Day by day world is getting more advanced and digitalized. Starting from the period of Barter System to online payments, there had been a lot of ups and downs. Whether you are purchasing from a small vegetable vendor or from a shopping mall, the word “Online Payment” is heard in each and every corner of the world.
As per a recent report by KPMG, digital payments in India are witnessing constant growth at a compound annual growth rate (CAGR) of 12.7%, while the mobile wallet market is expected to continuously grow at a CAGR of 52.2% by volume between 2019 and 2023.
Basically, a payment gateway is a mediator or third party that takes money from the customers and settles it in the bank account of the business owners or merchants. It works as a chain between customers and merchants.
After considerable research, my suggestions would be to prefer PayKun payment gateway as it provides a number of payment options, ease of integration and most importantly it is offering you the lowest pricing and after-sales customer support at the time of queries.
Here are some of the key points for a merchant to choose a payment gateway for sales and profit maximization of your business in the upcoming years:-
- Setup & Annual Maintaince Fees: Usually payment gateways charge various fees like annual maintenance fees, one time setup fees, integration fees or other hidden charges from the merchants. Prefer the payment gateway that charges Rs.0 as setup fees and even you are not required paying any maintenance charge, integration charge or other hidden charges after registering your account with it.
- Pricing: The pricing of each successful transaction depends on a payment gateway. At present most of the online payment gateways are charging 2% to 3% per transaction + taxes which is very much expensive for a merchant to accept. In compare to other payment gateways, PayKun is the lowest amongst all as it charges 1.75% + taxes so a merchant can simply afford it.
- Payment options: Select a payment gateway that offers a maximum number of payment options to the customers like 80 – 85 Net banking options, Debit/Credit Cards, Master Card, Visa, AMEX, Diners Club, Rupay, Wallets, UPI/BHIM, QR Code and Payment Links.
- Integrations: One of the difficult process is a payment gateway integration. A merchant faces lot of issues while integrating with all the major platforms like Android, iOS, Magento, PHP, WordPress, Java, Ruby, Python, Node, .Net, JS, etc. As there are very less payment gateways that will offer you easy integrations, refer for the one that provides you with effort-less and trouble free integration.
- Payment Link: One of the best features of PayKun is if you don’t have a website, then also you can accept online payments from your customer by sending them a payment link that you can get from the merchant dashboard.
- Merchant On-boarding: While registering with any payment gateway, a merchant is required to submit necessary documents for the verification. After the verification of all the documents, the merchant’s account is activated and he can accept payments from the customers, but a lot of payment gateways ask for physical documents and takes 3-4 days in activating the merchant’s account. Select the one that requires minimum documentation and activates the account speedily.
- Settlement Process: Settlement is the process by which money is routed from customer’s bank to merchant’s bank to complete a transaction. The process starts right from the checkout form, where customers input their card/account details to pay for the products/service. After successful authentication of OTP money is debited from the customer’s bank account and gets the confirmation. The debited amount gets routed via card networks to the payment gateways acquiring banking partners. After that the payment gateway will deduct the fees and transfer the money to merchant’s bank. Generally the payment gateways are taking T+1 to T+7 days, (T stands for transaction day) to complete the process but PayKun has a settlement cycle of T+1 to T+3 days which benefits the merchant a lot.
- Safe and Secure: Payment Gateway must be compliant to PCI DSS security standards as it protects the cardholder data from any kind of sensitive information data leaking and online payment frauds. See to it that it follows AES 256 bit encryption so that the data transmitted is safe and secured. PayKun payment Gateway follows all the security standards and provides highest security so that customers can enter their card details without any hesitation.
- After Sales Customer Support: Before integrating with any online payment gateway, see to it that while you are having any issues or queries at the time of transacting, a dedicated support team is ready to solve the queries in the best possible manner.
A merchant must select a payment gateway that increases the online sales and profit of the business. Keeping in mind the unique features of PayKun Payment Gateway like lowest pricing i.e. 1.75% , fast settlement cycle of T+1 to T+3 days , easy merchant on boarding within few hours of document submission, accepting payments via master link etc will help the merchant a lot in a direct manner. To integrate with PayKun Payment Gateway you may drop an email on [email protected] or call on their helpline number 1800-212-8070