NEW!SaaS Companies That Got Funded in 2022! Read More

SaaS Category

Best Payment Gateways You Should Consider Using in 2022

11 Mins read

Payment gateways automate the payment transaction process between shoppers and merchants, securely transmitting transaction information to banks. E-commerce businesses depend on payment gateways to ensure that payment information is passed securely from the customer to the merchant and payment processor. This type of software is used by e-commerce managers to accept payments on multiple channels and by finance professionals to track payment performance.

SaaSDekho takes pride in showing unbiased insights on user satisfaction in our content and reports. We do not allow paid placements in any of our ratings, rankings, or reports. Learn about our scoring methodologies.

11 Listing in Payment Gateways Available.

1. PayPal

HQ LocationSan Jose, CA
LinkedIn Page37,372 employees on LinkedIn®
₹ MarketplacePayPal Deals Page
Year Founded1998

With PayPal credit card processing (Payments Standard, Payments Pro, or PayFlow) you can accept all major payment types from your customers right on your site. Simple checkout buttons or fully customized online checkouts enable scalable solutions for businesses of any size.

2. Cashfree Payments

HQ LocationBangalore, India
LinkedIn Page740 employees on LinkedIn®
₹ MarketplaceCashfree Deals Page
Year Founded2015

Powerful and scalable payment platform designed for your business needs – collect payments, send payouts, manage international payments, and do more. Cashfree Payments is built for all types of businesses ranging from startups to enterprises to accept payments on the website, mobile app, or other channels like Whatsapp, social media, etc. 1,00,000+ merchants and leading brands like IRCTC, Nykaa, BigBasket, Cred, and many more trust Cashfree Payments for payment processing.

3. Razorpay

HQ LocationBangalore, India
LinkedIn Page2,462 employees on LinkedIn®
₹ MarketplaceRazorpay Deals Page
Year Founded2013

Razorpay aims to revolutionize money management for online businesses by providing clean, developer-friendly APIs and hassle-free integration. We offer a fast, affordable and secure way for merchants, schools, eCommerce, and other companies to accept and disburse payments online, own a fully-functional current account, and avail of working capital loans.

4. PayTm for Business

HQ LocationNoida, India
LinkedIn Page16,575 employees on LinkedIn®
₹ MarketplacePaytm Business Deals Page
Year Founded2010

More than 17 million Payment Partners use Paytm for Business – India’s most trusted payments platform. The easiest way to accept payments everywhere. At Paytm we try to enable all sellers and merchants to go cashless! We offer a variety of payment solutions for all businesses from local teashops to large international organizations, everyone can use Paytm!

5. PayU

HQ LocationAmsterdam, North Holland
Company WebsitePayU
LinkedIn Page2,695 employees on LinkedIn®
₹ MarketplacePayU Deals Page
Year Founded2002

Global reach, local expertise: we combine the best of both worlds to reshape the future of payments and fintech to build a world of unlimited possibilities. We successfully bridge the global and local gap by supplying ultimate global payment coverage with extensive local expertise and support.

6. Zoho Checkout

SellerZoho Checkout
HQ LocationChennai, India
Company WebsiteZoho Checkout
LinkedIn Page14,269 employees on LinkedIn®
₹ MarketplaceZoho Checkout Deals Page
Year Founded1996

Zoho offers beautifully smart software to help you grow your business. With over 80 million users worldwide, Zoho’s 55+ products aid your sales and marketing, support and collaboration, finance, and recruitment needs—letting you focus only on your business. Zoho respects user privacy and does not have an ad-revenue model in any part of its business, including its free products.

7. WePay

HQ LocationRedwood City, CA
Company WebsiteWePay
LinkedIn Page411 employees on LinkedIn®
₹ MarketplaceWePay Deals Page
Year Founded2008

WePay, a Chase Company, brings innovation, scale, and reliability to its integrated payments and integrated banking solutions. We provide payment infrastructure for independent software vendors (ISVs) and software platforms to ensure small businesses get paid quickly and easily.

