Payment Gateway India-An Important Element of E-commerce Business

Failure rate of online payment is one of the biggest challenges for e-commerce websites. Many customers start the payment process but fail to complete it due to server problems or issues with the payment gateway. According to experts, success rate of payments on purchases for most sites is not more than 60-65%. By addressing these challenges and improving the success rates, companies can add more to the revenue.

Payment gateway is an important element for any e-commerce website. It allows the site to accept and process credit cards, debit cards and other forms of payment for online shopping. Every time a customer buys something from the internet with a credit card there are three things that happen, information is verified, charge is authorized and funds are transferred to complete a transaction. In this process, the payment gateway does the job of transmitting data for authorizing the transaction.

Besides choosing a reputed payment gateway, your e-commerce business will also need a merchant account. Most payment gateway services and credit card processing solutions help in establishing merchant accounts. They will run a credit check on you and your business to ensure whether or not you are eligible for the account.

Another element you will need is the shopping cart which will be offering an easy checkout method to the customers. The payment gateway service you have selected needs to be compatible with the shopping cart you are planning to have. Even though most gateways are compatible with all shopping carts, you need to be extra sure.

Security certificate is also an important element as far as payment gateways are concerned. It is necessary to get a security certificate to process credit card payments on the internet. For instance, McAfee can certify your website if your payment process is as per their requirements.

To start processing payments on your e-commerce website, it is necessary to take all the above-mentioned elements into consideration. From credit card processing account to payment gateway, make sure you have done some good research to find the best service provider.

Types of payment gateways

If you are targeting international customers then you can sign up for PayPal. Opening a free business account with PayPal will enable you to accept payments from credit cards and other PayPal accounts. The process is quite easy and all you will need is your PAN card, a bank account and scanned copy of passport for verification of your business account.

But you need to know that PayPal supports only credit cards and other PayPal accounts. It doesn’t support net banking facility or Indian debit cards.

For domestic Indian customers, you will have to sign up with a payment gateway India to accept payments in rupees through net banking, credit cards or debit cards. In India, you will find two types of payment gateway providers- second party providers and third party providers. The only drawback is that compared to PayPal, setting a merchant account with Indian payment gateway is time consuming.

Summary

From credit card processing account to payment gateway India, make sure you do some good research to find the best service provider for your e-commerce site.

Neha works for a reputed payment gateway provider. She also writes articles on how to choose the payment gateway India for an e-commerce website.