Price Should Not Be Single Most Indicator Whilst Choosing Payment Gateway

Price is not the only factor that one should keep in mind when selecting a payment gateway provider. There are other factors that really matter in this regard, and you need to know about them. It will help you to find out the best payment gateway for your online business.

In the accelerated growth of online shopping in India, the payment gateway service providers have definitely played a major role. With the passage of time, a number of online payment gateway companies have come up in the market, and some of them are offering this service even for free! So the question here is, do free payment gateway providers offer decent quality and reliable service?

Well, it is important to keep in mind that MDR (Merchant Discount Rate) should not be considered as the only indicator when it comes to choosing a payment gateway service provider. Companies like E-Billing Solutions Pvt. Ltd. (EBS), part of Ingenico Group offer highly dependable and efficient payment gateway services at affordable rates. So, instead of focusing on the aspect of price, you need to look at other options too. Some of them have been discussed in this article.

What you need to look for when choosing a payment gateway?

• Coverage of payment option- In India, there are numerous options available when it comes to making payments, such as debit card and credit card. These cards are further divided into various categories, of which VISA and Master are the most common ones. Likewise, there are Rupay, Diner cards, etc. available. When you choose a payment gateway, you need to make sure it supports a wide range of cards. In this way, more and more customers will be able to make the payment.
• Quick on-boarding within 24 hours - Apart from supporting a wide array of cards, the

free payment gateway providers should offer fast and efficient on boarding process. Time is valuable for any merchant, and hence if the payment gateway does not offer a seamless and quick on-boarding process they will definitely not feel good about your service. So, when choosing your payment gateway service provider, make sure to check this aspect.

• Intuitive products- A good payment gateway is not only fast and efficient, but smart as well. From accepting different payment options to a highly intuitive checkout form, this is what you should expect from a reliable and effective payment gateway, and EBS has proved to be quite impressive in this area. The UI or user interface should be simple and smart, so that your customers do not feel confused when making payments.
• Clean analytics- Through analytics, we mean that the payment gateway should offer all the vital information and updates in real-time. When a transaction is made, the gateway should provide you an update about it instantly. Likewise, the interface of analytics has to be clean and easy to understand for the online merchant. The payment gateway must provide easy access to data like sales, chargebacks, refunds, etc.
• Settlement cycle- Some free payment gateway providers take a lot of time when it comes to completing the settlement cycle. Once a customer has made the payment, the payment gateway service providers do not take more than 24-48 hours to reflect the amount in your bank account.
• Business and technical support- Even though EBS is the

cheapest payment gateway in India, it has a prompt technical support which is just impressive. If support is not provided instantly, you may end up losing a lot of customers.

So, those were some of the vital points that really matter in this arena. Keep them in mind while searching for your option.

Prashant Bhurke is a technology expert. The writer has a flair for writing and he keeps on writing various articles and blogs about the payment gateway industry.