How To Select The Right Payment Gateway For A Startup?

A massive growth has been seen in the Indian startup ecosystem in the last decade. India is becoming the third-largest startup hub in the world after the US and China. Approximately there are a total of 9,300 startups in India. This has led in flourishing the digital payments landscape also. It is anticipated that by 2015 India will be a $1 trillion market for digital transactions.

It is very important for startups to choose the right from the very beginning. The right will ensure the secure transfer of funds from the payment application to the merchant’s account. Depending on their merchant’s business needs, service providers usually offer several features.

It becomes important for the merchants to clarify their needs to the service providers to ensure that their business has a comprehensive digital payments model. Depending on the need of the customer, the payment transactions should be enabled on the app, web pages and/or webfront. Quick and easy onboarding is a challenge that online payment solutions providers faced even earlier when they were trying businesses to adopt digital modes of payments.

Startups that face mobility and time constraints should consider a gateway that offers the option of online boarding as it is fast, easy and a convenient process for payments . it is to be noted that a few payment gateways have a purchasing fee and also an added monthly subscription fee. It results in an increase of the burden in the long run, when combined with the payment processing fee and certain other hidden charges. Hence one should always go for a service provider that offers zero setup charges and no Annual Maintenance Charges (AMC).

The checkout experience is also important. It is one of the key drivers in the growth or reduction of payments while making online transactions in the country. The customers are unlikely to make online payments on your platform if they face any challenge while making online transactions. But they will continue using the services if they are able to make a swift transaction. Hence, it is important to choose a payment gateway that offers a seamless experience to the customers.

The gateway selected should be secure for the business and the consumers. It is vital to ensure that the payment gateway service provider has a ready set of tools to prevent any online frauds. A gateway when it complies with the PCI DSS achieves the highest level of data protection. Any business should ensure that its payment gateway is PCI DSS certified.

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