If we take a glimpse at the Indian eCommerce, then we can definitely say that it is vigorously booming. To support this statement, we can look at the market statistics, which say that during the last year, the sales of the eCommerce industry increased by 17.9 percent in comparison to the year 2020. The market results are still positive despite the country going through massive waves of the ongoing pandemic. The Indian eCommerce market is anticipated to touch the US 350 billion mark by the year 2030. Looking at these numbers, don’t you think the e-commerce market in India is more than grand and will continue to be so? Click here to know more.
To support this flourishing market, one thing is of utmost importance, and that is a well-equipped payment system. But getting payment systems for eCommerce is not always as easy as you think. In this article, we will discuss the payment systems for eCommerce, their characteristics, and the best payment systems that are currently being used throughout the globe.
About payment systems for eCommerce
The work of payment systems for eCommerce is that it helps in receiving and sending payments to the merchants. Multinational companies can get access to the ISO or Independent Sales Organisation merchant accounts or directly tie up with reputed banks. The smaller companies and e-commerce platforms cannot do the same as they cannot keep up with the cost of having such a privilege. That is exactly where payment systems for e-commerce come into the picture.
The payment systems for eCommerce help the merchants disburse and receive payments from multiple sources. Moreover, with the help of payment systems for eCommerce, the merchant doesn’t have to worry about the compliance issues as well as the system is very easy to integrate with your website.
Top best Best Payment System Used in the eCommerce Worldwide
For any small or medium-sized business, Stax is an ideal payment system. Even businesses with a high volume of sales can effectively utilize this payment system. Stax can accept all types of payments, and even it can integrate with POS (Point-of-Sale) and terminal systems. As for the fee, it charges a flat monthly fee and also has a subscription-based model. Stax can also be integrated with huge payment gateways such as Magento, Salesforce, BigCommerce, and WooCommerce.
Payment Depot has low processing fees and a membership fee-based pricing model. For an unlimited membership, the fees can get as low as 0.05 dollars per month. Although the unlimited membership will charge you 199 dollars per month, the best part is that you will be saving transaction fees if you are processing more than 50000 dollars per month.
If you are a business that already has a physical location or a store and are planning to sell online, the Square is the best choice for you. The company is well known for its simple and easy-to-integrate POS system and payment solution. As for the payment, they don’t charge any monthly fee instead, they ask for 2.9 percent and 0.30 dollars.
Cashfree offers multiple payment features and is considered one of the best payment systems. It also offers the best success rates in both mobile and UPI. You will also receive pre-authorization, instant settlements, and, most importantly, instant refunds.
If you are an eCommerce platform or company, then you must have payment systems for the eCommerce platform, and for you, it has to be the best because you don’t let your customers go through complexities in order to sell your products.
Moreover, an easy payment system will also help you increase the overall conversion rate of your website, and Cashfree can help you with that. With the help of Cashfree’s payment system, you can take your website to a new horizon and get ahead of everyone else in the market.