With the increasing number of Indian businesses going online, the need to incorporate the best payment gateway has become more important than ever. Several studies suggested that a majority of customers in India prefer shopping online rather than from physical stores. And the availability of convenient payment methods such as net banking, cards, UPI and e-wallets have widely supported the decision of online customers. So, what today’s businesses need is, to have the best payment gateway in India that makes it easier for them to collect payments from their customers in the smoothest way possible.
In this post, we are listing the most sought-after features of the best payment gateway in India.
Every business needs a payment gateway with advanced features
What Is the Best Payment Gateway in India?
A payment gateway is a service or simply software that offers a secure interface between a business’s website or application and the customer’s payment mode. It provides businesses with the infrastructure required to process payments in a faster and secure manner.
For small businesses and startups, a reliable payment gateway is the easiest way to transform themselves digitally and expand their customer base.
While there are hundreds of payment services out there, the best payment gateway in India is the one that ensures that your business will never suffer restrictions due to payment methods and geographies. It allows customers to pay using whatever payment option they like, from anywhere in the world they reside.
Here are the top features of the best payment gateway in India :
Advanced security is one of the main reasons behind the popularity of payment gateways in India. Both customers and merchants require a secure payment processing environment where they can make /accept payments without worrying about security breaches. The best payment gateway in India is the one that comes with not one or two but multiple security features such as PCI-DSS Level 1 compliance, fraud detection, SSL certification, data encryption, tokenization, to name a few.
2. Easy Integration
While selecting the payment gateway, it is important to make sure that it is easy to integrate. Seamless integration is what makes a payment stand out from its kinds. It should be compatible with your website and existing payment infrastructure. This feature allows you to save on time, money and effort of manual installation.
3. Detailed Reporting
A majority of e-commerce site owners use a payment gateway as the only tool for processing their transactions. This is where an advanced reporting feature comes into play. It allows retailers to make faster reconciliation and informed decisions.
4. Fast Settlements
Normally, when using a payment gateway, the payment you collected from the customers is kept in a merchant account. And it takes nearly 3-4 days to reflect into your actual bank account. However, the best payment gateway in India comes with the ”Fast Settlements” feature that allows you to access the money you’ve earned on the same day. This feature ensures that your business operations run smoothly and you never face liquidity crunches.
5. Invoicing Options
A payment gateway that is bundled with in-built invoicing features is no less than a blessing for a retailer. It allows them to streamline their payment processes and offer a more frictionless way of accepting payments.
6. Multiple Payment Methods
Different customers have different preferences when it comes to payment methods. So, when they finally opt for making a digital payment, your payment gateway should provide them with numerous payment options so that they can use their favourite one. Payment options like credit/debit cards, e-wallets, Coupons, rewards, Netbanking, etc. are the most popular payment options offered by payment gateways.
Further, having multiple payment options also ensures that your business can expand globally and maximise profits by targeting a global audience.
7. UPI Payments
Over the past couple of years, UPI has become the most popular payment method in the country. Believe it or not, it has even outperformed credit and debit card options. The main reasons behind this massive popularity is the speed, convenience and ease of use it offers the users.
By choosing UPI as the payment option, customers can make payments in seconds without having to fill in their banking or card details. So, in today’s scenario, if your payment gateway doesn’t have a “Pay with UPI” feature, you might lose a big chunk of your customers.
UPI Payments is not just the best feature, it has become a compulsory option for the eCommerce business to have.
8. Mass Payouts
Ecommerce businesses aren’t only about selling products and collecting money from customers. They also have to make payments to their suppliers, employees, partners and other stakeholders. And this is where having a mass payouts option is a must.
The best payment gateway in India offers the Mass Payouts option using which you can make bulk payments at once and keep your cash flow balanced.
These are the eight best features of online payment gateways in India. So, at the time of choosing the right payment gateway, make sure that these features are present there.