Which Payment System Is Best For Startups Or Businesses? — Mentor Monkey

As technology is evolving every day, the system and process of transactions keep on changing. Payment Systems play an essential role in Startups and businesses.

The payment system is the core of every business. Without any stable payment system, the company cannot succeed for long in the market. Trust and authority is the second name for payment system. A business person who recently started and is new in the market must be well prepared to sell their brand or product in a public place with genuineness. 

If a new business or a startup owner does not have a trusted and genuine way of transaction, then there is less chance of success in the business market. 

Growth of the e-commerce world

The e-commerce transaction is growing in India and Asia because there is a compulsion to pay taxes in online transactions. It became effortless to make a transaction of the heavy amount in the market. Nowadays, people prefer to choose transactions online because it is convenient, easy to use, less risky, and handy. 

With the up-gradation in technology, we have many options for safe payment in every sector. The essential requirement for secure payment is an upgraded mobile cell and a bank account. Then you are ready to go. 

How to select the best payment system?

If you have a Startup or established business and are new in the world of e-commerce, there is a requirement for a payment gateway to receive money from your customers. However, selecting a proper payment gateway can be challenging for you. It is essential to keep a 3-4 payment system for easy and accessible transactions for customers. There are few essential things you need to consider while choosing a payment gateway, and those are – 

Automatic billing – Make your payment system has an automatic billing option for an annual subscription and semi-annual subscription pattern. 

Changes as per requirement – Your payment system must allow changes as per your customer requirements and necessity. 

CMS – Do check if your payment gateways support CMS or not, as it is essential for e-commerce platforms. 

Overseas customers – It is essential to add options for a foreign credit card for foreign customers. 

Listing down some great payment gateways that are opted by many Startups and businesses – 

1. Razor Pay

Founded in 2013. The company focuses on the Indian market due to its potential and provides 247 services to its users. It manages the marketplace, numerous bank automates, collects recurring payments, provide loans and share invoices for its users. It also supports payment through credit and debit cards, net banking, and UPI. It is also a business arm that makes end-to-end money movement easier.

2. CC Avenue

This payment gateway started in 2001 and is one of the oldest in the domain. It provides more than 200 payment options to its users. It allows users to make payments through different cards. Anyone can add this payment method on their simple website for easy transactions. 

3. PayPal

It is operating in almost 202 countries across the world. It helps 197 million users in safe transactions. It also gives digital benefits like vouchers and coupons from brands and companies, and you can get a working capital loan, can transfer money to and from a bank account to a PayPal account. 

4. Citrus Pay

It comes in the top 10 payment gateways in India. It accepts all the cards and master cards as well. It allows a high level of security to its customers. They also have subsidiary services which help to pay bills. 

5. Direct Pay

It is a part of the Times Group. It is one of the most reliable and trust payment gateway in India. Business owners can integrate this payment system on their websites for safe and easy transactions for their consumers. This gateway is Norton secure and PCI DSS certified as well. They also provide EMI options to their users. 

6. MobiKwik

It is a payment gateway and digital wallet. The setup integration is easy to use. You can set up a professional business account in 2-5 working days. It is the most popular payment system in India as it provides the best services to the masses. 

7. PayU

In world presence, it is one of the largest payment gateway running currently. The platform deals with large firms like Snap deal, Amazon, Flipkart, and many more. Its services and offers recognize it. 

8. Instamojo

India’s most extensive on-demand payment system and e-commerce platform for Startups, small-scale businesses, and micro-entrepreneurs. With the help of Instamojo, you can grow your business through the web with correct execution. It is an accessible gateway application with no maintenance cost. It is also integrated with net banking, credit cards, and debit cards. 

You can choose a payment system according to your Startup and business requirements, field, location, and size.