10 Best Payment Gateways with Free & Charges Explained, Pros and Cons

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10 Best Payment Gateways

10 Best Payment Gateways: Payment Gateway is the latest technology that captures and transfers payment or secures the payment. It is an e-commerce system which works as a third party for the online transaction. It allows payment services on online businesses by cards or by other payment methods. With digitalization, online shopping is easier with a safe payment gateway. It makes payment convenient and safe on any e-commercial website. 

List of 10 Best Payment Gateways:

Here, is a list of some of the best payment gateways for your website. Do refer to them in detail. 

Cashfree Payment Gateway

Cashfree payment gateway is a widely used online money transferring application. It helps to collect instant payments on the website and gives access for an instant refund too. It helps the users to make international payments. Thus, easy, convenient, and safe to use. 

Pros:

  • Users can access it on all devices including mobile phones and tablets. 
  • Supports international payments.
  • Initiating time is less.
  • After 24 hours of signing up, you can start making your first payment.

Cons:

  • Prefers only government registered businesses.
  • Not for small or home business.

Charges:

  • Zero initial charges for setup.
  • Zero annual maintenance fees.
  • Zero minimum annual business requirement.
  • 5% plus Rs 7 per transaction for International Credit Cards on Visa and Mastercard.

PayPal Payment Gateway

PayPal Payment Gateway is a trendy and one of the most liked payment gateways. It is linked with the PayPal payment option. It accepts multiple currencies that is why it can be used internationally. In India, PayPal is used for all oversea payments for doing online business.

Pros:

  • One of the best international payment gateway for Indian merchants.
  • Mobile applications are available for Android and iOS users.
  • It has one of the best customer care for making online payments.

Cons:

  • It has higher transaction fees than other payment gateways.
  • Seller protection is very limited.

Charges:

  • No annual maintenance charges.
  • 4.4% + US40.30 + currency conversion charge is the transaction fee per transaction.

CCAvenue Payment Gateway

CCAvenue Payment Gateway is one of the largest payment gateways in India. It is used for making international payments for more than 27 countries. The best part about this payment gateway is that it is a great option for Indian businesses. The page is available in 18 different regional or Indian languages.

Pros:

  • It does not require any withdrawal fees. 
  • It is a pocket-friendly option for both Android and iOS users.
  • A mobile application is available.

 Cons:

  • The user’s bank account is linked with it. So, it cannot be left empty. You need to maintain a minimum of Rs1000.

Charges:

  • Zero initial setup fees.
  • Rs 1200 is the annual maintenance fee.

EBS Payment Gateway

EBS Payment Gateway is one of the most secure and advanced payment gateway available in India. It offers acceptance of multiple currencies and is a great option for making international payments.

Pros:

  • It has both web and mobile applications for Windows, Mac, and Android.
  • The user is allowed to start the transaction just after one day of activation.

Cons:

  • The numbers of settlement days are high around 2 to a 3-day minimum.

Charges:

  • Zero initial setup fees.
  • Rs 2400 flat annual maintenance charge is applicable every year.

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 Instamojo Payment Gateway

Instamojo is very simple to use and comes with easy bank account setups with which you can start the online transaction with the least effort. It supplies many options that other payment gateways fail to provide.

Pros:

  • It supports all major e-commerce CMS systems for payment.
  • Initiating time is less.
  • You can start right after signing up.

Cons:

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  • It does not support international payments.
  • The mobile application is not available.

Charges:

  • Zero annual maintenance charges.
  • Transaction fee, flat fee at 2%, and Rs 3 per transaction are charged.

Paytm Payment Gateway

Paytm payment gateway is a very famous small business. It is one of the most used and liked payment gateways. It provides all the necessary options to manage and track your online payments. it supports instant transactions and has a mobile application that is suitable for common people with new businesses.

Pros:

  • There are no withdrawal fees for this payment gateway.
  • It supports all domestic cards and international online payments.

Cons:

  • Settlement days are high around 2 to 3 days.
  • It does not support multi-currencies and international card payments.

Charges:

  • Rs 5000 is the initial setup fee.
  • Rs 5000 requires an annual maintenance charge.
  • The minimum annual business requirement is zero.
  • The transaction fee per transaction is 1% for credit cards, 0.9% for debit cards, Rs 12-15 for internet banking.

Razorpay Payment Gateway

RazorPay is the only payment gateway that permits businesses to admit, practice, and distribute online transactions. It supports all international cards and payments. Also, it supports almost all e-commerce CMS systems including WooCommerce, Magento, and WordPress. With its reasonable pricing and advanced features, it is the most recommended payment gateway out there.

Pros:

  • Available at pocket-friendly prices.
  • No transaction charges.
  • Supports all international transactions.
  • Available on all devices including mobile phones and tablets.

Cons:

  • The settlement time is high around 2 to 3 days.

Charges:

  • Zero annual maintenance charge.
  • No setup fee.
  • 18% GST applicable on the transaction fees.
  • 2% for every successful transaction.

Paykan Payment Gateway

Paykan payment gateway is made in such a way that it helps to ease and speed up all the tasks online transactions. It is enabled with two-step verification to enable an extra layer of security and privacy. It provides a simple and secure platform for all online payment services. 

Pros:

  • The mobile application is available for Android and iOS users.
  • Extra level of security for the secure and reliable transactions. 

Cons:

  • It’s not recommended for international payments.

Charges:

  • Zero setup fees.
  • Zero maintenance charges.
  • Free Integration Service.
  • 2% on a successful transaction and 3% on international transactions.

Allied Wallet

Allied Wallet is an international payment gateway with low charges. It’s not available in India for business but it is used worldwide.

Pros:

  • They provide their service at lesser rates than other gateways.
  • The payment option on this website can be customized.

Cons:

  • Its security service is not strong.

Charges:

  •  1.0% plus $0.10 for maintences. 

FonePaisa payment gateway

FonePaisa payment gateway aims to help users to make simple and convenient online transactions. It is the best option for users who wants to run their business from just through mobile phones as it allows you to track all the payments.

Pros:

  • It does not have any withdrawal fees.
  • Supports international payments and multi-currency.

Cons:

  • Settlement days are way higher than the other payment gateways.

Charges:

  • Negotiable annual maintenance charge.
  • Negotiable setup fees.

We hope these payment gateways will be helpful in choosing from all other payment gateways. Each payment gateway has its own advantages and disadvantages that will help individuals and others to set up their own online business. Based on the needs and requirements, you can choose the best options available at present. Make the best use of these getaways to grow your business on the internet and on an international level. 

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