Contrasting different Payment Gateways

What is a payment gateway? and how does it work?

A payment gateway is a software application that payment service providers use to process payments for online purchases.

A gateway can be used for many types of payment methods, but this video focuses on credit cards.

The gateway encrypts sensitive details to ensure that information is passed safely between a customer, a store and the bank.

When someone buys something online a gateway opens to process the transaction by checking out and inputting their details.

The card and transaction details are stored in a secured servers and then forwarded to the bank for approval and then back to the merchant and finally back to the customer to be informed that the transaction ha been completed.

This whole process takes about 3 seconds.

A payment gateway is the most common way to connect to a payment system, only large merchants can connect to a bank directly.

The payment gateway fees are small compared to the advantage they offer managing businesses and controlling the risks associated with online payments.

A good payment gateway has customizable reporting options

A good payment gateway is able to process many different payment methods that may not be offered by the store.

Top 10 payment gateways

Five Main Points

The onboarding process

The pricing options

The Documentation

Payment Options and User Interface

The Reports (How information is displayed, data on payments)

Stripe

Is one of the most standard payment gateway because they put developers first in their business model.

They were the first to simplify the payment gateway process for developers

Stripe is in the early phase in India because it's an American company.

The user interface is awesome

The pricing is very competitive, and international is very expensive because they have good fraud protection program thanks to a very big database

onboarding is great, price is competitive, documentation is very good, payment option is lagging a bit, but the user interface is the best in the industry, and lastly the reporting is top notch even without graphs

PayPal

PayPal is trying to get business in India

The onboarding process is a pain in India because people are not fully trained, or undertrained

The pricing is very competitive

The documentation is very amazing

Payment options are subpar

The user interface is the worst.

The reports are ok

Paytm (Indian Giant)

Their onboarding process is very slow

pricing is very competitive, but it's not good for growing businesses

Payment options are great, they have almost all of them

User interface is pretty decent

The reports are ok

RazorPay

They build on what stripe created

Amazing UI

The onboarding is pretty easy

Pricing is very competitive

Payment options have almost everything

Documentation is top notch in the industry

payment interface is very dope

The reports are great and provide charts, and app would be nice for this data

PayUMoney

Onboarding process can take 2 days to a week

Pricing is competitive, sneaky marketing

Documentation is top notch, or on par with stripe, razorpay, etc.

Payment options are good

Reporting is not that good, but no deal breakers

User interface is pretty nice

InstaMojo

Have a pretty good onboarding process, in less than a day.

Documentation is pretty good

Pricing is competitive, but charge 3 extra rupees per transaction

User interface is good

The reporting is lagging for customers

Transactions used to not be as reliable

CashFree

Onboarding process is a breeze

Their pricing is absolutely competitive

Has lots of payments options

User interface is 4 stars

The reports are ok, needs improvement

CCAvenue (BigDog)

Onboarding process is very slow and painful

Pricing very competitive

documentation is absolutely amazing, and can be integrated almost everywhere

Payment options are crazy good

The user interface is an ok 3 star rating

BrainTree

Brain Tree is good in the US

This is a sub company from Paypal

Every main point for this Payment gateway is good but not friendly in india

2CheckOut

Pricing is decent and competitive

Onboarding is very difficult, troubles in documentation is common

The documentation is okayish, needs improvement

User interface is subpar

Payment options are kind of confusing.