Top 10 Payment Gateway in India

Transferring of money and data to perform the buying and selling of goods and services on the internet is referred to as Internet Commerce, Electronic Commerce, or eCommerce. 

Ecommerce is used by both individuals and business enterprises. Since its start, eCommerce has evolved and come a long way making inevitable changes in our lifestyle, the way we shop and even the way we do business.

Ecommerce operates in the following 4 major market segments:

  • Business to business
  • Business to consumer
  • Consumer to consumer
  • Consumer to business

Thus, irrespective of the size or nature of the business, eCommerce has been widely in use. It has become the new normal means of internet business. 

Payment Gateway is a financial service or in other words, a consumer-facing interface provided by an eCommerce service provider to accept online payments from customers using a credit card or debit card. Initially, Payment Gateway was a payment method using the physical card reading device found in brick-and-mortar retail stores. But later it also became part of the payment processing portals found in online stores.

There are numerous Payment Gateway methods and when it comes to a start-up or newly formed business, where the brand name is yet to get established, it might be slightly confusing as to decide on which Payment Gateway to opt for. 

This article will take you through the Top 10 Best Payment Gateway in India.

  1. Cashfree
  2. PayU, also known as PayU Money
  3. Razorpay Payment Gateway
  4. Instamojo Payment Gateway
  5. PayPal
  6. PayKun
  7. CCAvenue
  8. Atom Paynetz
  9. Citrus
  10. PayTM

 Cashfree

The fastest and easiest way to collect and disburse payments for growing businesses. Cashfree being a banking and technology company helps businesses to accept and send payments both domestic and international. 

Charges and Key Features:

Cashfree provides the widest range of payment options:  

  • Cards (Visa, Mastercard, Maestro, Rupay, Amex) , 75+ Netbanking options, Paytm and 6 popular mobile wallets like Airtel, Mobikwik, Freecharge, and widest range of PayLater and cardless EMI options such as ZestMoney, OlaMoney postpaid etc
  • Cashfree supports UPI, IMPS and Paypal.
  • The Payment gateway charges on Cashfree are just 1.75% per transaction, which is the lowest TDR charges in India.
  • Cashfree also has the fastest settlement cycle of 24hrs to 48hrs.
  • Initial Setup Fees: ZERO
  • Annual Maintenance Charges: ZERO
  • Minimum Annual Business Requirement: ZERO
  • Transaction fees on Credit & Debit cards on Visa, Mastercard, Maestro, RuPay, 75+ net banking: Flat fee @ 1.75% + Rs 0 per transaction
  • Wallets: Paytm, Airtel Money, Freecharge, Mobikwik, Ola Money, Jiomoney: Flat fee @ 1.75% + Rs 0 per transaction
  • UPI: Flat fee @ 1.75% + Rs 0 per transaction
  • International Credit Cards on Visa, Mastercard, and American Express: Flat fee @ 3.5% + Rs 7 per transaction

 PayU, also known as PayU Money

Is a Payment Gateway that accepts cards, Netbanking, Wallets, and UPI. PayU is a fintech company that accepts and processes payments that can be integrated with both web and mobile applications. 

PayU has minimal development effort and is easy to sign-up for. You can start accepting payments securely and seamlessly within your iOS, Android, or Windows app, within minutes, with our 100% online hassle-free onboarding process.

Charges and Key Features:

  • Annual maintenance Charge: Zero.
  • Transaction Fee per Transaction: 2% + GST for each transaction
  • For American Express & Diners Cards, transaction fees = 3% + GST
  • For international transactions & EMI payment options, there is a set-up fee that needs to be paid along with Annual Maintenance Charges (AMC).
  • Transaction rates are 3% + ₹6 for every transaction.
  • International Payment / Credit card Support: Yes
  •  Domestic Credit cards supported: Visa/Mastercard/Diners/Amex credit Cards
  • Multi-Currency Support: Yes
  • Withdrawal Fees: Zero
  • Settlement days: T+2 days
  • Customer Support: Customer support always seems to be busy.
  • Documentation required: Extensive list of documents.
  • No of Days to start a transaction: 5-7 days
  • Supported eCommerce CMS Systems: All major CMS supported
  • Mobile App Integration: Android, Windows and iOS.

 Razorpay Payment Gateway

Razorpay is the only converged payments solution company in India that allows your business to accept, process, and disburse payments via its product suite. With Razorpay, you have access to all payment modes, including credit and debit cards, UPI, and popular mobile wallets including JioMoney, Mobikwik, PayUmoney, Airtel Money, FreeCharge, Ola Money, and PayZapp.

Razorpay provides the highest level of tech integration at a reasonable price.

