There’s been a lot of discussion around about which is the best payment gateway to process online payments in India. With a lot of strict rules and restrictions implemented by Paypal called upon by Reserve Bank of India, it is not much considerable for Indian merchants when it comes to running an eCommerce website.
In this post, we bring to you, the comparison table of the most popular payment gateways in India. If you are looking forward to do online sales from your own eCommerce website, do a comparison check of the payment gateways here and then decide which one to go with. And just in case you missed my popular article from my own blog about 6 Ridiculously easy Growth Hacking Tips for an Ecommerce Business, read it now to learn some useful stuff (will open in a new tab)
With leading brands like Snapdeal, Goibibo, Bookmyshow, Freecharge, Jabong and Groupon on board, PayUbiz also known as PayuIndia is one of the most promising payment gateways of India. Payu offers quite reasonable processing fee on its gateway and seems to be a good option for those who can afford to pay for its packages as shown in below picture (as seen in July 2015). The funda is quite clear- the higher you pay for the gateway, the lower TDR you pay on each transaction.
Important to mention, they have an annual maintenance charge of Rs. 2400 associated with each of their plans.
PayuMoney is offered by the same company PayuIndia but specifically targets small business owners and startups who can not afford to pay for the packages of PayuBiz as shown above. A merchant can avail their gateway absolutely Free with no AMC charges and a Flat 2% TDR for a limited duration.
Their application processing time is also not much and they claim to approve the new PG applications within a week of submitting the request if all the required documents are submitted on time. Make sure to check with them in advance whether they allow your industry and type of product/service to provide their gateway. Do this even before starting your website work if payment gateway is critical for your website in order to save your time and money.
CCAvenue is one of the oldest players in Ecommerce payment gateway industry of India. They offer more than 100 payment options including different types of credit cards, debit cards, internet banking, digital wallets and EMI along with an option to pay in multiple currencies like US dollars, GBP and Indian Rupees.
With a nice set of integration tools, CCAvenue stands strong among the huge competition. Their most popular plan comes at Zero Setup Fee and TDR of 1.99% + Rs. 3.00 (updated in July 2015). Their AMC costs Rs. 1200 applicable from the next financial year from your date of activation. They also have a paid plan of Rs. 30,000/- INR as one time Setup Fee in which they may send you a proposal with lower TDR and some add on services (which is not revealed on their website).
As per our past experience, CCAvenue takes over 4-5 weeks to activate all the payment options if your application gets green signal without any problem. The payment options like debit card and Netbanking get activated fast (within 1 week from the date of applying if you are lucky) but credit card payment option activation may take longer due to involvement of high risk and most of the payment gateways often ask for hefty documentation for credit card option activation.
EBS is a popular payment gateway in India deployed by many merchants on their ecommerce website but their TDR is not pocket friendly for sure. They do not offer any free plan as per their website and the AMC of Rs. 2400 costs you which is higher than most of the other payment gateways available these days. In order to get their Starter plan, you need to shell out Rs. 9599/- as one time fees in which they offer Netbanking, Credit Card transaction and Debit card transaction at a flat TDR of 3.75% which is comparatively higher than other options available.
Zaakpay’s special offer for Startups may be lucrative for people trying to launch their Ecommerce venture without having to spend hefty money for a payment gateway separately. Needless to say, there are many other PGs which can be availed for nil setup fees but Zaakpay stands apart for a little something. They give you a custom quotation of their Transaction rates depending on your business type. They have different plans for eLearning portals and websites selling consumer goods. They can also promote you on their partner website Mobikwik, if you exceed transaction volume of Rs. 10 Lacs/ month using their payment gateway.
The Annual Maintenance cost of Zaakpay PG is Rs. 2400/- applicable from 2nd year.
Citrus’s low TDR which is 1.99% + Rs. 3 Flat make it a steal deal for Ecommerce payments. There is no setup fees which you have to pay in order to get this payment gateway. This gateway comes with special mobile SDK for integration with native mobile applications.
The recurring Maintenance cost of Citrus is Rs. 4900/- per year.
Instamojo is unique by the way it offers you to collect your payments as a business owner. It lets you generate links which can be passed on to the customers using email, sms, whatsapp, facebook, website and what not. The customers then can pay you using their favorite payment option from Credit card, debit cards and internet banking. The great thing about this gateway is that it lets you collect payment for almost anything except the restricted businesses. You have an ebook? Sell it online using this gateway. From event ticketing to subscription based pricing, this PG has a solution for you.
And another great thing is that they have a flat rate going on as of July 2015 i.e. 1.9% Flat with zero setup fees and no AMC fees. I intend to use it myself soon.
Here is a comparison chart for you. Hope you enjoy comparing and choosing your favorite payment gateway.
Disclaimer: We have tried our best to be careful while compiling this list but the chances of human errors still persist and we can not be stood responsible for any such mistakes. We request you to visit the websites of above payment gateways for a better clarity before choosing them.
Which is your favorite payment gateway?
Now it’s your turn. Suggest us the payment gateway you like and if it’s not in the list, we will review it and probably include it in this list.