In today’s time, when the whole world is undergoing a digital transformation, you can’t afford to run an e-commerce store without a proper payment gateway. The role of a payment gateway is to act as a mediator between the customers and their respective banks. If this mediator doesn’t do an efficient job, then the customers will be less likely to shop from your e-commerce store. Thus, the inefficient work of a poor payment gateway can affect your business. A bad payment gateway will be a headache for your store’s functioning as well.
After developing an astonishing e-commerce store, on the world’s most popular e-commerce development platform, Magento, you have to give special attention while choosing a payment gateway. The payment gateway should meet your both short and long-term goals. While choosing a payment gateway for your Magento store, you can’t just focus only on the built-in availability of the gateway in your e-commerce store but also its advantages & disadvantages. You have to consider a whole range such as currencies support, license costs, and transaction fees. Since there are so many payment gateways available with so many options, it has become difficult to choose the best payment gateway for your Magento store.
Here are the main aspects that you must consider:
Whatever the payment gateway that you choose, it should be qualified and adaptive to the directions and goals of your business. It must fulfill the fundamental requirements of security, convenience, capabilities, and cost. In more consideration, these are the 4 main factors that you must take into account while choosing a proper payment gateway for your Magento store:
- Security: The payment gateway must protect the transaction details and personal data of the customer. Payment fraud must be prevented as well.
- Convenience: It refers to how easy it is to integrate for functionality.
- Capabilities: Which types of payment it can accept such as debit/credit cards, UPI, and other options.
- Cost: Considering what transaction and monthly fees will be charged in payment processing.
In a Magento e-commerce store, the size of your business also matters a lot while choosing the payment gateways. It should be adaptable to size as the business grows. There are two different editions – Magento enterprise and Magento community. The community edition is for startups and small-scale businesses while the Magento enterprise is broadened for both small and developed businesses. Hence, a wise payment gateway should be able to work in both editions.
Furthermore, you have to do an analysis that which payment method is most preferable by your target audience. Like in India, payment through UPI, and wallets is also in trend.
Best Payment Gateways for Your Magento Store in India:
Finally, we will be knowing the best payment gateway for your Magento store in India. Since there are so many options available it can be a bit tricky. However, this list has been created after delving deep into many payment options available.
Founded in 2014, Razorpay is now being used by more than 800 thousand businesses. The payment gateways come with multiple payment options such as credit or debit cards, UPI, digital wallets, and net banking. It can be easily integrated with your Magento store.
The USP of this payment gateway is its instant activation and easy integration. You will get a dashboard where you can see real-time data of purchasing. Whether it is a startup or a large company, everyone loves Razorpay as it is extremely simple and secure. A few popular names which are using Razorpay are Unacademy, UrbanClap, Grofers, Zoomcar, BookMyShow, etc.
Features:
- Zero manual intervention thanks to API driven automation
- 100+ payment modes
- Dashboard facility to check real-time data
- All major international cards are accepted
- Real-time currency conversion also possible
Transactional Charge:
- 2% for Indian Credit/debit cards, net-banking & UPI
- 3% on International Cards
Cashfree is a highly popular payment gateway, as it is the cheapest payment gateway in India. It provides a vast range of payment options like cards including Visa, Mastercard, Maestro, Rupay, Amex, etc; 75+ Netbanking options, Paytm, and other popular digital wallets. Founded in 2015, the company is having a huge clientele of 15,000 businesses. It also supports international payment. There is a solution by this payment gateway called “Cashgram”. It generates a web link so that businesses can send it to users and collect payment. It also supports UPI, NEFT, IMPS, and Paypal.
The settlement cycle of Cashfree is also very fast i.e. 24-48 hours. A few popular names which are using Cashfree are Bigbasket, Dunzo, Xiaomi, HDFC ERGO, etc.
Features:
- Supports 32+ foreign currencies
- Recurring billing support or subscription management
- Pay later and EMI options
- Mobile App Integration available
- Live transaction report, compare monthly collections and mode of payments
Transactional Charge:
- 1.75% charge for credit, debit cards, net-banking, for 70+ banks
- 2.5% for pay later, and cardless EMI
- For international cards, 7.5% and Rs.7 charge
Paypal is one of the most popular payment gateways across the globe. It is having a global presence in more than 200 countries and is having a huge customer base of 325+ million customers. It provides world-class security for every online transaction. The company claims to have processed 4 billion payments in 2014. It supports more than 100 international currencies with a fund withdrawal facility in your bank accounts in 57 currencies.
