transferred to your business account within 24 hours. Therefore, when selecting a service processor, this time-frame or time-frame for receiving a settlement should be considered as an integral consideration. And if you're selling a commodity and you're going to have longer than five days to settle the money, which will create issues. Especially because the site is a multi-vendor e-commerce platform, sellers expect the money to be settled as soon as possible. But you can select a payment provider with a shorter period in settlements.

There are two kinds of payment gateway integration, and they are; paid integration and free integration. In paid integration, the settlement duration is shorter as much as within 24 hours. And in free integration, the settlements could take up to 7 days.

5. Refunds
Refunds are made for a variety of reasons, such as technological glitches, wrong product requests (customer errors), cancelled orders, etc. But you'd have to make refunds on those orders. And this refund service is not offered by all payment providers, only premium payment gateway providers have this option. Just by selecting a company with a rebate option; you will refund your customer's money back properly. The payment portal will also notify you whether the refund is effective or not.

6. Wallet Integration
Generally, a portal consists of payment modes such as NetBanking, Credit Cards, and Debit Cards. But today wallets are more popular than Credit/Debit Cards, So it is a must to have a wallet payment option. Paytm, Freecharge, PhonePe, and Google Pay are some of the popular payment methods used by many people today. When you pick a payment gateway provider, it is best to choose one which also provides the modes mentioned above along with credit and debit cards.

7. Charges
Whatever payment portal you want, you're going to have to pay a premium for that. These charges should be easy for your online business. For eg, any orders processed under a payment gateway costs a small fee. It may differ depending on the form of payment methods used, such as Debit/Credit Cards, Netbanking and Wallets. It would benefit if you considered the customer's preference when it comes to the mode of payment.

Choosing the right payment gateway solutions in India will add some benefit to your online company. If a payment portal charges a high order rate, you may enter into a premium service deal for two or three years to get them to lower the orders for the business. This type of deal and payments are negotiable if you contact the payment provider.

Other than this, incorporate a payment portal and sufficient customer service to help build an effective model.

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Keywords: best payment gateway in India, payment gateway solutions in India

By: Amit K

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