While selecting for a payment gateway for accepting payments on website, one question usually my clients ask me is: Which payment gateway to use?

Before selecting any Payment Gateway option for accepting payment on your website we should consider few facts:

1. Which Currency you are planning to accept: You have to decide in which currency you are planning to bill your customer. Say your target customer is Indian and your preferred currency is INR then choosing a payment gateway which does not support Indian Rupee Currency will not serve your purpose.  If you display your prices in INR and bill them in USD there will always be difference in final amount to be paid by customer. And this will make your customer uncomfortable shopping in your online store.

2. Payment Gateways Charges: Any payment gateway have some charges associated with them: Setup Charge, Annual Maintenance Charge, Transaction Charges & Cancellation Charges. There are payment gateways that don’t charge Setup & Annual maintenance Charges. The transaction charges usually varies with volume of transaction. So before you chose any payment gateway for accepting payments on your website go through the fine prints. Make yourself acquainted with the charges associated.

3. Ease with Integration: Though its not directly linked to you as a owner or as a visitor. Though this is  more concern for your development team. They are to decide level of  complexity required to integrate the payment gateway and how much they are comfortable.

4. Payment settlement cycle: Almost all payment gateway have there different payment settlement cycle. Each provider maintain a minimum balance in there account and transfer the balance to your account. The mode of payment can differ: direct fund transfer, Cheque or DD, etc.  After each transaction you have to usually capture your order giving your dispatch details or order execution detail  in your payment gateway module before actually money gets transferred to your account from customer card.  After you capture your order payment gateway usually transfers the money on weakly basis.

Few payment gateway providers:

CCAvenue

CCAvenue estables in 2001 claims to be zero debt company from the date of its inception. It is based in Mumbai,India with subsidiary office in USA & Singapore. Its package starts from Rs. 7500/- Setup Fee with per transaction charges  of 7%. The per transaction charges reduces upto 3% if you pay a setup fee of Rs. 40000/-. CCAvenue also charges an Annual Software Maintenance Charge starting as low as rs. 1200/-. You can bill your customer in INR or USD.  You can accepts payment via credit cards, Debit Cards, Indian Internet banking, mobile payment & cash cards.

EBS

EBS was established in 2005 by young entrepreneur for providing comprehensive & easy solutions to e-commerce industry. Using this payment gateway you can accept on your website from Credit Cards, debit cards,   Indian Internet banking, mobile paymets & cash cards. Here packages starts from Setup fee of Rs. 6000/- and 6% per transaction fee. And the transaction fee can go as low as 3.25 if you pay an initial setup of fee of Rs. 30000/-. They charge Rs. 2400/- per year as Annual Maintenance Charge.

Paypal

Its one of the most known company world wide for providing solutions for accepting payment online. Paypal was founded on December 1998. And based in San Jose, California.  Paypal don’t charge any Setup Fee. You can just register yourself on there website, validate your account using a credit card and integrate with your website to start accepting payment.  Paypal charges starts as low as 3.4%+0.30USD per transaction.  One of the most important drawback with paypal for an Indian Website Store that you cannot bill your customer in INR.

I have tried to highlight some points you should consider before selecting a payment gateway and some payment gateway option. As a service provider in this field you can approach us for payment gateway integration with your website or for any e-commerce solutions. You can visit us at www.mindkey.in or mail us @ sales@mindkey.in

I would be pleased to know your feedback & views on this topic.