It provides seamless payment checkout conversion which is 82% higher than other payment gateways. It comes with a recurring payment facility and monitors transaction 24 x 7 for protecting customers from fraudulent activities. A few big names which are using Paypal are MakeMyTrip, Udemy, Gaana, etc.
Features:
- Support for 100+ international currencies
- No withdrawal fees
- Great customer support system
- Payment using QR Code
- Fraud protection service
Transactional Charge:
- 5% + Rs. 3 per transaction
CCAvenue is a fast & secure payment gateway with a good presence in South Asia including India. It provides more than 200 payment options including 6 credit cards, 97+ debit cards, 58+ Netbanking, 14 bank EMI, etc. It comes with a highly responsive transaction page and gives a quicker checkout experience to the customers. The company is using FRISK (Fraud & Risk Identification System & Knowledge) for security purposes. There is no withdrawal in this payment gateway. Some of the popular names which are using CCAvenue for their payment mechanisms are Air Asia, Lakme India, Myntra, etc. At Ceymox Technologies, we can easily integrate this payment gateway with your Magento 2 store.
Features:
- Zero Initial Setup Fees
- Support for the international payment
- Multi-currency support
- Settles payments on a weekly basis
- Support for 24x7x365 days of Voice, Chat and email
Transactional Charges:
- Domestic Transaction (All): 2%
- International Transaction (All): 3%
- Credit Card EMI: 2%
- Multi-currency: 4.99%
PayU is a Netherland based fin-tech company offering its services in more than 17 countries. It provides more than 100 payment methods such as net banking, cards, wallets, EMI, UPI, etc. Businesses can accept payment from foreign countries in more than 100 foreign currencies.
You can customize the checkout page as per your need. It will show all the transactions in a single dashboard. It has an easy and beautiful user-interface. Netflix, Airbnb, Dream11, OLA are among the big names which are using PayU.
Features:
- Zero withdrawal fees
- Facility for recurring billing
- Supports international payments
- 100+ foreign currency
- Higher success rate and faster payment
Transactional Charges:
- 2% + GST per transaction
Paytm is the first thing that comes to mind while thinking about online payment. The payment gateway of Paytm is also very excellent and easy to use just like its app. It can support all the domestic credit & debit cards that are linked with 50+ banks. It is highly user-friendly.
It has been created in such a way that everyone can easily understand how to make a payment. However, it doesn’t come with an international transaction.
A few popular names which are using Paytm as a payment gateway are Zomato, Uber, Adani, Jio, Swiggy, etc.
Features:
- Point of Sale Transaction
- Invoice of Payment
- Easy user interface
- Multiple currency processing
- Saved Cards facility
Transactional Charge:
- Free for UPI
- 1.99% + GST for Paytm Payments Bank, Paytm Wallet, Credit Card, and Net Banking
- For Debit Card, 0.4% + GST for amount < 2000, 0.9% + GST for amount > 2000
Another successful Indian payment gateway is Instamojo with more than 1 million customers. It also gained a good name because of its easy-to-use interface. It offers 100+ payment modes including a recurring billing facility. Thus the online merchants can accept payments on a monthly basis.
A few popular names which are using Instamojo are Shriram Properties, Zepo, Adani Realty, SpringBoard, etc.
Features:
- No charge for NEFT/RTGS
- Easy onboarding process
- Payment analytics
- Electronic Invoice Payment
- Live Chat
Transactional Charge:
- Free for NEFT, RTGS, and bank transfer
- 2% + Rs. 3 for debit cards and credit cards
Wrapping Up:
In this article, we have gone through several payment gateways which you can integrate into your Magento store. A payment gateway plays a very important role in defining the conversion rates. At Ceymox Technologies, the leading Magento development company in India, we are having expertise in developing Magento stores from scratch with the best features & functionalities. Let us know your requirements.