Online Payment Gateway Services | Internet Payment Gateway

Blog

Consider These Before Choosing An Online Payment Gateway For Your Business
Sep-10, 2020

Consider These Before Choosing An Online Payment Gateway For Your Business

by admin

All merchants selling online and with e-commerce or business websites must have a premium payment gateway integrated into their business portals. Merchants are free to receive payments through other means, including post-dated cheques.

There is a problem with this process. It is lengthy, laborious, and lacking, with tech-savvy customers preferring paying though the newest cashless payment methods. Among these are credit and debit cards, cash cards, net banking, and more.

Businesses without a payment gateway in their e-commerce website are losing out on a great many prospective customers. It is high time that they start the process of integrating a modern payment gateway.But, which payment gateway is going to suit them the most. We are going to discuss this below.

Choosing one based on their requirements

A payment gateway integration has to satisfy all the needs of businesses. There are payment gateways that require a set monthly fee. There're those that charge based on how many financial transactions an e-commerce website does. Businesses must get one they can afford and won’t waste their money on. Brick-and-mortar businesses can also sell through a payment gateway, but they may need two merchant accounts.

Businesses selling internationally should get Payment gateway services that allow payments with international cards, including MasterCard and Visa. What about businesses with an extensive domestic buyer base? They should get a payment gateway that allows payments with debit cards and various net banking modes.

A wise payment gateway integration is one allowing payment through numerous modes. A payment gateway that allows 100+ payment options is great.

Research-

Merchant account payment gateways remain a part of online business websites for long. Thus, businesses must take time to pick one. A gateway that details all fees openly and has a transparent functioning mode is preferable. It shouldn’t have hidden charges. Businesses must be wary of those with hidden charges that aim to draw the capital money out of a business’s wallet. Thus, businesses must compare the fee arrangements of major payment gateways in India.

Payment and user-friendly Features.

The top online payment gateway providers in India offer an impressive set of features. They help with greater success rates of dealings and enable greater buyer satisfaction. Some offer “Auto-Retry” and “Smart Routing” features. They help businesses enjoy the greatest payment success rates. A payment gateway has got to offer businesses SSL security and conform to PCI DSS standards.

Meta: It is that businesses have Payment gateway services integrated into their e-commerce or business website. Grezpay can be an ultimate choice.

Read More
Businesses Can Be Free From Cash-Based Transactions
Sep-06, 2020

Businesses Can Be Free From Cash-Based Transactions

by admin

Cash has been the leading mode of payments and transactions in India for a long time. However, the scenario is rapidly changing with merchants and consumers resorting to effective and safe cashless methods of transactions and payments. More and more small and large-scale businesses are taking to cashless methods of getting payments. Cashless digital payment systems offer merchants, particularly small businessmen, several benefits. 

Efficiency-

Online payment gateways offer customers and merchants unmatched efficiency. Merchants who use these payment gateways can get payments for sales easily in their online banking accounts. Buyers can pay through credit and debit cards, online and mobile banking services, digital wallets, and more. The merchants process the payments effortlessly.

Several ways of making and receiving payment-

Providers of online Payment gateway services offer buyers several options to pay through merchants' online payment gateway system. They can pay in any of the several prevalent international currencies, including USD, INR, GBP, etc. They don’t need to convert to the local currency of merchants. Moreover, the numerous more cashless payment options, including online banking and digital wallets, are a boon for small online merchants. They can easily take payments from their buyers worldwide.

Secure payments-

Online payment gateways are a very secure way of processing online payments. These systems are capable of blocking suspect online transactions. Thus, they save buyers and merchants precious time that otherwise goes into identifying and resolving online payment frauds. Moreover, these systems thwart losses from duplicate currency, which are common in payments. Small-scale businesses, including local cable service providers and local grocery stores, can now facilitate online transactions for their clients. 

Faster transactions-

Cash-based transactions indeed appear efficient over the short run. However, online payment systems have chances of saving effort and time for consumers and merchants. Online payment gateways have been designed to offer customers unimpeded transaction and payment processing. They also take care of the comprehensive verification and sanction of a payment process. Online transactions are a highly appropriate payment process for non-profit organizations. They can take payments or donations from parties without using an ATM for payments done with RTGS, NEFT, and IVRS. 

India is experiencing an enormous rise in cashless payment methods. The reason is that they offer consumers and merchants clear benefits over customary cash-based methods of payment. There are several reputed online payment gateway providers in India to choose from.

Meta: Online Payment gateway services are the order for the day for businesses, and there is a good reason for this trend. They have a number of benefits.

 

Read More
Why Do Businesses That Wish to Have a Payment Gateway Pay the Payment Gateway Provider?
Sep-06, 2020

Why Do Businesses That Wish to Have a Payment Gateway Pay the Payment Gateway Provider?

by admin

Businesses with a payment gateway can offer several payment options to their customers on the checkout page. They can gather payments across platforms. A payment gateway provider associates with banks, card networks, including Visa and various payment service providers, to enable online payment collection. The important point is that payment gateway service providers incur charges.

Payment gateway charges comprise of several charges, including charges for setup, TDR, and more. Next, we will discuss the standard payment gateway charges separately.

Setup Fee

It’s a one-time fee paid by businesses for integrating a payment gateway in their website/application. It’s a non-recurring fee. The fee covers expenditures on

  • Getting a business on board
  • Infrastructure cost (For every net banking option enabled, a payment gateway service provider must share merchant particulars with the concerned bank. Next, the bank activates the account. The bank could charge an amount for this)

Annual/Monthly Maintenance Charges

Businesses could have to shell out a fixed monthly/yearly fee to a payment gateway provider for maintenance. These charges cover operating expenditures, technology up-gradation, and software maintenance costs).

This annual/monthly fee varies based on some factors. They are:

  • Payment modes activated
  • Sorts of integration (Businesses that have web checkout will incur lower maintenance charges. Charges are likely to be high when businesses do radical integrations, an example being seamless integration)
  • What payment gateway features are opted for (auto-billing service and integrated refund management are likely to be additional features)

Some providers of Payment gateway services also offer various risk and fraud prevention and management services. Businesses that wish to avail of these could have to pay extra.

TDR

True to the name, this charge is based on all transactions that a business processes via the payment gateway. The rate varies based on what payment mode the customer uses. The TDR is going to be low for a customer paying via net banking. It is going to be higher for payments made with international credit cards.

With a good number of payment gateways, the TDR decreases with a growth in sales.

Now, a payment gateway service provider doesn’t get the entire TDR. These fees are divided between several parties in a transaction. We will see how a 2% charge is divided.

  • The issuing bank gets 1.25% for card payments
  • Card networks including Visa and other intermediaries get 0.15%
  • The acquiring bank gets 0.25%
  • The Payment switch provider gets 0.10%
  • The payment gateway provider that gets the business onboard gets 0.25%

Businesses keen on offering customers various domestic and worldwide payment options can pick from several online payment gateway providers in India. Their payment experts will understand a business requirement and propose the best blend of features for the business.

Meta: Businesses need a provider of Payment gateway services for integrating a payment gateway in their website/application. However, they need to pay the provider a fee.

Read More