Payment gateways are platforms that enable online merchants to accept and process payments from customers securely and efficiently. Choosing the right payment gateway for your e-commerce website is crucial, as it can affect your conversion rate, customer satisfaction, and revenue. In this blog, we will review the top 5 payment gateways for e-commerce websites in India in 2024, based on their features, fees, payment methods, security, and customer support.
Top 5 Payment Gateways for E-commerce Websites in India in 2024
1. Razorpay
Razorpay is one of the most popular and trusted payment gateways in India, with over 8 million businesses using its services. Razorpay supports a wide range of payment methods, including digital wallets, UPI, cards, net banking, EMI, and PayLater. Razorpay charges a flat fee of 2% + GST for every transaction, with no setup or maintenance costs. Razorpay also offers features such as recurring payments, partial payments, refunds, GST-compliant invoices, and flash checkout.
- Strengths: Widely used and trusted, user-friendly interface, comprehensive payment options (cards, wallets, UPI, etc.), strong fraud prevention, advanced features like recurring billing and subscriptions.
- Considerations: Higher transaction fees compared to some competitors, and limited customization options for smaller businesses.
2. PayU
PayU is another leading payment gateway in India, with over 4.5 lakh merchants and 100+ payment options. PayU accepts digital wallets, UPI, cards, net banking, EMI, and PayLater as payment methods. PayU charges a fee of 2% + GST for every transaction, with no setup or annual maintenance charges. PayU also provides features such as global connectivity, domestic coverage, PCI DSS security, recurring payments, partial payments, and checkout UI.
- Strengths: Large brand presence, multiple integrations with popular platforms, powerful analytics and reporting tools, and international payment processing.
- Considerations: Can be complex to set up for beginners, and potentially higher fees for high-volume merchants.
3. Cashfree
Cashfree is a fast and reliable payment gateway in India, with over 50,000 businesses using its platform. Cashfree supports digital wallets, UPI, cards, net banking, EMI, and PayLater as payment methods. Cashfree charges a fee starting from 1.90% to 3.50% for every transaction, depending on the payment method and plan. Cashfree also offers features such as instant settlements, bulk payouts, payment links, subscription billing, and two types of checkout.
- Strengths: Competitive transaction fees, focus on developer-friendly APIs, robust security features, wide range of payment methods including EMI options.
- Considerations: May lack some advanced features offered by larger players, potentially slower customer support response.
4. Paytm
Paytm is the most widely used and established payment solution provider in India, with over 450 million users and 17 million merchants. Paytm offers its digital wallet, as well as UPI, cards, net banking, and EMI as payment methods. Paytm charges a fee of 0% to 2.99% for every transaction, depending on the payment method and plan. Paytm also provides features such as PCI DSS security, QR code payments, dashboard analytics, and customer loyalty programs.
- Strengths: Strong brand recognition and user base, seamless integration with Paytm wallet, affordability, and focus on mobile payments.
- Considerations: Limited features compared to other options, the potential for higher chargeback rates due to Paytm wallet usage.
5. CCAvenue
CCAvenue is one of the oldest and largest payment gateways in India, with over 2 lakh merchants and 200+ payment options. CCAvenue accepts digital wallets, UPI, cards, net banking, EMI, and PayLater as payment methods. CCAvenue charges a fee of 1.99% to 3% for every transaction, depending on the payment method and plan. CCAvenue also offers features such as multi-currency support, PCI DSS security, recurring payments, partial payments, and CCAvenue checkout.
- Strengths: An established player with a long track record, a reliable and secure platform, and affordable pricing for low-volume merchants.
- Considerations: The interface may feel dated compared to newer platforms, with limited advanced features and customization options.
Remember, the “best” payment gateway depends on your specific needs and business size. Consider factors like:
- Transaction volume and value: Higher volumes may require more competitive fee structures.
- Target audience: Choose a gateway with popular payment methods your customers prefer.
- Technical expertise: Consider the ease of integration and support offered.
- Additional features: Look for features like recurring billing, subscriptions, and international payments if needed.
Pro tip: Explore emerging payment options like UPI autopay and BNPL (Buy Now Pay Later) for added flexibility and convenience for your customers.
Finally,
These are the top 5 payment gateways for e-commerce websites in India in 2024, based on our research and analysis. Each of them has its advantages and disadvantages, so you should choose the one that best suits your business needs and budget.
If you are looking for an easy and affordable way to create your e-commerce website, you can try OrderZ, a powerful and user-friendly e-commerce store builder. It allows you to integrate any of the above payment gateways with your website, as well as other features such as inventory management, order tracking, SEO, and marketing tools. You can start your free trial today and launch your online store in minutes.
In particular, you can easily integrate Razorpay and PayU with your OrderZ website by following some simple steps. Razorpay and PayU are among the top payment gateways in India, as they offer a wide range of payment methods, features, and security.
FAQs
1. What is a payment gateway?
A payment gateway is a platform that collects, verifies, and encrypts a customer’s payment information and sends it to the payment processor and the merchant’s account to complete the transaction.
2. Why do I need a payment gateway for my e-commerce website?
You need a payment gateway for your e-commerce website to accept and process payments from your customers securely and efficiently. A payment gateway also helps you to comply with the regulations and standards of the payment industry and the government.
3. How do I choose the best payment gateway for my e-commerce website?
You should consider the following factors when choosing the best payment gateway for your e-commerce website:
- The payment methods that your customers prefer and use
- The fees that the payment gateway imposes
- The features and functionalities that the payment gateway offers
- The security and reliability of the payment gateway
- The customer support and service that the payment gateway provides
4. How do I integrate a payment gateway with my e-commerce website?
You can integrate a payment gateway with your e-commerce website by following the instructions and guidelines provided by the payment gateway provider. You may need to use an API, a plugin, a code snippet, or a hosted page to integrate the payment gateway with your website.
5. What are the benefits of using OrderZ?
OrderZ is an easy and affordable e-commerce store builder that allows you to create your e-commerce website in minutes. OrderZ offers the following benefits:
- You can choose from hundreds of professional and customizable templates
- You can integrate any of the top payment gateways with your website
- You can manage your inventory, orders, customers, and shipping easily
- You can optimize your website for SEO and marketing
- You can access your website from any device and browser
- You can get 24/7 customer support and assistance