8. Instamojo

HQ LocationBangalore, India
Company WebsiteInstamojo
LinkedIn Page146 employees on LinkedIn®
₹ MarketplaceInstamojo Deals Page
Year Founded2012

Instamojo supports 20 Lakh+ Indian independent businesses with online store and online payment solutions. We aim to enable & empower small businesses on their journey toward becoming D2C brands.

9. Easebuzz

HQ LocationPune, India
Company WebsiteEasebuzz
LinkedIn Page207 employees on LinkedIn®
₹ MarketplaceEasebuzz Deals Page
Year Founded2014

Easebuzz is a software-enabled payments platform that is helping small businesses to digitize payments without worrying about their business process problems. Early-stage growth companies face complex business scenarios as they grow and end up with high-cost centers for solving such issues with banks or other financial institutions. Easebuzz helps you with smart APIs and cost-effective solutions all in 1 single place. Scale up your Business with the Easebuzz Payment Solutions Platform

10. GoCardless

HQ LocationSutton Yard, London
Company WebsiteGoCardless
LinkedIn Page802 employees on LinkedIn®
₹ MarketplaceGoCardless Deals Page
Year Founded2011

Welcome to the new era of payments. Collect one-off, automated, or recurring payments – directly from your customer’s bank account to yours. Putting an end to late payments, chasing customers, stress, and expensive fees. It’s just cash, flowing from one account to another. Join 75,000+ businesses of all sizes, worldwide, who trust us to power their payments.

11. Bolt

HQ LocationSan Francisco, California
Company WebsiteBolt
LinkedIn Page789 employees on LinkedIn®
₹ MarketplaceBolt Deals Page
Year Founded2014

Retailers use Bolt’s lightning-fast, one-click checkout to convert, retain, and delight more shoppers.

Choose Your Payment Gateway:

Choosing a Payment Gateway can be a daunting task but it doesn’t have to be. The best thing to do is make a list of your must-haves and compare the possible tools on SaaSDekho to select the right software for your team.

Or, Schedule a Call with our SaaS Consultant and they’ll guide you in your SaaS Discovery and Buying Journey. 

Spotlight Categories in Commerce Software:

eCommerce Platforms | Point of Sale (POS) | Product Reviews | Subscription Management

What is Payment Gateway Software?

Most major e-commerce platforms and payment gateways have plug-ins and extensions to make integrations easier. Conversely, less popular solutions in this space will require more work to integrate. Fortunately, almost every major e-commerce platform makes it clear which payment gateways can be integrated with their software. Businesses using open-source e-commerce platforms can leverage the developer community for specialized extensions and plug-ins for payment gateway integrations.

Often, payment gateways come in two flavors: hosted and integrated. Hosted payment gateways are easy to set up and require little maintenance on the part of the e-commerce store owner. Additionally, PCI compliance and data security become the responsibility of the payment gateway with hosted products, saving e-commerce businesses time and money. However, hosted options redirect customers away from the business’s website and to a payment processing page. This can be confusing for customers and as well as negatively affect conversion rates.

Integrated payment gateways require more time to implement but lead to higher conversion rates, as customers never leave the e-commerce site to complete a purchase. Integrated payment gateways can be limited by which e-commerce tools their API integrates with. Furthermore, integrated payment gateways will often require the e-commerce store to have a merchant account to accept credit card payments.

One major business problem solved is payment collection, a necessary element of an e-commerce website. In addition, payment gateways provide deep insights into granular transaction management, another common business problem.

Key Benefits of Payment Gateway Software

  • Accept online payments through your e-commerce business
  • Accept multiple currencies and payment methods
  • Process payments securely without risking the security of payment information
  • Prevent unauthorized payments with fraud protection mechanisms
  • Quickly handle customer returns and refunds

Why Use Payment Gateway Software?

“How can I easily and securely collect payments from customers on my e-commerce website?” This is the primary problem that payment gateway software resolves. Many businesses are familiar with the difficulties and costs of setting up custom payment solutions to collect and process credit card information. Payment gateway software resolves those frustrations with easy setup at a relatively low cost. Additionally, some payment gateway products allow users to upload their branding onto the gateway. This ensures visitors aren’t redirected to a third-party website.

