Posted 04 Apr 2020, Editor's Desk
What is the Best Online Payment System for you?
E-commerce is booming and the Digital India initiative by the Government has given an immense boost to it. Flexible payment processing software becomes necessary for your company to facilitate easier payment mechanisms for the customer. For you to choose a payment processing company, keep the following things in mind:
Low Transaction fee- The cost for the convenience given should be feasible to you
Technology- The payment gateway whether a third party or yours should be able to process the financial data put on your side
Offers multiple ways for the customer to pay
Here are some options of payment processing software for small businesses:
1. PayU Money
It is the largest payment processing gateway in India and has no setup as well as maintenance fees.
Their subscription feature can help businesses get recurring payments making life easier for both the business and the customer
With a 100% online hassle-free onboarding process, makes managing payments easy and hassle frees
It’s a payment gateway that allows businesses to accept, proceed and disburse payments. It has many clients in its portfolio which makes its initializing features customer service very effective
They offer zero setup fees for startups so you can start off easily. It allows multilingual payment page in 18 major Indian and international languages and also has 200+ payment options
Cashfree payment processing software provides the widest range of payment options. From net banking to popular wallets, to credit and debit cards options along with the widest range of pay later and cardless EMI options
MobiKwik has gained immense popularity in India due to its flexibility. They offer solutions to both individual users and businesses.
It is mobile friendly with a solid analytic dashboard
It is one of the fastest-growing payment processing software for small business
This platform allows new merchants to create a merchant account instantly to collect online payments with ease with or without a website.
The platform is a full-stack transactional platform empowering merchants with simpler processes.
Charges of Instamojo are quite reasonable
The biggest advantage with PayPal is that it is a global player, so if you deal with a lot of international consumers then getting PayPal integrated as you payment processing partner makes a lot of sense.
Features like barcode scanning, bill me later, inventor tracking makes it advisable for businesses to use this platform. But its unique feature of Transaction dispute where it holds the money in the account for 180 days if there is a scam or a fraud ensures protecting of both the seller and the buyer
Paytm became a leading payment processing gateway due to its online consumer base with ‘Paytm Cash’ wallet especially after Demonetisation. This made PayTM a preferred choice of many small e-commerce merchants
Finding a payment processing software depends on a few factors listed at the beginning of the article. One should choose that particular payment processing software that suits the needs of the SME and is aligned to their product offerings.