Charges and Key Features:

  • Annual maintenance Charge: ZERO
  • Transaction Fee: 2% per successful transaction; +1% for International cards, EMI and Amex;
  • No setup fees; No Annual maintenance charges   
  •  International Payment / Credit card Support: International approval is a     separate process and takes longer, which is subject to the bank’s approval.
  • Multi-Currency Support: Does not support
  • Withdrawal Fees: Zero
  • Settlement days: 3 days in your connected Bank account.
  • Customer Support: Chat Support and IVR is available 24/7.
  • Documentation required: You can find the documentation list here.
  • No of Days to start a transaction: Near to real-time activation. Subject to documents approval.
  • Supported eCommerce CMS System: All major ones such as WooCommerce, Magento, CS-Cart, Opencart, Shopify, WHCMS, WordPress, Arastta, Prestashop.
  • Mobile App Integration: Mobile SDK’s for Android and iOS via Cordova/Phonegap

Instamojo Payment Gateway

The charges inInstamojo are reasonable and it allows new business entities to create an account at ease irrespective of having a webpage of their own. 

Charges and Key Features:

  • Annual maintenance Charge: ZERO
  • Transaction Fee per Transaction: Flat fee @ 2% + Rs 3 per transaction
  • Key Features of Instamojo Payment gateway service are International Payment / Credit card Support: Not supported
  • Multi-Currency Support: Not supported. Only INR.
  • Withdrawal Fees: Zero
  • Settlement days: 3 days in your connected Bank account.
  • Customer Support: Their IVR system clearly says that they are closed over weekends. However, on weekdays, our call went unanswered.
  • Documentation required: Documentation list you can see after signing up with them.
  • No of Days to start a transaction: You can start receiving payment after simple signup with your email. Types of Credit Card Accepted
  • Supported eCommerce CMS System: All major ones such as Magento, Prestashop, Opencart etc.
  •  Mobile App Payment Gateway Integration: Not available as of now.

PayPal 

Being a global payment platform and available in 200+ countries, PayPal claims to have possessed 4 billion payments in 2014, including 1 billion of it through mobile. Over 173 customers use PayPal. Thus, if you are into international business expecting payment from customers across the globe, PayPal is the best.

PayPal supports more than 100 currencies with a fund withdrawal facility. The banking regulations in India restrict businesses to use PayPal to receive funds from foreign customers only. 

Charges and Key Features:

  • Annual maintenance Charge: Free, Zero maintenance charges.
  • Transaction Fee per Transaction: 4.4% + US$0.30 + Currency conversions charges
  • International Payment / Credit card Support: only for receiving international payments.  PayPal does not support or recognize Indian currency; hence you need to choose an international currency as the base currency. Therefore, when you withdraw money from PayPal you will again pay currency conversion charges for conversion to Indian Rupee at your bank in India.
  • Multi-Currency Support: PayPal supports over 100 currencies globally and as a PayPal merchant you can keep your earnings in 57 currencies!
  • Withdrawal Fees: No withdrawal fees. However, as you will be receiving money on a regular basis from PayPal (Through their Banker-CitiBank) you need to obtain proof of foreign inward remittances in the form of a certificate called “Foreign Inward Remittance Certificate or FIRC”. FIRC is a document that acts as a testimonial for all the inward remittances entering India.        Settlement days: All payments received in your PayPal account will be auto-withdrawn to your local bank account on a daily basis.
  • Customer Support: Great.
  • Documentation: It only takes a few minutes to start a PayPal merchant account. To do so you need to confirm your identity. To do so verify your PAN, add a local bank account, and a purpose code (The Purpose Codes have been introduced to identify the nature of the cross-border transaction payment made in compliance with regulatory requirements. Businesses are required to furnish the appropriate purpose codes from pre-filled dropdowns when they initiate a withdrawal from their PayPal account to their Indian bank accounts) and confirm your email address.
  • No of Days to start a transaction: You can start receiving payment immediately after a successful registration.
  • Mobile App Payment Gateway Integration: iOS and Android.
  • Supported eCommerce CMS Systems: Most of the popular ones are supported.

 PayKun

This is a very safe, secure, and cheapest mode of payment, irrespective of the type of business entity that you are. PayKun is paperless, easy and very fast.

Charges and Key Features:

  • Setup cost: Zero
  • Annual Maintenance Charges: Zero. No hidden charges
  • Transaction Fee per Transaction of Domestic: Flat 1.75% taxes as applicable
  • Compliant with the Payment Card Industry Data Security Standard (PCI DSS) v3.2.1 Level 1.
  • Payment retry option
  • Payment link option for single & multiple customers
  • Master payment link option (Customer can fill their amount and initiate transaction without any integration)
  • Single click easy refund to the Customers (Partial refund option available)
  • Website/Application not mandatory (individual can receive online payment by creating payment link
  • Powerful dashboard (Easy and User-friendly UI)
  • Personal dedicated assistance
  • Mobile Optimised design, Widest Payment choices including all wallets and UPI, Advanced UPI – Scan and Pay, Subscription Payments, Withdrawal gateway and more
  • Offers 120+ payment options with simple and lowest pricing.
  • Single QR Code
  • International Payment / Credit card Support:  No
  • Multi-Currency Support: No
  • Withdrawal Fees: None
  • Settlement days: T + 1 to T + 3 working days (depending on a business model and payment mode)
  • Documentation required: Depends on the nature of business- business KYC and more
  • No of Days to start the transaction: within an hour

CCAvenue

CCAvenue is one of the largest and widely used payment modes, offering 200+ options, serving 27 countries, and enabling multilingual payment pages in 18 major Indian and International languages. 

