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Best payment gateway service provider in India?

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    Instamojo Payment Gateway would be the best and most simple Payment Gateway in India for you with over 100000+ business connected online.

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    Mar 2016
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    If you are setting up an eCommerce store or selling digital products from your website, you’ll need a payment gateway to accept payments from your customers.

    Until couple of year back, setting up a payment gateway as a mammoth task. It used to involve lot of documentation, verification, huge setup feeds and technical know how to make it work. But now, it has become very easy to setup a payment gateway for selling your products in India.

    When we started ProfitBooks, we evaluated lot of payment gateway providers and finally settled for 2 of them. I’m sharing what we had learnt during past few years.
    5 Things to consider before setting up a payment gateway

    Payment gateway cost (Setup fee, TDR, Annual free, etc)

    Time to setup everything

    User Interface of the gateway

    Payment options (Credit/Debit Cards, Netbanking, Mobile Wallets, etc)

    Aftersale Support

    From the growing list of payment gateways in India, I’ve carefully picked 5 best Payment Gateways suitable for small businesses. I have compared these gateways based on the above parameters.
    1) CCAvenue

    Launched in year 2001, CCAvenue is one of the oldest payment gateways in India. It has recently overhauled the UI of their website and merchant dashboard. When I was talking with them for integration with our cloud accounting software in 2014, they had the slowest onboarding period (15-20days). Nowaday, they are claiming to complete the activation in 24hrs.

    CCAvenue supports almost every bank and payment option out there. Its reliable and used by high volume eCommerce websites like Snapdeal. I would strongly recommend this payment gateway to startups if they wave off the annual maintenance charges completely.

    Go for CCAvenue if you are looking for a reliable payment gateway in India that is tried and tested.

    Setup Fee : Zero for Startup Pro Plan, Rs. 30,000 for Privilege Plan

    Annual Maintenance Fee

    Transaction Fee: From 1.99% + Rs.3 to 2.99% + Rs.3

    Brief Review Of CCAvenue:
    One of the major advantages I liked about CCAvenue is that it supports multiple currencies. That means you can accept payments not only in INR but also in USD, EURO, etc. However, when I asked them about South African currency, ZAR, they said its not available. Interestingly, its listed on their website. So, its important to talk with their support executives before going for multi-currency option.

    CCAvenue also seems to have the support for largest number of banks and payment options. For example, it supports EMI as payment option from over 7 banks, 100+ debit cards, 53+ net banking, 4 cash cards, 2 mobile wallets and 40+ bank’s IMPS.

    Top clients of CCAvenue:
    MakeMytrip, ClearTrip, Naukri, AirAsia, Yatra, redBus, Myntra and Snapdeal

    2) Citrus Pay

    Launched in April 2011, Citrus is relatively new payment gateway but within short span of time they managed to acquire 800million user base (end users & merchants). Citrus is a well funded company and growing aggressively in India. It also provides wallet service to the end users.

    We are using Citrus at ProfitBooks to collect online payments since past 3 years and so far haven’t faced any issues. However, the response from their support team has been an issue. When we first signed up with Citrus, they asked for a deposit, high setup free and transaction fee. Documentation process was also lengthy. However, they have reduced the onboarding time and charges significantly these days.

    Setup Fee : Zero

    Annual Maintenance Fee: Rs.1200

    Transaction Fee: From 1.99% + Rs.3

    Brief Review Of Citrus Pay:
    Our personal experience with Citrus support has not been very good and we found it non-responsive. Apart from this, we did not faced any issue with the payment gateway. We extensively use the invoicing feature where we can send a payment link directly to the customers. Integration was fairly easy.

    Top clients of Citrus Pay:
    ProfitBooks, Emirates, Etihad, Airtel, Meru, Zivame, Esselworld, Kaya, PVR Cinemas and Healthkart

    Update: Citrus has been acquired by PayU in Sep 2016. It will be interesting to see how this merger shapes up and what it means to the existing customers.

    3) PayUbiz and PayUMoney

    The payment payment gateway solution provider, PayU India, rebranded both its products PayU Enterprise and PayUmoney to establish them as clear independent businesses in May 2015. Now, PayUbiz focuses on enterprises and is used by large enterprises such as Snapdeal whereas PayUmoney is the consumer brand of PayU India and has a wallet solution for consumers and payment acceptance solution for SMB businesses.
    PayU India is the flagship company of Naspers group which is a $25 Billion internet and media conglomerate listed on London and Johannesburg stock exchanges respectively. In India, they claim to serve more than 4000 merchants.

    Setup Fee : For PayUBiz, plans starts from Rs. 4900 and go upto Rs. 29000. For PayUMoney, its Zero.

    Annual Maintenance Fee: For PayUBiz, its Rs. 2400. For PayUMoney, its Zero.

    Transaction Fee: For PayUBiz, its between 2.20% to 3.90% based on the plan. For PayUMoney, its 2%.

    Brief Review Of PayUMoney:
    We evaluated PayUMoney for accepting payments in ProfitBooks and were really happy with the overall experience. Signing up is very easy and you can upload the documents directly on their site for verification. We specifically liked the option to create ‘Pay with PayUmoney’ button. Its easy to create invoices and send payment links to your customers. We also found the support to be responsive.

    As wallet service is integrated with the payment gateway, it adds extra value to the overall proposition. We are not using it now but would highly recommended this payment gateway for a startup.

    Top clients of PayUMoney & PayUbiz:
    Jabong, BookMyShow, Freecharge, Zomato, Goibibo, Olx, Ola, ShopClues, Pepperfry

    4) EBS

    EBS is owned by France based Ingenio group, which is a global leader in payment processing services. You will find mixed reviews for this payment gateway. Some of the ProfitBooks customers are happily using it since past 4-5 users but some reviews are really very negative. All I can say is that EBS has been around since a while and considered as a reliable payment gateway.

    EBS has recently lowered their charges due to competition and can be opted by small and medium sized businesses.

    Setup Fee : From Rs.4799 to Rs. 23999 based on the plan

    Annual Maintenance Fee: Rs.2400

    Transaction Fee: From 1.25% to 3.75% based on the plan

    Brief Review Of EBS:
    EBS offers multi-currency processing and has significantly lowered the onboarding time for new users. It offers decent UI and good amount of payment processing options. However, I feel that the features like ‘Auto Pay’ are double edged sword and some merchants may not like it.

    Top clients of EBS:
    BabyOye, Snapdeal, FirstCry

    5) Instamojo

    This one is my favorite. Started in 2012, Instamojo initially offered a way to collect payments for digital goods. But now thousands of users are using it to collect payments for ebooks, reports, tickets, tutorials, merchandise, invoices, services, and much more.

    Instamojo is super easy to setup. They have recently introduced instant onboarding. Now, you don’t require any documentation to begin a trial account with Instamojo, simply answer a few questions and get started in minutes. For a full account, the bank statement and PAN card remain the only requirements.You can create a payment link or button, a page where you can list your products or services or directly request a payment.

    Setup Fee : Zero

    Annual Maintenance Fee: Zero

    Transaction Fee: 1.9%


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