Online business is the new rage. There is a ‘-Kart’ for every product and service regardless of business vertical or geographical boundaries. The days of primitive cash transaction and hunting for a credit card are quickly becoming outdated. The digital world brings winds of change to finance with the introduction of FinTech.
In the new digital reality of FinTech, Payment Gateway plays a crucial role in closing a sale and processing the payment for a customer. Choosing the right Payment Gateway is vital to creating a reliable, secure brand image that translates into positive customer experience. Hence, choosing the right payment gateway for your business is of critical importance. Here is a 10-step checklist to help you make the choice.
- Digital Security
- RBI approved – Security compliance
- PCI DSS certification (Payment Card Industry Data Security Standard)
- Provides end to end data encryption
- Stores and processes data in the same country as your business
- Manages all communication routed only over TLS and HTTPS protocols
- Secure and reliable server – Cloud service provider
- Regular penetration tests
- Antivirus solution deployments
- Strict in-house security guidelines
- Payment Modes
- Credit Card (Master/Visa/Amex/Rupay/Maestro/Diners)
- Debit Card (Master/Visa/Rupay)
- Net Banking (Integration with popular banks)
- UPI (BHIMp Gpay/Paytm/Phonepe)
- Wallets (Paytm/Phonepe/Gpay/Freecharge/Airtel Money/Mobikwik)
- QR Code (Static/Dynamic)
- International Cards
- EMI (Equated Monthly Instalment) Transactions
- Agnostic Platform
- PHP
- Paython
- Ruby
- C#
- International Payment Support
- Latest Payment Modes
- Payment Links – Instant ‘Click & Pay’ with an easy & convenient link that can be shared via an email, SMS, messenger, chatbot & more.
- QR Code – The popular ‘Scan & Pay’ feature that caters to both static and dynamic QR codes to facilitate instant payment.
- Latest POS Machines – ‘Tap & Pay’ Point-of-Sale machines that enable quick and hassle-free payment process.
- Payout Services
- Marketplace Settlements
- Refunds [B2B & B2C]
- Bulk payments
- Instant COD collection with digital Payment Links
- Salary Payout & Reimbursement services
- Disbursement through payout links
- Fully Analytical Dashboard
- Real time reconciliation (Income & Expense matching)
- Pre-Authorization (Payment Gateway that blocks customer’s funds temporarily during transactions)
- Predicts growth & scalability
- Summary of transactions
- Volume of payments
- Distribution of payments across different payment modes
- Payment analysis over a specific period (Preferably hours, days, months, year & customized)
- Recurring Billing Options
- Standing Instructions
- eNACH
- e-Mandate
- UPI Autopay
- ECS (Electronic Clearing Service)
- Easy Onboarding
- Ready-to-install Plugins
- Prompt business documentation processing
- Same day activation
- Reliable Customer Support
- Less than 24 Hours of TAT
- Real-time problem solving
- Swift Payment Settlement cycles
- Dedicated Relationship Manager
The first and the foremost on your checklist that needs a bold tick is digital security. It is mandated by the Government of India to have certain security features when processing digital payments.
The Payment Gateway features that ensure secure handling of your data and money are listed as follows:
The abundance of payment modes on your check out page ensures ease of use and lowers your cart-abandonment rate. Know more about the benefits of using multiple payment gateways.
Here are some of the basic payment modes with popular services used in the country (Popular Payment Modes in India) that every payment gateway is expected to have in their repertoire.
Payment Gateways are to be integrated with the existing platform of your online business. Choose a payment gateway that offers plug-ins for clean and hassle-free integration with popular payment platforms.
An agnostic platform provides easy integration with all devices. Ensure they offer integration guides for major computer languages such as
Any payment dealing with financial institution or bank whose country is different than that of the merchant i.e., India is an international payment. For international payment support, availability of multi-currency conversion in the payment gateway of your choice is essential.
Ensure to choose a Payment Gateway that offers your customers swift and convenient International Payment processing that transcends geographical boundaries.
The rapid advancement of technology and its inimitable influence on finance products and services have led to increased customer expectations. Payment Gateway of your choice needs to be up to date with products and features that can quickly cater to the latest customer needs in the market such as,
One of the most essential services for a company is processing Payouts. Ensure to choose a payment gateway that offers FinTech products and services for your requirements, such as:
Your Payment Gateway of choice should empower your business with a fully analytical dashboard that is responsive with the latest and intuitive FinTech features such as:
The Covid-19 pandemic led to exponential growth in subscription economy. According to SEI report published by Zuora, the Subscription Economy Index charts 4.6x faster compared to conventional services. Payment Gateway of your choice should facilitate the following Subscription Payment services.
Payment gateway Merchant / Reseller onboarding offered by the Payment Gateway must be quick and practical with the following features:
Payment Gateway of your choice should offer consistent support, which ensures vital factors of reliability and functionality
Now that you have a handy checklist to choose your Payment Gateway and the importance of making an informed decision to have an efficient payment processing system. We at Pay10 offer innovative, ultra-proficient and multifaceted FinTech services empowering your business with easy, reliable, and secure digital payments. Contact us to avail personalized FinTech Services.