How to get started with Payment Gateway: A guide for Startups

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Payment Gateway

Online payment gateways have brought a revolution in the Ecommerce industry. In today’s time, having a payment gateway has become a necessity for online businesses. No matter if your business is large or small, well-established or a startup, you must have a secure payment system that helps you and your customers by providing a secure and easy environment for payment processing. If you’ve just started and are preparing to integrate an online payment gateway in your startup, then this guide is for you. Here, you’ll learn everything about the payment gateways in India and how to get started with the same. So, if you want to know more, keep reading!

Selecting the right payment gateway is one of the most crucial decisions to make!

The Significance of Payment Gateways In India

Before getting started with a new payment system, you must know its significance and what it is responsible for. If you’re already wondering about the same, here are a few main responsibilities of a payment gateway in India :

  • Identify and define the transaction roles for an online merchant. In simple words, it defines things like the maximum and minimum amount you can process at a time, from where to accept and where to restrict the transactions, etc.
  • Validating the transactions by communicating with the payment switch and managing the switch configurations for online merchants.
  • Collects payments from the customers
  • Communicates with the card providers and financial institutions to check the authenticity of the transaction.
  • Sends payment records to customers as well as the merchants.
  • Ensures higher data security.

Choosing The Best Payment Gateway In India

If you want to grow your business online, then the first important decision you should make is to partner with the best payment gateway in India. Here are some of the most important features that one should look for in a payment processor :

  • PCI-DSS compliance
  • Easy to use and navigate
  • Powerful dashboard
  • Optimized for mobile
  • Reliable customer support
  • Expert technical assistance
  • One-click checkout
  • Instant refunds
  • Easy to integrate
  • EMI facility
  • Multiple payment methods (local & global)
  • Multiple currency support
  • Affordable Pricing
  • No/minimum maintenance fees

Getting Started With The Payment Gateway For Startups

If you’re the owner of a startup, you must select a payment gateway not just to receive payments from the customers, but also for making payments to your suppliers, vendors, employees, business partners and others. As a small business that has just dipped its toes in the market, you need to have a payment gateway that is reliable, easy to use and trustworthy. Here are a few tips that will help you get started with a payment gateway in India :

1. SetUp Cost & Transaction Fees

Before getting started with a payment gateway, make sure to educate yourself about its setup cost and transaction charges. Because we are talking about a startup, you might not have a lump sum budget to suffice the demands of international payment gateways. Also, the transaction amounts can go over the top as your business grows. Hence, partner with a trusted payment gateway provider in your country that supports local as well as international transactions and also offers affordable pricing.

2. Safety and Security

Security is another important area to pay attention to while setting up a payment gateway. As we’ve already discussed, your online transactions aren’t just restricted to your customers, but also involve your vendors and suppliers. An ideal payment gateway for startups is the one that complies with a standard security level such as PCI-DSS and uses a tight encryption mechanism for protecting your data. Further, it should also use some sort of a fraud detection and management mechanism.

3. Processing Time

Startups should make the payments to their suppliers and vendors in a timely manner otherwise they can easily harm their reputation. Hence, it is important to rely on a payment processor that doesn’t take forever to process the payments. Payment processing time also signifies the time in which the payments you’ve collected are reflected in your account. So, opt for a PSP that comes with the lowest processing time.

4. Payment Methods

Does your selected payment gateway support the payment options preferred by your potential customers?

To make sure that your customers have the convenience to make payments using the method they like, you must opt for an online payment gateway that accepts payments from a variety of methods like credit/debit cards, UPI, e-wallets, NEFT bank transfer, etc.

5. International Payments

If your startup is intended to operate on an international level, make sure that your selected payment gateway accepts international payments. And when you do so, don’t forget to check the associated transaction fees with each currency.

6. Automatic Billing

Automatic billing is very helpful for startups as it reduces errors and eliminates the need for human interference. It is easy and convenient. Therefore, select a payment gateway that supports transaction automation.

7. Transaction Limit

How much amount are you expecting to receive or pay at a time from your preferred payment gateway? Learn about the transaction limit very well before making your final decision. Make sure that the selected service meets your expectations.

That’s about it. These important points will surely help you get started with an online payment gateway in India.

To learn more about the best payment gateway for startups, check out the given link: https://www.cashfree.com/payment-gateway-india