Top 7 Cheapest Payment Gateway For India

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Cheapest Payment Gateway For India
Cheapest Payment Gateway For India

Top 7 Cheapest Payment Gateway For India

Are you running a startup or a small business or a Brand? Here are the Top 7 Cheapest Payment gateway for India. As a result, e-commerce is growing speedily in India.

It can be tricky to find the best Indian payment gateway when there are so many options available. So here’s the complete guide to finding the top payment gateways in India.

Top 7 Cheapest Payment Gateway For India

1. Cashfree Payment gateway

Cashfree has been getting popular because it is the cheapest payment gateway in India. With this incorporated disbursement gateway, you can choose from ample payment options for your transactions-

  • Visa card, Master Card, Maestro Card, Rupay Card or Amex Card
  • 70+ Netbanking options
  • Paytm
  • Mobile wallets including Airtel, Mobikwik, Freecharge
  • UPI, NEFT, IMPS, and Paypal.
Features:
  • No setup cost
  • Invoice generation
  • Fraud checking
  • Easy to configure
  • Low transaction fee
  • High security
  • Recurring billing facility
  • Website integration
  • Auto collection of payment
  • Instant refund
Pros:
  • Low transaction fee
  • Auto collection of payment
  • Instant refund facility
  • Accepts international payments
  • Allows multicurrency processing
  • Invoice generation
  • Website and application integration
Cons:
  • Cashfree prefers to work with government-registered businesses.
Transaction Charges:
  • Net-banking, Credit and Debit card: 1.75% per transaction for 70+ banks
  • Pay Later and Cardless EMI: 2.5% per transaction
  • International cards: 3.5% + 7 INR per transaction

2. Razorpay

Razorpay is the only payment gateway for India that allows businesses to accept, process, and disburse payments with its product suite. The payment gateway allows you to accept payment via various types of methods such as credit/debit cards, net-banking, UPI, and wallets. There are different kinds of websites such are WooCommerce, Magento, CS-Cart, OpenCart, and so on; Razorpay can be used as a payment gateway.

Feature:
  • API driven automation that requires zero manual intervention
  • 100+ payment modes
  • Dashboard facility to check real-time data
  • Easy integration
  • Invoice payments
  • Integration with the website for payment
  • 24/7 support
  • Save saving facility
Pros:
  • Easy integration with less code.
  • Fast and secure payments.
  • Credit/debit card, UPI, net-banking, and 100+ payment methods.
  • Better conversion rate.
  • All major international cards are accepted
  • Real-time currency conversion is possible
  • Zero setup cost
Cons:
  • The high failure rate in international transaction
Transaction Charge:
  • 2% on Indian debit/credit card, net-banking, UPI
  • 3% on Diners and Amex Cards, International cards, EMI
Payment Gateway Options for Indian Businesses - Chargebee's SaaS Dispatch

3. Instamojo Payment Gateway

Instamojo is another successful Payment gateway for India, a company that has more than 1 million active customers. With Instamojo International Payment Gateway, a merchant can create a merchant bank account right away to amass online payments effortlessly. It can be done with or without a website.

  • Electronic invoice payment
  • Website and application integration
  • Recurring payment
  • Easy Onboarding process
  • Payment analytics
  • Online store
  • 100+ payment modes
  • Live chat facility
Pros:
  • Zero setup fees
  • Allows free digital file hosting
  • Allows sharable payment links
  • Smooth user-interface
  • Ease of website and application integration
  • 100+ payment modes
Cons:
  • Does not support multicurrency payment.
  • Livechat feature needs improvement.
Transaction charges:
  • NEFT/RTGS/Bank Transfer: FREE
  • Debit and Credit cards: 2% + 3 INR per transaction
  • International credit cards: Available on request
  • Digital products and files: 2% + 3 INR per transaction

4. Paypal

PayPal is a global payment platform available in 200+ countries across the world. PayPal claims to have processed 4 billion payments (including 1 billion mobile) in 2014. Over 173 million customers use Paypal on a regular basis. PayPal also monitors transaction 24/7 that protects customers from fraud. There is also a facility for recurring payments. Merchants must have to have PayPal incorporated on his e-commerce Store to expect orders from global patrons.