Additionally, an important feature of payment gateway software is its ability to detect, identify, and react to fraudulent activity. Payment gateways help ensure the safety and encryption of their customer’s sensitive information and the compliance of their e-commerce business to payment card industry (PCI) regulations.

Payment gateway software also allows users to rectify any outstanding errors and complete refunds based on the product’s database of transaction information. The database of customer transactions is crucial for users to keep track of invoices, reports, and cash flow, helping e-commerce businesses with forecasting. In addition to the database, some payment gateways also provide analytics and insights about transactions, enhancing business forecasting and improving things like customer profiles and the ability of the e-commerce company to accurately upsell or cross-sell.

Minimizing fraud — Payment gateways allow payments to be encrypted to ensure the security of the payer’s information as well as verify payments to avoid fraud. Unauthorized payments will result in a notification, allowing the user to reject the payment before it goes through. Fraud protection filters may include high-risk countries, email service provider risk, high-risk BIN, account number velocity, high item number, shipping/billing mismatch, AVS failure, CSC failure, and others.

Receiving payments in multiple ways — Users can set up recurring payments, subscriptions, split payments, and one-time payments as necessary. Users can also create peer-to-peer payments as needed. This flexibility allows users to fit their payment structure to their business model or customer needs.

Scalability — As a business grows, so do its payment needs. Payment gateway software makes it easy to scale by adding features as needed and integration with multiple e-commerce stores.

Who Uses Payment Gateway Software?

E-commerce businesses of all sizes depend on easy-to-use payment gateways to seamlessly guide a website visitor from browsing to buying. Businesses turn to payment gateway software to automate payment transactions and ensure the security and encryption of those transactions. Payment gateways integrate with e-commerce platforms and tools like subscription management software.

E-commerce businesses — E-commerce businesses are both the most common and most obvious use for payment gateways. These businesses need a way to collect payments online in a way that is convenient for themselves and their customers. With payment gateways, payments are instantaneous and protected for both parties.

Charities and nonprofits — The ability to instantaneously make donations online is hugely important for charities and other nonprofits that are held to strict reporting and taxation standards. From a nonregulatory standpoint, donors are also more likely to donate to a charity or nonprofit if it is fast and convenient to do so.

Individual consumers — Peer-to-peer features of payment gateways make it easy for individual users to make fast, easy payments to their friends, family, and individual contractors. Using a smartphone, anyone can make a payment to another user of the same software quickly and securely. No need to hound your friends for pizza money, you can simply send a request or single-time invoice with the exact amount they owe you.

Payment Gateway Software Features

Payment gateways primarily provide payment processing tools that allow users to send and receive credit card payments as well as online payments directly from a bank account. Given the variety of payment options available, as well as the myriad ways that payments can be structured, there can be a lot of variety among online payment systems. Some may even integrate with a physical credit card terminal, providing businesses that operate both in-person and online with a means to accept payments using one tool. However, payment gateways include various features to help businesses run smoothly both on- and offline.

Reporting — Data should be every business’s best friend, and payment gateways provide crucial data on each transaction made through the platform. This can make it easy to track how and where money is entering and leaving the business, helping better predict future performance. This also provides an added security measure of visibility into where money is going and whether it was an authorized transaction.

This data can also provide crucial demographic information so businesses can be more aware of who and where their customer base is.

Manual payment entry — Manual payment entry allows a business the option to take down payment information provided over the phone or in person and put it into the payment gateway, creating a larger amount of flexibility. This can also help businesses facilitate returns or refunds requested over the phone.

PCI compliance — Payment card industry (PCI) regulations ensure the security of credit card users online by enforcing strict security requirements. These include protecting cardholder data, maintaining a vulnerability management program, implementing strong access control measures, regularly monitoring and testing networks, and maintaining an information security policy. Luckily, most payment gateways have this already baked in, making it easy for users.

Fraud protection — Fraud can be a huge concern when buying and selling online, and most payment gateways already have safeguards in place to protect their users. Many payment gateways use a variety of fraud prevention tools, ensuring 360-degree protection for all users.

Two-factor authentication — Two-factor authentication is a method that enables users to keep their accounts extra secure. After signing into the platform using a browser, the second form of authentication will either email or text the user a code that they can then input to ensure that they are the owner of the account. This way, users can prevent unauthorized access to their accounts.

