There are many essential requirements of running a successful online business like an advanced platform, reliable logistics, secure payment gateways, mobile sites & apps, digital marketing, SEO tools, social media presence, multi-vendor commerce and marketplace integration, and so on. Needless to say, payments are an integral and the most vital part to run any e-commerce businesses-whether big or small. Thus online retailers need to make a wise choice to select reliable and secure Payment Gateways which are suitable for their store and offer the ease of payment to customers as well.
So, what is a Payment Gateway?
According to Wikipedia, a payment gateway is an e-commerce application service provider service that authorizes credit card payments for e-businesses, online retailers, bricks and clicks, or traditional brick and mortar. A payment gateway facilitates the transfer of information between a payment portal (such as a website or mobile phone) and the acquiring bank. Payment Gateways support payment through credit cards, debit cards and other types of electronic payments like online banking.
In simple terms, a payment gateway is a link in-between the online retailer’s website/app and the bank. When a customer makes an online payment, the retailer’s app or site sends the credit/debit card’s information to the payment gateway, which in turn confirms these details with the corresponding bank and the requisite payment is transferred from the customer’s account to the retailer’s account.
Classification of Payment Gateways
Broadly speaking, payment gateways can be classified into the following categories:
Payment Gateways come at a cost for online retailers, which can be split broadly into 3 parts:
a. Setup Fee – It is a one-time fee charged by the payment gateway from an online retailer to set up the gateway and activate the service. This charges vary from zero set up fee to minimal cost to as high as INR 40,00 plus.
b. Annual Maintenance Charge (AMC)- As the name clearly suggests, AMC is an annual amount for maintenance and operational costs of a payment gateway.
c. Transaction Deduction Rate (TDR)- It refers to the amount deducted for every transaction made through the payment gateway.
II. User Interface based
Any online retailer needs an easy-to-manage front end and back end of a payment gateway. When a customer makes a transaction on the checkout page, he is redirected to the payment gateway page. A good gateway will enable a quick & hassle-free payment process without any delays, what-so-ever. Online merchants need to review and track their payments in the back end. An efficient payment gateway will offer all these features.
III. Value added services:
The efficient providers will make sure to offer a fast and easy service with quick set up and integration on the site. Thus, it reduces the hassles faced by an online retailer to set up an online store. Also, an efficient payment gateway will offer efficient service to resolve any technical issues faced later on. Payment gateways offer additional products & services like excellent customer services, tools to detect fraud & security check, multi-currency support and much more.
!V. Payment Options
Payment Gateways offer manifold options for online payment like credit cards, debit cards, mobile payment options, online banking , etc.
StoreHippo offers pre-integrations with Payment Providers
StoreHippo is an advanced e-commerce platform to build online stores and understands the value of integrating leading payment gateways for online stores. So, the merchants do not face any issue or challenge with respect to accepting online payments. We offer pre-integrations with payment providers for online stores. to offer seamless process of payment acceptance for retailers. Recently StoreHippo has tied up with Pay with Amazon for premium sellers in India. Pay with Amazon will carry out a lot marketing campaigns, both online & offline, to generate more traffic on its partner websites.
StoreHippo benefits :
- Payment gateways Integration with EBS, CCAvenue, PayPal, PayTM, PayU, DirectPay, ZaakPay, CitrusPay, Pay with Amazon, Stripe & more
- Accept payments through Credit Card, Debit Card, Net Banking, EMIs, Bank Transfer and Prepaid Wallets
- Discount on transactional cost
- Zero set up cost for most of the payment providers
- Waive-off on the first-year cost of AMC for most of the providers
- Secure, SSL certified payment gateway which comply by all the rules and regulations
- Multi-currency and international payment acceptance
- Online merchants can set IP based currency and price for a particular product
- Multi-currency and international payment acceptance
- Easy to use single page checkout to reach customers faster
- Customers can choose their preferred mode of payment
- Compliance with all the rules and regulations related to online payments.
You can review al payment gateways on StoreHippo by following this link:
In this age of digital lifestyle and online shopping, integrating leading payment gateways on a storefront is of vital importance for an online entrepreneur. StoreHippo has effectively met this need by offering integrations with leading payment gateways along with multi-currency and international payment acceptance. As an icing on the cake, all the Payment Gateways associated with StoreHippo have a free set up plan. The retailers do not have to pay separately for setting up payment gateways. In fact, the whole process of accepting payments works together seamlessly to offer the retailers the advantage of a smooth business operation.