Features:
  • Electronic invoice
  • Website integration
  • International transaction
  • Fraud protection service
  • Allows multiple currency processing
  • 24/7 customer support
  • Recurring payment
  • Card details can be saved
  • Mobile payments can be done
Pros:
  • Invoice for payments
  • 24/7 customer support
  • International payment can be done
  • Easy integration with website
  • Multiple payment methods
  • Easy recurring payments
  • Secure and fast
  • Payment using QR code
Cons:
  • Not advisable for the smaller transactions as the charges are high.
Transaction Charges:
  • 5% + 3 INR per transaction

5. PayU

PayU (formerly known as PayU Money) is one of the best payment gateways to accept online payments with minimal development effort, easy sign-up, and quick onboarding process. Another great thing about PayU is, it allows customers for customization on the checkout page. After getting started with PayU, the company shows all the transactions on the dashboard. The payment gateway has an easy and beautiful user-interface and the company allows merchants to integrate a website and mobile app also.

Feature:
  • Invoice generation
  • Website and mobile integration
  • Facility for recurring billing
  • Multiple currency processing
  • Dedicated account manager
  • International payments
  • 100+ foreign currency
Pros:
  • Tracking your earnings on the dashboard
  • More than 100 payment method
  • 24/7 customer support
  • Higher success rate and faster payment
  • Allows customization in the checkout page
  • Zero cost for setup
Cons:
  • Some customers have experienced delays in payments.
Transaction Charges:
  • 2% + GST per transaction

6. CCAvenue 

CCAvenue is another payment gateway that provides a broad range of payment alternatives. Even though you have found its name on quite a lower position on this list of top 10 payment gateways, you cannot underestimate CCAvenue. It is one of the largest payment gateways in India with 200+ payment options. For security purposes, the company has built FRISK (Fraud and Risk Identification System & Knowledge). This provides a safe and secure payment environment. The best thing about this payment gateway is, there are no withdrawal fees.

Feature:
  • Mobile payments
  • Website integration
  • International transaction
  • Allows multiple currency processing
  • Invoice generation
  • Fraud detection system
  • 200+ payment methods
  • 24/7 support
  • Recurring payments
Pros:
  • Fast account activation within one hour
  • Easy integration
  • Allows international transaction
  • Supports more than 200 payment methods
  • 24/7 support
  • High security for fraud detection
  • Zero setup fee
  • Allows recurring payments
Cons:
  • Security is not good.
Transaction Charges:
  • For all type of domestic transaction: 2%
  • International transaction: 3%
  • Credit card EMI option: 2%
  • American Express / Amex Diners Club: 4%
  • Multi-currency options: 4.99%
  • Rupay Debit card: 0.00%

7. PayKun

PayKun has been specially designed to bring ease and speed of all the services of a payment gateway i.e from onboarding to integration to start receiving the payments. PayKun is also an emerging payment gateway that provides a safe and secure Payment Gateway for India and fast transactions as well.

All the payments which are being done using PayKun are secured with PCI DSS Level 1 security. Compare to other payment gateways, PayKun offers faster payment settlement in less than 3 days. This payment gateway supports more than 100 payment modes.

Feature:
  • Easy mobile integration
  • Easy website integration
  • Allows multiple currency processing
  • Payment invoice generation
  • Card saving facility
  • 100+ payment modes
Pros:
  • Robust security
  • Faster payment settlement
  • Supports 100+ payment modes
  • Customer management can be done
  • No setup fees
  • Easy refund policy
  • Payment link option
  • Accepts international payments
Cons:
  • Does not support point of sale transaction
Transaction charges:
  • 75% per transaction on Indian debit cards, net banking, UPI, and wallets
  • 3% per transaction on International credit cards, Diners, Amex card, VISA, and master card.

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