Charges and Key Features:

  • Initial Setup Fee: Zero, yes Zero
  • Domestic Credit & Debit cards on Visa, Mastercard, Maestro RuPay: Flat fee @ 2%
  • Mobile Wallet: Flat fee @ 2%
  • IMPS & UPI: Flat fee @ 2%
  • International Credit Cards on Visa, Mastercard, American Express, JCB and Diners Club: Flat fee @ 3%
  • Taxes extra as applicable from time to time
  • International Payment / Credit card Support: 27 foreign currencies.
  • Withdrawal Fees: free. Domestic Friday and International Tuesday
  • Settlement days: CCAvenue settles payments on a weekly basis for all amounts over & above of Rs. 1000, which is the minimum amount required to be kept.
  • Customer Support: Their website claims 24x7x365 days of Voice, Chat and emails support.
  • No of Days to start a transaction: Though CCAvenue claims on their website that all new merchant accounts get activated within 1 hour of registration, in practice, it will take anything between 3 to 6 days.

Atom Paynetz

With over 100 payment options, 15 million+ transactions, and 4500+ strong merchants across the country, Atom Paynetz is an innovative payment service provided by the FT Group.

Charges and Key Features:

  • Annual maintenance Charge: Generally waived off for the first year, however second year onwards you have to pay Rs 2400
  • Transaction Fee per Transaction:

            Credit Cards: 2.1%

            Debit cards: for transactions less then Rs 2000 it is 0.75%

            Debit cards: for transactions more than Rs 2000 it is 1%

  • International Payment / Credit card Support: Not supported
  • Domestic Credit Cards supported: Visa, Master, AMEX, Diners, JCB, Discover
  • Multi-Currency Support: Not Supported
  • Withdrawal Fees: Zero
  • Settlement days: in T+2 days
  • Customer Support: connect with Atom Paynetz Payment Gateway service sales team on the connect our page.
  • Documentation required: New merchant accounts need to provide Business Registration documents mostly and a PO.
  • No of Days to start a transaction: Within 5-6 days, provided all documents are provided as and when asked for.
  • Supported eCommerce CMS Systems: All major CMS supported such as Magento, WooCommerce, Prestashop
  • Mobile App Payment Gateway Integration: Only Android as of now.

Citrus

Citrus was a UPI app that enabled payment through direct account transfers. It is merged with PayU now, about which was mentioned already in this article before. Kindly check that. 

PayTM

This is beneficial especially for the smaller e-commerce merchants as it enables with Paytm cash wallet. 

Charges and Key Features: 

  • Domestic Credit Cards supported: Visa, Master, Maestro, Amex, Discover and Diners
  • International Credit Cards supported: Visa, Master, Maestro, Amex, Discover and Diners
  • Initial Setup Fees: Rs 5000. Waived as of now
  • Annual Maintenance Charges: Rs 5000. Waived as of now
  • Minimum Annual Business Requirement: ZERO
  • Fee for Domestic Debit or Credit cards on Visa, Mastercard, Maestro, RuPay: Flat 1.99%
  • Amex, ezeClick, JCB and Diners: Flat 1.
  • International Credit Cards on Visa, Mastercard: Not supported.
  • Taxes extra as applicable from time to time.
  • International Payment / Credit card Support: Supported all kind of credit cards.
  • Multi-Currency Support: Not supported as of now.
  • Withdrawal Fees: Zero.
  • Settlement days: Settlement takes place within 2-3 days. Their committed structure is T=+2 that is transaction date + 2 days of lag for settlement.
  • Customer Support: very good customer
  • Documentation required: New merchant accounts need to provide business registration and bank account details.
  • No of Days to start a transaction: Merchant can go live with Paytm Payment gateway in 2 days’ time after submission of all the requisite documents.

In India most of the payment gateways levy 3 types of charges:

  1.   Initial Setup Fee: It could be anything between Rs 0 to Rs 200k depending on the payment gateway you are choosing to work with.
  2.   Annual Maintenance Fee: This could be anything between Rs 0 to Rs 50000/annum.
  3.   Transaction Charges: Transaction charges are levied on every transaction that takes place on your payment gateway account. It could be anything between 1% to 4%/transaction.

The choice is always yours as to which Payment Gateway to choose for your business. Not all payment gateways are the same, choose what works best for you. As a start-up or new business, you would like to ensure a conversion; once a customer likes your Brand Story. You need a Payment Gateway, which is not only safe and quick but also provides multiple payment options. Hence, choose wisely.