Digital payments are slowly taking over the world, and India is no exception. People now prefer to place online orders for goods instead of going to the market to buy them. With everything moving online, the use of cash for purchases has also become limited. A Statista report shows more than 40 billion digital transactions valued at more than a quadrillion Indian rupees recorded across the Indian subcontinent in the Financial Year 2021. The number in itself speaks to why businesses today need to be equipped with the right payment gateway to accept online payments.
With that being said, there are a range of different factors a business must consider before choosing a secure payment gateway partner.
Essential Factors to Consider while Choosing a Payment Gateway Provider
Most businesses look for a payment processor that is fast, affordably priced, secure, and meets business requirements. Choosing the right payment gateway is all about knowing the factors to consider and then conducting proper research. This blog discusses a few key factors that must be kept in mind.
Opt for customer-friendly features
While choosing the online payment gateway, it is essential to choose the one that best suits the business. The merchant should think from the customer’s viewpoint and opt for a payment gateway that offers all the cutting-edge facilities. A gateway that supports all the in-demand payment options should be given a higher priority. Transactions can be initiated using credit cards, debit cards, UPI, net banking, mobile wallets, or Pay Later. The choice of payment option to be used is best left with the customer. Adequate research must be conducted along with a comparison of all the available options. Zaakpay is the best choice for all kinds of business be it small, medium or large, thanks to its easy-to-use features. Regardless of the scale of your business, Zaakpay’s India payment gateway will support all your transaction needs seamlessly.
Choose a gateway with high processing speed
Time is the most critically defining factor in today’s era. Nobody wants to devote too much time to anything. The whole point of shifting online is precisely this. Customers want to reduce the time wasted in shopping physically to just a few minutes. Putting them through a time-taking payment procedure is a sure-shot way to lose them. Merchants should, thus, look for products that process the payments quickly. An India payment gateway that processes the payment into the business account without delay is also beneficial for the merchant by increasing cash flow.
Make your customers feel secure
A payment gateway processes a transaction by accepting sensitive payment information from the customers. It could be a massive trouble for the business if these details somehow fell into the wrong hands. A shady gateway also makes it difficult to convert visitors into customers. Merchants must thoroughly go through the security level and other related features offered by the gateway before signing up for it. Generally, a secure payment gateway comes with PCI DSS (Payment Card Industry Data Security Standard) and SSL (Secure Sockets Layer) certifications. Such gateways encrypt the customer’s personal and payment information before transmitting it to any other server. This increases the security provided by the gateway significantly.
Consider fees and service agreement requirements
A payment gateway service is an investment for the business. It usually comes with several charges like a set-up, transaction, and other additional charges such as maintenance or fines. These charges depend upon the services chosen, type of business, estimated volume of transactions, types of transactions, and several other factors. The pricing of the gateway should be checked beforehand to ensure that it fits into the business budget. Any service agreements like monthly minimum or maximum volume or transaction amount should be cleared out at the beginning. The best Indian payment gateway with an affordable pricing model and no unnecessary terms is Zaakpay. Moreover, Zaakpay charges no setup fees or maintenance fees from businesses and has some of the most affordable pricing plans available.
Make checkout easy on all devices
Convenience is the key to more sales and lesser cart abandonments. Customers can get frustrated if the checkout process is more complicated than it should be. A lengthy registration process is mostly a dealbreaker. Generally, consumers don’t want to register for their first few purchases. Providing the facility of guest checkouts can work in favor of the business. To encourage registrations, additional offers or discounts can be awarded to registered customers. The option to register using a Google/Facebook account can also be provided. This user experience must also be consistently implemented across all devices to enhance customer satisfaction. Purchases can be made through any device, and the business’s credibility would come down if the user experience is not the same across all devices. The best payment gateway that implements an easy checkout process across devices of different sizes is Zaakpay.
Easy fund managements & success rates
An India payment gateway receives multiple transactions throughout the day. A feature-rich fund management option can be a life-saver for the merchant, given the volume of transactions. The service should have detailed statements of transactions and easy processing options. Some services allow automating the gateway with the accounting or management system of the business for computerized records keeping. It should also have a high payment success rate to avoid the failure of transactions. Repeated failures can make customers lose faith in the business, reducing sales.
Easy integration process
A gateway is virtually useless until it is integrated into the website of the business. This is a highly technical process and, ignored early on, can later prove to be a nightmare for the merchant. First of all, the merchant should check if the gateway is compatible with the business website. Then, the available integration options should be judged. Zaakpay, one of the best Indian payment gateway for small businesses, comes with pre-built plugins that simplify the integration process. They also have dedicated customer service to make the process smoother, and approval of merchant accounts also takes only about 24 hours.
The Takeaway
In India, payment gateway services are widely available. It is only a matter of choosing the right one for the business. With the right online payment solution, companies can gain a significant increment in their sales. Zaakpay is the best payment solution that helps businesses streamline their payment collection process in the smoothest way possible. Merchants can leave the heavy lifting viz-a-viz payment collection to Zaakpay and watch the payments come in an automated manner.
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