Payment Gateway is the tool that made the revolution in this generation’s business. The payment Gateway does the safe and successful payment transaction. This Payment Gateway collects, evaluates, and records the payment.

Using these Payment Gateways, both the service provider and the customer/client can get benefitted. Payment Gateways are incorporated as third-party integration in online applications. Payment Gateways can be integrated in any application by completing a simple sign up process.

Examples for Payment gateway are Paytm, CCavenue, Razorpay,etc . Every payment gateway has a different pricing structure. In this article, we shall discuss the top 5 Payment Gateway providers in India.

Top 5 Payment Gateway Applications in India

Top Payment Gateway in India

Paytm

Paytm is one of the leading payment Gateway in India. It is being used by the majority of people because of its simplicity. This Payment Gateway supports domestic as well as International credit cards. The charges for Paytm wallet is discussed here.

  • For Paytm wallets, Netbanking, and credit cards 1.99%
  • For Debit cards, payment transaction above Rs. 2000 is 0.9% and payment transaction below Rs. 2000 is 0.4 %
  • For UPI and Rupay card transaction, it is 0%
  • For International Credit and Debit Cards the charges applicable is 2.8%
  • The Paytm Payment Gateway supports 70 plus different currencies.

With only a few documents like the business registration and bank account details, any new business can start using paytm payment Gateway.

Razorpay

Razorpay Payment Gateway is also trusted by many Indians because of the simple and easy activation steps. This payment gateway allows merchants to get, process, and dispatch payments. It provides access to various payment modes like netbanking, credit cards, debit cards, UPI, and mobile wallets like jiomoney, mobikwik, etc. The Razorpay Payment Gateway provides efficient technical support with secure money transactions online. Razorpay Charges nothing as annual maintenance. There are so many options which makes the Razorpay payment gateway more user-friendly like, sharing invoice, Automating RD collection, etc. The charges for Razorpay is as follows,

  • Razorpay has no hidden charges.
  • 2% will be charged for every successful transaction.
  • 1% will be charged for International cards and EMIs.
  • Razorpay supports International cards and credit cards.
  • No maintenance charges applicable.
  • GST applicable on transaction fee.

The Documents required for activating Razorpay payment gateway are,

  1. Business PAN card,
  2. Aadhaar Card of the person who registers the account,
  3. Bank Account details,
  4. Business registration documents,
  5. Cancelled cheque of the bank account.

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CCAvenue

CCAvenue is one of the biggest payment gateway in India. It supports more than 200 payment options online. This payment gateway supports 6 credit cards and 27 major currencies. This CCAvenue payment gateway supports 18+ international languages. No initial registration charges. The charges per transaction structure is as follows:

  • For credit and debit cards the transaction charges is 2%
  • For mobile wallet, UPI, and IMPS the transaction charges is 2%
  • For International credit cards the charges applicable is 3%
  • There is a maintenance charge of Rs.1200 applicable.

The CCAvenue Payment Gateway supports the following CMS Ecommerce systems such as Buildabazaar, Cubecart, Drupal, Opencart, Oscommerce,Prestashop,VirtueMart,WHMCS, Wordpress, Zencart.

Cashfree

Cashfree is one of the significant Payment Gateway in India. It supports almost 120 plus payment modes such as Credit and Debit cards, Net banking, UPI,and Mobile wallets. It also provides the facility “Buy Now and pay later”. Besides this, most of the Paylater and cardless EMI options are also supported by this Cashfree Payment Gateway. This payment gateway offers very low settlement time(24 hours) to the businesses. Most of the Businesses with more than one branch trust this payment gateway. No initial set up fee applicable.

  • Payment structure for Cashfree Payment Gateway is as follows,
  • For debit and credit cards the charges applicable is 1.90% (GST excluded)
  • For Digital Wallets, the charges applicable is 1.90% (GST excluded)
  • For UPI transaction, the charges applicable is 1.90% (GST excluded)
  • For International credit cards, the charges applicable are 3.5% with Rs.7 per transaction.

Documents required to activate the Cashfree payment gateway are,

  1. Business PAN card
  2. Bank Account Details
  3. Cancelled cheque of the linking bank account
  4. Address proof

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Instamojo

The Instamojo payment gateway can be integrated with new merchants instantly. Instamojo is used by almost 800,000 Indian businesses. The Instamojo payment gateway does not support any international payment and credit card payment. The settlement time to the linked account is 3 days. As other payment gateways, this Instamojo payment gateway supports many digital wallets, UPIs, Netbanking, and debit cards. There is no annual maintenance cost applied in this payment gateway. Payment per transaction lies between 2%- 5% plus Rs.3 . Documents required to activate this account are,

  • Business PAN card,
  • Bank Account details,
  • Business registration documents like GST registration certificate, Partnership deed.

The above are the 5 top payment gateways in India. These payment gateways are more trusted by the majority of the Indian businesses irrespective of the size of the business.

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