How to choose a Payment Gateway if you are an Indian merchant?
Indian E commerce websites like any other international or US e commerce website makes use of state of the art and custom designed payment gateway system. The success of Jabong, Flipkart and many more have written down a unique kind of success story. As per the statistics put forth by irctc.co.in (the leading E-commerce site), there is on the average 2.5 million transactions which just fail. While an E commerce business owner can come across several types of payment gateway system, what seems to be thought carefully is the security issue.
Besides the security concerns, other relevant points which need due consideration while making the comparisons of payment gateways in India are:
- Type of Fund and Cash Back Policies Offered
- Total commissions offered
- The type of integration
- The type of online payment options available
- Is the payment gateway system offering easy transaction for your customers or not?
The online payment gateway giants which are working in India are ICICI Bank, CITI Bank, PAYU, CC AVENUE, EBS, DirecPay, Transecute & ZaakPay. On an average, the transaction cost of popular payment gateway systems operating in India take around 4 to 7% on their transaction costs. Many individuals prefer to go for the CC AVENUE as their means for executing the payment transactions. However many of the recent entrants like PayU are soon catching up to these capabilities.
If we make a quick and basic comparison around, the IRCTC had approximately 53% of the transactions through HDFC gateway completed successfully while ICICI gateway was easily able to execute 17% of all the transactions completed on the IRCTC website. Taking the further look into the payment gateway data, there are only a very few main banks / debit cards being used by customers. Take for example, 8.10% of total net banking transactions shows the attempt by ICICI customers, and on the contrary, only 0.32% of all transactions used by Bank of India customers
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