If you want to take your business online, making a shopping website is one of the best options available. You can sell products online and deliver at the customers doorstep is very common these days. In addition, we have quick commerce. Companies are delivering products and services in record time. Therefore, payment gateway integration is very important to understand if you are running a business online.
What is Payment Gateway?
The payment gateway meaning is hidden in the name itself. A gateway or a system that allows you to receive payments online. You can create invoices or link this with the products in an ecommerce website.
How does it work?
Adding payment gateway for website, especially, if you want to make an ecommerce store is very important. Offline payments are complex and the process is time consuming. Due to this, it is good to add this facility for your customers. Your customers get multiple payment options from different banks including, internet banking, credit card, debit cards and in some cases EMI option is also available.
How much is the fee?
Some payment gateway companies do charge an initial fixed amount as an initial set up fee. But most of them offer free registrations. Other than this they charge a fee per transaction. Payment gateway charges vary from 1.5 percent to 7 percent depending on the country and currency you choose.
Payment Gateway Integration
The process of payment gateway integration is also very important. You need to be very careful because financial transactions are involved. Make sure an experience developed is involved in the process. Most payment gateway companies have ready to use scripts and transactions also happen on the bank’s website as a standard measure to ensure extra security.
International Payment Gateway
If you want to sell your products in international markets then you can buy international payment gateway. There are many payment gateway providers that can help you become a global brand. This is even more helpful when you want to sell digital products. The delivery happens instantly online and there are no physical products to ship. If you do not have a mechanism to accept international payment, you may lose opportunities.
Top Brands in the World
There are no best payment gateway companies in the world. Every company has some benefits and some drawbacks. Therefore, you should not go with the advertisement. You can also contact someone who is using these services. For example: If you want to use multiple currencies, PayPal is the most common and easy to use option. It is a bit expensive due to high per transaction charges but it covers up with a long list of currency options and sheer convenience of use. If you are in the USA or UK, you can use Stripe, PayPal, Authorize.net, Square or Amazon Pay. Some of the top payment gateway companies in India include Razorpay, CCAvenue, Paytm and PhonePe. Similarly there are other companies in various countries. It all depends on your own convenience and requirements.