How to Find the Best Payment Gateway Service Providers in India

Finding the best payment gateway in India isn't as difficult as it appears on the surface. There are only a few high-quality firms in India from which you have to choose and compare. Later, you will be able to select a top platform that meets your requirements and needs. Let us understand about the need for Payment Gateway Solutions in India and to find the best payment Gateway service providers here, also, which is the perfect choice for all the businesses around.

Best Payment Gateway Service in India 2023

It can be challenging to find the best payment gateway companies in India. Don't be concerned! We have already accomplished this process, and the final product is the LetsPe Payment Gateway service, which is successfully active in Gurgaon, Haryana. Before you doubt our choice, we must prove why we believe that LetsPe is the Best Payment Gateway In India.

How Do You Choose the Best Payment Gateway for Your Business?

Once you start a business or currently run a well established business, online fund transaction is an important process that you go through online while taking payments from your clients for the services or the products you provide to them.  

Need for Payment Gateway in India

As you must be aware that online money transactions are not secure at all due to the presence of various online fraud hackers present to steal the money or the details of your client. A Payment gateway software encrypts the online client data and other payment related details and then transfers it by being a mediator in the Online payment process. 

Payment Gateway Solutions allow businesses to transfer funds online without any trouble.  

• Roles played by Payment Gateway in this process
• Confirms the Balance and Validity of the Card.
• Accepting transactions and transferring funds to your account.
• Share Card details in an Encrypted format (Highly Secure).

How do you begin to get payments?

Three things required in this process:

• A Merchant Account
• A Business Bank Account
• A Payment Processor

Merchant Account

The merchant account serves as a temporary holding account for payments received from the payment processor before depositing the funds to your personal bank account. 

Merchant Account Types

There are two type of Merchant Accounts:

Dedicated Account: 

A dedicated account is one that is set up specifically for you and is comparable to a bank account.There is a lot of underwriting involved, and the account issuer will normally perform an analysis of risk before opening an account for you. A dedicated account will give you more control. Ideal for physical establishments that want to accept internet payments.

Aggregate Account: 

Your money is maintained in a common shared account with the money of other businesses in this sort of account. It is simpler to begin with. You have less power and are unable to negotiate transaction rates. It is perfect for e-commerce companies.

Business Bank Account

The payment is subsequently made into your business bank account from that merchant account.

Payment Processor

A service that transfers credit card information from your POS system to the customer's card network or bank.

Know More About - Payment Gateway & Payment Processor

Consider the following aspects when selecting a Payment Gateway:

If you select the perfect payment gateway that does not fit your business strategy, you may wind up losing a lot of cash as well as clients.

Important aspects to consider while selecting a payment gateway are:

Cost

There are three forms of fees associated with using a payment gateway: Set-up fees, Monthly fees, and Transaction fees.

Card Types Permitted

Most Commonly Used Credit cards - Visa, MasterCard and Amex. Your payment gateway firm should offer other cards such as Debit cards. 

Keeping time

This holding time assures the payment gateway firm's reputation, allowing for the administration of refunds and charge-backs. 

Support for several currencies

The ideal payment gateway should offer different currencies from different countries.

Billing on an ongoing schedule

Any service you choose should be able to record and remember customer information for future purchases, automatically charge credit cards on predetermined subscription schedules, and provide retry options for failed transactions.

Safety

Since payment gateway holds sensitive financial information, the security of the client should be a top consideration for them.

Hosted vs. Non-Hosted

A payment gateway can be hosted off-site (the consumer is directed to the payment processor's website to submit their information) or non-hosted (the customer can input their information without leaving your site).

Limitations 

Some payment gateways place a monthly limit on the number of transactions you can carry out. Small enterprises have no issues in such a case but if your company handles a large amount of transactions, you should be aware of any such limitations.

Mobile Payment Integration

As the majority of customers use mobile phones today for online transactions, it's essential to choose a gateway that accepts payments from mobile devices in addition.

Connection to other systems

If your payment gateway can communicate with your invoice or accounting software, paying via the internet is going to save and update the corresponding invoice which helps in Keeping track of payments.

All these above mentioned aspects that are included by the foremost payment gateway organization are there in LetsPe, which is the Best Payment Gateway In India. 

Best Payment Gateway Company in India 2023

No Doubt, Letspe Payment Gateway is the perfect Payment Gateway that offer services like: Payment Gateway, Payment Links, Payment Button, QR Code, Instant Fund settlement, Invoice, Payout/PayIn.

Best Features of LetsPe, which offers top Payment Gateway Solutions, are: Some of the top qualities of LetsPe, Best Payment Gateway In India, that makes it a unique payment gateway service are: Both the setup and annual fee are free of charge. The transaction fees are significantly lower, starting at 2% + GST minimum. Accepted payment options include: Debit card, credit card, phone payment, google payment, net banking, amazon pay, paytm, and nearly all other methods. They solely support the INR currency at the moment, however they might add some more in the future.

• They only require 24 hours for onboarding.
• There is an option for integration with the ECommerce platform. 
• They offer fund settlement even on Saturday’s and Sunday’s. 

Conclusion

In this article we have covered many aspects of the online payment gateway process as well as what are the characteristics of a perfect payment gateway organization.

After Comparing its features with many other top ranking sites of this same niche, Letspe Payment Gateway, as a result, offers the top payment gateway solutions.