India has more than 20 million SMEs. As an online business, it’s not enough just to have a shop or website. It’s also important to give the customers the choice to pay across different modes. There are a variety of gateways for payment in India. How do choose the best payment gateway for your business?
Let’s roll down and help you choose the best payment gateway.
MSMEs and Individual Seller
If you own a business with an investment of fewer than 10 crores and several employees fall below 50 then here’s what you should be looking for in a payment gateway to go online.
Being an MSME you should be looking for a payment gateway with:
- Effortless documentation and legal matters.
- Convenient payment for customers
- Coding free integration
- Multiple Payment modes
- Multiple Payment collection platforms (Social Media, Messages, Emails, and more)
- Provides Online Store.
Do you own a general store or you are a vendor looking forward to collecting online payment? Your local store might be doing well without an online payment facility but having an online payment solution can help you boost your sales, how? What if a customer shopping at your store wants to make a card payment and you do not have an online payment feature? You will lose sales. Thus, having a payment gateway can help you boost sales.
What should you consider?
- Providing your customers with an online payment option will be an add-on for you.
- Look for a payment gateway that provides not just a wallet but other online payment features like Credit/ Debit cards, Net banking, and more. Having just the wallet payment features has its drawbacks like the customer wanting to pay online might have not done KYC for wallet payment.
- Look for a payment gateway that provides hassle-free documentation and legal matters because you do not want to visit your payment gateway office back and forth for getting your documents clear where you invest your time and money.
- The payment gateway should be coding-free as you do not want an additional person to look after the payment gateway to resolve the technical issues.
Do you have an online business with more than 50 employees?
Here’s what you should consider:
You should go with the traditional payment gateway. Traditional payment gateways are time-consuming when it comes to documentation and legal matters but considering your high investment it is worth your time. Also, you need to need an additional person to look after the integration of the payment gateway. Make sure that the payment gateway provides multiple payment options so that your customers can pay with any payment method they are comfortable with.
Large Retail Chain:
Do you own a Super Market or Retail Chain?
Here’s what you should consider:
Online Payment is not for you. But having an online payment solution and providing multiple payment options for your customers will be a smart option. You should consider having a payment solution for collecting the payment faster and online payment will solve this problem. Traditional POS machines might be working fine but having more options will improve the payment experience.
Hope this helps you in choosing the right payment gateway if you are still confused just drop us your query our expert will get in touch with you.
We also provide payment gateway integration of top payment gateways at the best market rates.