Ecommerce is a booming industry. One of the most important aspects that contribute towards its business success is an eCommerce payment gateway. As per the IBEF analysis, the Indian eCommerce market is expected to grow and take second position in the world by the year 2034.
Further, the eCommerce payment gateway market is forecasted to record a 15% CAGR in the period of forecast (2021-2026). The increasing number of eCommerce transactions has resulted in the greater adoption of online payments.
In this article, we will discuss the best eCommerce payment gateway in India, and before that, it will explain why it is important to choose the right one.
What are the reasons for increasing eCommerce business transactions?
The increased use of the internet and smartphones have made it possible that customers can connect throughout the world. Thus, their buying preferences have changed, and they take the utmost advantage of online shopping facilities.
On top of this, the easy online payments services through the eCommerce payment gateway act as a complementary solution to the increased penetration of online shopping. Therefore, their adoption has increased multifold.
Due to this, eCommerce businesses need an ideal payment gateway for their business. A poor payment gateway can result in the loss of sales.
Reasons for the cart abandonment
There are many reasons why the customers leave their buying process in the middle and do not proceed with their selected items.
Cart abandonment is not good because the customer intended to make that purchase but left that midway because of your fault. In other words, there was something on your eCommerce website that the customer did not like, and he just left.
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Generally, there are various causes for this. Still, one of them could be related to your payment gateway, such as security concerns, non-availability of the payment methods, not-so-good checkout process, checkout in the foreign currency, ideal UI for the website, and mobile checkout, etc.
Let us discuss the essential tips to choose the best eCommerce payment gateway for your business.
Choosing an eCommerce Payment gateway solution for your business
When you select a payment gateway for your business, you must understand that it should be ideal and match your business criteria. Consider your business type, budget, and expectations in terms of security, customer support, a website platform for your integration, etc. Let us discuss them in detail:
Consider the payment gateway that provides the most affordable pricing plans with no extra fees and the best services.
One of the many advantages of using a payment gateway is that it follows the required security compliances. These make online transactions safe and secure from hackers, thefts, and online threats.
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When choosing an online payment gateway, you must check that it is PCI DSS compliant. Apart from these, other essential compliances are SSL certification and encryption standards.
Easy and Fast Onboarding and Settlement
The onboarding process and period must be easy and non-time-consuming. Also, the settlements must be regular and done in the shortest period of time.
Payment Method Options Availability
Check the availability of the online payment method options as per your customer’s preferences. Your eCommerce website must facilitate the required payment options to avoid cart abandonment.
The chosen eCommerce payment gateway must provide easy integration options and support your eCommerce website or app platforms.
If you have a social commerce business, you might need to accept online payments without a website or app. In that case, you must choose the payment gateway that facilitates the best Payment Links. This way, you can accept online payments through WhatsApp, SMS, emails, or social platforms.
Best eCommerce Payment Gateway in India
You must integrate the PayKun payment gateway into your website. It meets all of the above-given criteria and has excellent customer support services for the merchants as well as the customers. It assigns the dedicated account manager for each merchant account.
- Pricing: It has the lowest transaction rate in India and charges zero setup fees. It does not charge any maintenance or integration fees. It is the most affordable payment gateway in India.
- Settlements and Onboarding: Further, it provides the end-to-end assisted onboarding process, and you get an activated merchant account in the least amount of time. The settlement cycle is t +1/2/3 working days.
- Security: PayKun Payment Gateway is PCI DSS compliant and follows all other required security compliances. It has the best UI and smoothest checkout process.
- Payments: It provides 120+ payment method options, including Credit cards, Debit cards, UPI, Wallets, Net Banking, QR codes, and EMI. It also supports international currencies. It has the Payment Link feature as well.
- Integration: It supports all the major website and mobile application platforms with the available integration kits for them.
Now that you have understood the importance of choosing an ideal payment gateway, you must opt for India’s best eCommerce payment gateway. Also, PayKun has all of the mentioned features and much more. Get in touch now to discuss your business requirements.