As a Travel Technology company we are asked on what are the criteria to be kept in mind while we select a payment gateway to integrate with your booking portal. There are many points other than the cost factor which are useful in choosing a good payment gateway in India. We are listing below the points to be kept in mind while making the decision.
Cost
Unlike PayPal, all payment gateways in India comes at a hefty price. You have to pay 3 types of costs, no matter what payment gateway you choose. First, you have to pay a fixed setup fee, then annual maintenance cost of the software & then the charges of 3% to 7% on every transaction.
Due to competition, many online businesses operates on low margin. How much the payment gateway charge per transaction will decide, how much profit you will make at the end of the month. So initial setup cost & operating cost will make a difference in choosing your payment gateway in India.
Support
Every minute counts in online business. You may lose many customers, if the payment gateway fails even for 1 hour. If there comes any problem in your payment gateway, there must be a dedicated technical person that can help you out to identify & solve the problem. More time they will take to support you, bigger will be your loss.
One of the important thing, you can check here is the physical address of the company in your city & how far is this from your place.
Payment Options
You need to find out which are the largest payment methods people use in India. Whether its netbanking, debit card or credit card. If net banking then which bank & if credit card or debit card then which card etc. If the payment gateway, you want to go with, does not support a particular method then you can decide, how much business you can lose.
Ease of Integration
How easy is to integrate the payment gateway in your website. Right from the initial enquiry to the integration on your website, how comfortable is this to work with a payment gateway. Whether it works with all CMS like WordPress, Drupal, Joomla etc.
Check that if they require anyone in your company to have knowledge of any programming language or if by integrating their gateway, you have to do any major changes in your website.
Ease of Use
Many users complain about paying online through credit card on Indian sites. It takes a lot of extra effort to make the payment through Indian payment gateway.
One of the major problems we have seen is, payment will be debited from your account but you will get the message of unsuccessful payment. You will be scared of making payment again due to failure. IRCTC, Bookmyshow, Utility bill payment sites etc. are some of the best examples. So transaction success rate may play a very important role in your business
Then another major problem comes with 3D secure password. Most of the people do not remember their 3D secure passwords. They have to create a new one to make the transaction successful. Many people lose interest at this stage.
So make your visitors happy by giving them a simple & easy to use payment gateway with higher success rate.
Chargeback Policy
How your payment processing company handles & supports for chargeback. What, if the product is delivered but you received the chargeback. So your payment gateway must provide good support in your favor to fight the chargeback.
Trust
Sometime, people decide to buy or not, by seeing your payment gateway. Which is the most trusted payment gateway company? How your customers feel about the payment gateway? What’s their trust level?
Other Features
Apart from these, what are other features, your payment gateway is providing. Some of them are like -
- if they support all types of mobile payment
- it provides easy reporting of your account.
- if it’s highly secured
- it handles recurring payment automatically
- it provides multiuser account with different permission level.
- and many other that your business need.
News Courtesy: http://www.jobs8home.com
Author: Umesh Chakravarthi J
QA Lead, Teknokraaft and works with our OTA team.