Payment Gateways For Startups: What You Need To Know

India has witnessed massive growth in startups in the last six years. Because Indian startups are rapidly expanding, finding a reliable payment service provider is essential. An ideal payment gateway will not only help the business grow but will also guarantee that funds are sent safely from the customer to the merchant's account. Most startups today have switched to online payment methods to reach the global market and make online transactions quick and easy for their users.

What are the advantages of using a payment gateway?

• Secure transactions: The payment gateway encrypts important data before transmitting it and secures transaction processing.
• Faster payment processing: Payment gateways are the fastest way to receive online payments. A transaction can be processed within a few seconds.
• Convenient for Users: Customers find online payments to be the most convenient because it is less time-consuming.
• User experience: Payment gateways enhance the real-time user experience. Users can quickly create a profile and securely preserve their payment details, enabling one-click immediate transactions.
• Optimization: Using optimized checkout features improves user experience and boosts conversions.

How to choose the best payment gateway for your startup?

In parallel with the startup ecosystem, digital payments have also grown. Because of the frictionless payment modes and significant cost savings, businesses and consumers have shifted to digital payments. Considering its growing importance, startups must choose the right payment gateway from the very beginning.

When looking for the ideal payment gateway, here are a few factors to take into account:

• Easy onboarding with plugin integration: Startup owners value the easiest integration feasible to keep the team's efforts focused on the team's primary business projects. Startups with limited resources search for payment gateway integration that requires the least amount of paperwork possible. Most payment gateways provide an easy online onboarding process. Few companies offer payment solutions that can finish the procedure in one day, even though the industry standard is 10 to 15 days. These payment gateways should provide plug-in compatibility.
• Affordable pricing: The pricing structure of the payment service provider should be cost-effective. Some businesses provide free installation or no yearly maintenance fees. The charge that a company pays to the payment gateway for taking online payments is known as the merchant discount rate, or MDR. Lowering the MDR means more savings for the startup.
• Accept multiple payment methods: It is essential to ensure that the payment gateway you utilize accepts several popular payment options such as EMIs, UPI, credit and debit cards, net banking, and other payment methods. If you have a global customer base, you must take into account whether the payment gateway provider can handle global credit cards, etc.
• Quick settlement period: The amount of time it takes for the money you've accepted to reach your bank account is referred to as the "payment settlement time." The shorter the time frame, the quicker your money will be settled in your bank account. Choose a service provider that settles payments promptly.
• Mobile-optimized: Today, more than 60% of people use a smartphone for online payments. Payment systems that support mobile payments have a significant impact on both customer experience and sales conversion. So incorporate a payment solution that supports mobile-optimized websites.
• High transaction success rate: A customer is unlikely to use your website or app again if they experience a payment failure. Payment issues can, of course, arise for a variety of consumer-related reasons as well. However, a startup can make sure to incorporate a payment gateway with a high success rate.
• Customer Support: The most important factor to consider while looking for a payment gateway provider is reliable customer service. Reaching the support team of some payment gateways can occasionally be a major hassle and time-consuming task. The largest payment gateways typically introduce chatbots to streamline the support process. Before integrating the payment gateway service, you must check user reviews about how the gateway providers handle consumer complaints.

To sum it up, the right payment service provider can help your startup grow and succeed. But there are several options out there when it comes to choosing the best payment gateway for your startup. However, you can easily choose the reliable Worldline Next Gen Payment Gateway and provide a smooth and secure payment experience to your customers.