TOP 5 PAYMENT PROCESSING SERVICES COMPANIES IN INDIA

How to choose a payment processing service provider?

Adopting online payment processing for your payments is essential today when digital payments are highly preferred by customers. You need to decide which payment processing company is the best for you.

Considering the various aspects, it needs to be carefully chosen to ensure that all your needs are met, and the best features are chosen. Not only that, it should be affordable to you and at the same time must provide the best services.

Here are some of the points that you may consider before deciding the payment processing service provider for your business payments:

Transaction discount rate (TDR)
Other fees such as setting up and maintenance
Payment Methods
Security
Reputation and reliability
Integration services
Customer service
Other features as per your requirement

Before we discuss the top 5 payment processing services companies in India, let us first know how the online payment process works.

What is online payment processing?

After shopping and adding the items to the cart of the merchant website, the customer proceeds with the payment.

The payment is processed, and the amount is deducted from the issuing bank (customer’s bank account that offers the payment cards from the networks such as VISA, Mastercard, etc.). It is then received in the acquiring bank (the merchant account).

In this process, the payment gateway transfers the payment information securely, enabling communication for the transaction status. Also, it authorizes the transactions. The payment processors facilitate the payment transaction.

Today, getting the merchant account with the payment gateway technology gives end-to-end help with processing your online payments.

Top 5 payment processing services companies (in random order)

Check out the list of the 5 best payment processing services companies options in India.

1. Instamojo Payment Gateway

Instamojo payment gateway started with the Payment Links and today provides custom payments solutions for businesses. The merchants can accept domestic online payments from their customers efficiently.

Its Transaction Discount Rate is Flat 2% + Rs 3, and the Setup and Maintenance Fees are zero. It does not support International payments and multiple currencies. The settlement cycle is t+3 working days. It provides poor customer care services. Integration library for various languages and platforms is available.

2. Payu payment gateway

Payu payment gateway helps merchants to sell their products online and accept online payments for the same. It supports all major payment options, including cards, wallets, net banking, and multiple currencies. And it can be integrated with the website as well as apps.

Its Transaction Discount Rate is Flat 2% and American Express & Diners Cards is flat 3%. The Setup and Maintenance Fees are zero. The settlement cycle is t+3 working days. It provides Chatbot and Ticket Support. Integration library for website and mobile apps platforms is available.

3. PayKun Payment Gateway

Paykan Payment Gateway is among the top payment processing services companies in India. It facilitates various payment options, including debit and credit cards (Visa, Master, Maestro, Rupay, Amex, Diners), 80+ Netbanking options, Paytm, popular mobile wallets, UPI, QR code, and EMI.

Paykan has the lowest transaction rates of flat 1.75% for domestic transactions. It supports multiple currencies and international payments. It provides settlements in t+1 to t+3 working days. It has easy plugins and SDKs for various web, mobile apps, and eCommerce platforms. It provides human customer support through emails, chats, and call helplines.

4. CCAvenue Payment Gateway

CCAvenue Payment Gateway has multiple payment modes (200+) and various currencies Credit Cards, Net Banking, Debit Cards, EMI, prepaid instruments, etc. It facilitates a multilingual checkout. It has email and chats support. It has available integration kits for eCommerce and mobile platforms.

CCAvenue has two types of pricing plans Privilege and Startup Pro.

Under the Privilege Plan, there is a Setup fee of 30000, and the per-transaction fee is to be discussed with the CCAvenue team.

Under the Startup Pro Plan, the Setup fee is Zero, and the transaction discount rates are as follows:

International card payments flat 3%

Corporate/Commercial Cards flat 3%

American Express / Amex EMI & Diners Club flat 4%

Multi-currency 4.99%

Other modes: Flat 2%

There is an Annual Software Up-gradation Charges (A.S.U.C): ₹ 1200

5. Razorpay Payment Gateway

Razorpay Payment Gateway is a popular payment gateway among Indian businesses. It provides 100+ payment mode options and supports international currencies.

Razorpay provides Email, chatbot, and IVR customer support. It charges flat 2% fees for domestic transactions and a flat 3% for international. Like other gateways, it also has the ready plugins and SDKs for various platforms. The settlement cycle is t+3 business days.