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0 In the current electronic era, a reliable payment gateway is that stepping stone needed for any business trying to perform efficiently online. To be frank, when there are so many options out there, finding that affordable yet efficient payment gateway provider is a daunting task. Let’s take a look at the top five affordable payment gateways in India, their pros, cons, and links to get started.
- Razorpay
Being one of the cost-effective and the most widely used payment gateways available in India, ranges from small businesses to large-scale enterprises, Razorpay is a multi-payment gateway that accepts multiple payment modes, credit/debit cards, UPI, and net banking.
Benefits:
It supports more than 100 payment options
E-commerce integration is easy, such as Shopify, WooCommerce, etc.
It has no setup or annual maintenance fee
It supports advanced features like instant refund and recurring payments as well.
About the Disadvantages.
The transaction fees for international cards are costlier.
Customer support can sometimes be slow during peak periods.
Link: https://razorpay.com
- PayU
PayU is known for simplicity in integration. It is an affordable choice for the initiation of startups and small businesses, through which seamless transactions to customers are made.
Pros:
No setup fee; only transaction fees are charged.
Multi-payment method support consisting of UPI, wallets, and net banking.
Excellent analytics and reporting tools are present.
Enhanced security is supported with features like PCI-DSS certification.
Cons:
High fees are taken for some premium features.
Customer support may not be available 24/7.
Link: https://razorpay.com
- Instamojo
Instamojo is greatly preferred by small businesses and solo entrepreneurs as the platform is very inexpensive and easy to use. It also allows businesses to create payment links and sell their products directly.
Advantages:
No annual or setup fees are charged.
Fairly easy process for onboarding and integration.
Multi-payment options, cards, UPI, and wallets are utilized.
Payment links and sales of digital products are provided.
Disadvantages:
Transaction fees are a little higher for some types of payments.
Limited options and feature set for big businesses or enterprises.
Link : https://www.instamojo.com
- CCAvenue
CCAvenue is a flexible and popular payment gateway in India. Its product range of payment options and support for multiple currencies makes it the most suitable payment gateway for businesses that have various sizes. Its affordability and feature-richness have made it very popular for businesses to use this payment gateway.
Support over 200 payment options along with multiple currencies.
Advanced fraud prevention and security features.
Detailed reporting and insights.
Scalable for large enterprises as well as small businesses.
Cons:
Complex setup procedure in comparison to some others.
High transaction fee charged on international transactions.
It also doesn’t have any fixed additional charge for credit card transactions.
Link: https://www.ccavenue.com
- Cashfree Payments
Overview: It is a payment solution service provider offering its services to all types of businesses with low transaction rates and simple setup costs. It is highly known for the quick disbursal of funds and thus makes it a reliable form of payment gateway for any business.
Pros:
Fast settlements of fund, that is usually done within 24 hours.
A number of payment options as well as UPI integration.
No signup fees; low transaction fees.
Good customer care.
Cons
It has limited advanced features for complex e-commerce functions
Some services such as bulk disbursements are payable
Link : https://www.cashfree.com
While all this matters to pay for affordability, reliability, integration support, and customer care are also very much important. Of the options mentioned above, one may use Razorpay, PayU, Instamojo, CCAvenue, or Cashfree Payments because there’s a huge difference in their pricing and pros and cons. Your business size and needs can differ, but any of these could be the right fit for smooth transaction processing in India.
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