Internationalization — International support can come in the form of both language and foreign currency support. By supporting multiple languages and currencies, businesses can receive payments from around the world and make their business truly global. By having this built into the payment gateway, businesses can avoid dealing with foreign banks and other entities that they may not be equipped to do business with.

Payment Gateways

Additional Payment Gateway Features

E-commerce software integration — Integration with your business’s e-commerce solution can make it much easier for you and your customers. Customers can easily purchase without leaving your store, making it less likely that you will lose customers due to inconvenience. But the main advantage is data integration, which makes it easy to process payments and track each transaction. This can help with inventory management, accounting, and more in the long run.

Accounting software integration — Integration with your accounting software makes it easy to track incoming and outgoing finances, as well as track invoices and other financial data.

Recurring billing — Many payment gateways allow users to set up recurring payments of invoices for ongoing services. Having this information within the payment gateway itself gives customers the option to set up automatic payments.

Accepted credit and debit cards — Payment gateways often have a variety of credit cards and payment methods they accept. Merchants can often choose from that list of accepted payment options which methods they will accept, giving them control.

Other Features of Payment Gateways: B2B, Mobile, Retail

Trends Related to Payment Gateway Software

Mobile integrations — More and more consumers are using their phones to shop, so more and more businesses are seeking to integrate mobile technology into their e-commerce strategies. By making it easy for consumers to make secure payments on their phones, it becomes easier to expand into m-commerce.

Blockchain — With the rise of blockchain as a secure means of transferring funds and data online, payment gateways are adopting the technology for their platforms more and more. Some even allow payment in Bitcoin and other cryptocurrencies.

Potential Issues with Payment Gateway Software

Integrations — While your e-commerce platform may be one of the biggest deciding factors when choosing a payment gateway, there are other software integrations to keep in mind as well. Subscription management tools are often paired with payment gateways to manage recurring payments from customers. Additionally, shopping cart tools will need to be considered, as they allow customers to select items for purchase and generate a total amount to be charged through the payment gateway.

Currencies and payment type — Payment gateways are limited by the countries and currencies they support. This often requires e-commerce businesses to use more than one payment gateway to cater to more customers. Additionally, tools in this category are limited by the payment methods they accept: credit cards, ACH payments, split payments, etc. It’s important to understand where your customers are and the payment methods they use before integrating a new payment gateway with your e-commerce store.

Transaction fees — Most payment gateways will charge a small processing fee for each transaction. This fee can be either a flat rate or a small percentage and is often determined by the number of transactions your e-commerce business processes each month. Small businesses usually pay a lower rate than enterprise-level e-commerce businesses. Monthly and initiation fees are also common for most payment gateways.

Software and Services Related to Payment Gateway Software

E-commerce platforms — E-commerce platforms are one of the main tools used alongside payment gateways since many payment gateways are already integrated with most e-commerce platforms. This makes it easy for customers to make purchases online right away and makes it much easier for merchants to create an online store. Since online payments must be done with a credit card or other digital payment method, payment gateways are a necessity.

Shopping cart software — Shopping cart software allows customers to buy multiple items at once in a single online transaction. This cart then interacts with the payment gateway by allowing the customer to pay for all the items at once without having to pay for each item individually.

Subscription management — Subscription management software allows merchants to create subscriptions that customers pay for at regular intervals. By integrating with payment gateway software, subscription management tools allow consumers to pay for their subscriptions online or set up automatic, recurring payments.

52 posts

About author
Optimize and Manage your Software Stack!
Related posts
SaaS Category

Best Social Media Marketing Software You Should Consider Using in 2022

1 Mins read
SaaS Category

Best Content Marketing Software You Should Consider Using in 2022

1 Mins read
SaaS Category

Best Legal Software You Should Consider Using in 2022

1 Mins read
  1. SaaSDekho is India's leading media organization.

[mc4wp_form id="17"]

Sync with a focus on SaaS Products, Service Firms and Entrepreneurs - the change makers.

Leave a Reply

Your email address will not be published. Required fields are marked *