How to Choose The Best Payment Gateway for your Business

It is very difficult to say which Payment Gateway is right and which is wrong for your business. Before making any decision to choose a payment gateway provider, we are requesting you to please read our related blog which tell you what is payment gateway and best payment gateway for india.

Below are the points which you have to considered while you are going to choose a best Payment Gateway in India:
 

1. Consider Setup Fees and Service Agreement Charges: If you are a startup, you would not like to select a payment gateway whoose setup fee are high. You must be select suct payment gateway with lower transaction charges which could be as low as 1% to 2% maximum.
2. Recurring Billing Option: If the product or service you are selling needs subscription where your customers have the payment option for a monthly or yearly basis, then you must consider selecting a recurring payment option in your Payment Gateway. PayPal Payment Gateway offers such support.
3. Settlement Period: If you are going to choose a payment gateway for your business "Settelment Period" selection option will play an very important role.  Settelment Period means after how many days, your payment will get credited to your Bank Account. Lesser the number of Settelment Period you will get your money quickly into your bank account.
4. Acceptability: If you are working for worldwide customers, be sure that your payment gateway supports payment through foreign credit cards. You must be sure your payment gateway  accepts all types of the card like Visa, MasterCard or Rupay card or if they can process the transaction from NetBanking, mobile wallet, or UPI payment. 
5. Keep Multiple Payment Gateway: keep multiple payment options as it may create faith in your new customer also if there are any issue with any payment gateway, you have always an option.
6. Ease of Integration: You must take into consideration, how much easily your Payment Gateway integrated with your application/website. 
7. Transactional limits:  You may additionally recollect approximately Payment Gateways that set an higher restrict to the transactional quantity that may be processed in a particular month. While this restrict might not emerge as a hassle for small companies, it's miles no much less than an surprising hurdle for companies that manner a sizeable quantity of transactions.
8. User Interference: The payment gateway answer have to be smooth and user-pleasant for each customers and the merchants.
9. Multiple device support: Now a days customers use multiple devices to purchase online. People can also additionally get right of entry to your internet site and make purchases thru their laptop, mobile phones or tablets. A good payment gateway should be able to provide the same ease and access through any device to ensure customer engagement.
10. Customer support: You have to study the users` opinions approximately how the gateway companies manage consumer grievances earlier than integrating the payment gateway service. Try to call Payment Gateway customer support over holiday  if you are not able to reach out to them, probably it is not the right Payment Gateway for your business. 

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What are the basic documents required for apply the Payment Gateway?

The documents required for the payment gateway deponds upon the type of business registration as legal, ie Indivitiual, proprietorship or company, etc. Most of the small scale corporations or startups come below the subsequent 4 categories

1. Individual
2. Proprietorship
3. Partnership Firm
4. Limited Liability Company

All the payment gateway carrier companies guide the virtual submission of files proper out of your PC or Laptop.

So here we explain a common documents which is required for any type of business formation:

Source : CC Avenue