Merchant Account services - Payment Gateways in India Home Problems using payment gateways
In India, 3 major payment gateways are CCAvenue, Transecute and ABC payments from Indiamart. 2CheckOut and Worldpay are popular international merchant account service providers. ABC payments was launched recently, while CCavenue and Transecute have provided payment gateway services for several years. Banks like ICICI bank and Citibank also offer payment gateways, but their setup cost is very high - Rs 75,000.
Timesofmoney (from Times of India group) has launched a payment gateway on it site called Direcpay or wallet365 in June 2006 which has a tieup with Yes Bank. Unlike Paypal a fee is charged for sending money (Rs 10) and there is no fee for receiving money. However, a fee of Rs 10 is charged for directly crediting the amount to your bank account and Rs 40 for a demand draft . The maximum amount that can be added to an account is Rs 3000, so the charges are a fairly significant part of the total expenses.
credit card processing for Indian merchants, have 2 options with Setup fees of Rs 25000 and Rs 7500 and commission charged for credit card transactions is 5%
and 7% . An annual fee also has to be paid for software maintenance cost. They
also support transactions through online internet banking and charge a
commission of 4%. The payment received are available on a weekly basis.
Initial amount of Rs 1000 is retained by CCAvenue.
also offers credit card processing for global eMerchants , in US Dollars, their setup fees are much lower - US$45 (approximately Rs 2000)
. They process VISA,Carte Blanche, Citibank eCards, Diners Club International,
Discover Novus, JCB Cards, MasterCard. There are no chargeback fees
Transecute : Initial setup fees are Rs 30,000 and per transaction fees are 5%. Withdrawal charges and chargeback fees are Rs 10 per transaction. They have not listed any annual fees on their website.
ABCpayments : they offer 6 options, 3 with annual fees (setup fees - Rs 7000, Rs 10000, Rs 18000 ) and 3 without annual fees (setup fees - Rs 10000 , Rs 16000 , Rs 28000 ). The transaction fees are 7%, 6% and 5%. In general, the lower the setup fee, the higher the transaction fee per payment.
Once we were approached by a company who had made payment to a sub merchant through CCAvenue. The payment was made by the company using HDFC banks Netbanking and the entry in the bank statement indicated payment to CC Avenue. However the email which the sub merchant had sent this company was not traceable , and this company did not have any idea, where their money had disappeared. We suggested to them, to directly approach CCAvenue, who helped them trace the submerchant and receive the product for which payment was made. So before you make payment through any of these payment gateways, ensure that all the contact information of the sub merchant is available with you.
Internationally, Paypal offers a option of a merchant account. There are no setup fees , transaction fees are 2.5%-2.9%+ 0.3USD.
If most of your customers are outside India , making payment through credit card, having a payment gateway is worth the expense and effort. More information on costs and comparison merchant accounts worldwide available at Maculator
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