The Indian e-Commerce market in 2013 was around $13 billion, and it is expected to reach around $50-$70 billion by 2020 backed by the fast growing internet savvy population and improvement in infrastructure like secure online payment and delivery systems. The above-mentioned statistics are encouraging enough for a market that has been affected with a skeptic perspective so far, that was ‘mode-of-payment’ issue to carry it down.

Before I give you a comparative study of payment gateways and which one you should choose, let’s understand how a payment gateway works. Payment gateway process the transaction securely, bridges the gap between the website and the banking institutions that process the transaction. All online dealings must pass through a secured gateway to be processed. A payment gateway guarantees the secure routing of the payment. It is a critical infrastructural to ensure that such dealings occur without any problems and in total security over electronic networks.

There are two types of Payment Gateways the Banks and second the third party tying up with different banks to provide a secure gateway. This information is focused on famous and most used e-commerce payment gateways, providing an overview about their services and their prices.

1. CCAvenue Gateway: This gateway provides it’s user’s transaction in multi currency processing service, including all major credit, debit cards, net baking and direct debit and credit the amount in the accounts of Indian, Chinese and other international banks. Provide 24*7 technical supports to their users. The transaction through this payment gateway takes only 30 seconds or a minute; websites can transact and accept payments online and in real time. Currently they have two plans “Popular Zero Setup Fee” and “Rs. 30,000 Setup Fee”. Transaction fees for cards, net banking and mobile payments and annual maintenance charges are different based upon the plan that you have chosen. The higher the plan, the lower is the transaction fee. This rule holds for almost every payment gateway.

2. EBS Gateway: EBS Gateway is aimed to provide its clients the Transafe Solutions and offers cheaper plans if compared to its other counterparts, for small businesses with different payment options. It has four payment plans categorized as Bronze, Silver, Gold and Platinum charging an all time non-refundable setup fee Rs.12, 000, Rs.18, 000, Rs. 24,000 respectively, for each plan. It also charges monthly for maintenance that again varies as per the plan. EBS claims to reduce the time wastage on customer inquiries and charge back disputes in considerable time. Comparatively a new entrant in the market, EBS has a young and dynamic support team to assist every single customer perfectly irrespective of their business turnover.

3. ABC Payment Gateway: This payment gateway has 128 bit SSL encryption security with the newest security protocols. Its services are designed for large, medium and small corporations as well as it you are in the public sector or own an educational institution, and then you can equally be benefited by its prices and services. The setup cost is Rs. 7,000 and 7% transaction fees. Start up cost lies 10000 to 28000.

4. PayU India: It is a gateway plugin cooperating with the Visa and MasterCard, Debit cards and Credit cards, making credit card and direct payments through any associated banks. It also offers four payment plans to its clients under Economy, Silver, Gold and Platinum. Setup costs from 4900 to 29900 with the transaction value from 0.75% to 1% with no AMC.

5. ICICI Payseal Gateway: The ICICI Payseal Gateway offers a complete solution for your business online payment requirements. ICICI payment gateway offers 128-bit SSL encryption, using a stronghold web server with extensive security firewalls. The setup fee is 40,000 with 5%transaction fees. It enables the merchants to accept payment with Visa credit and debit cards Master credit and debit cards and prepaid cards.

6. Transecute Gateway: This payment gateway uses a symmetric key based check sum algorithm to exchange data with 128 bit SSL Certificate. There is no setup fee with 5% transaction charges. Payments can be accepted with any major debit or credit card. It also sends instant Fraud Alert Mails for suspicious transactions.

7. Direct Pay Gateway: It offers merchants cost effective solutions, various payment acceptance modes with a secure, robust technology platform. Merchants can accept through various payment modes including Debit Card, Credit Card, Mobile Payments and Internet Banking.

The above details are to help users to select the better gateway according to their preferences because it is also important that payment system they are using assures privacy and there should be a way to identify and correlation between the customer’s bank accounts and the merchant bank accounts. To know the fine points of your preferred payment gateway, I will suggest contacting their sales support and visiting their website.

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