Studies have found that eCommerce stores lose almost 70% of their online sales to abandoned carts. A major reason is a bad payment gateway or bad checkout experience. Merchants who cannot find the right payment gateway for their websites or apps lose substantial revenue and goodwill to the abandoned carts.
To help eCommerce merchants, BrandLoom came up with its top 10 payment gateways in 2016. Since our blog was published, it has consistently ranked among the top 10 Google search results for relevant queries. We have been getting queries about the best payment gateway options available in the market- and we have been updating our list every quarter since.
Today, we release the 26th edition of our Top 10 Payment Gateways list.
The payment gateways that made the cut for Q2, 2022, are:
1. Cashfree Payment Gateways: something we use ourselves. Versatile, fast, full of great features, low maintenance, and has one of India’s lowest TDR rates.
2. Pay U Money: Hassle-free and highly recommended by everyone who has used it.
3. RazorPay: Low on charges, stress-free, and popular with several online merchants.
4. Instamojo: You can sell on their platform, at reasonable charges, extremely popular.
5. PayPal: One of the largest globally, extremely trustworthy with customers.
6. PayKun- A new entrant in the game with the lowest TDR charges in India, comes highly recommended.
7. CC Avenue: Popular, large numbers of technical integrations are available.
8. Atom: one of the oldest players, great for beginners, and has great customer support.
9. PayTM: Great for small merchants.
10. DirectPay: Largest payment gateway in India.
Avinash Chandra, CEO, BrandLoom, said,
We looked at several factors while compiling the list. I get a lot of queries about what payment gateway is the best for websites or apps. Many merchants make the mistake of going blindly by costs- which does them more harm than good. Watch our video if you want to know why these payment gateways made this list.
The list is compiled on the basis of extensive feedback we receive from our clients and other online sellers.
Online sellers from all over the world place their queries about the best payment gateways they can opt for. However, we want to iterate that all payment gateways are not equal, nor can every payment gateway suit everyone.
As new players enter the market and more businesses start selling online- it is important to understand which payment gateways are offering value to users. However- what works for your neighbour may not work for you, so, it is best that you talk to the experts to understand which payment gateway will suit your purpose. Remember, if you cannot provide a smooth checkout experience to your customers- you have much to lose.
BrandLoom is India’s only ROI-focused digital marketing and branding agency specializing in organic growth. Since its inception in 2015, BrandLoom has been named one of India’s most promising and innovative companies and has worked with clients across diverse industries in India and abroad.
The company recently debuted in Texas and is expanding its sphere of influence fast.