“The cheaper, the better” – the rule we often follow while shopping for goods and services. When you get a product at a discounted price or lower than you expected, it sure creates an inclination towards it. But how long will it last? Suppose you buy a great pair of boots at a much lower rate than its standard market price, but it does not last a month. Is it a wise purchase? You are at the store buying another shoe in a month! But if you pay a little extra in the first place to get quality products, it lasts longer and gives you the worth of your investment in the long run. So, this same rule applies to every product and service, including online payment gateways.
Keep this boot example in mind the next time you consider payment gateway charges in India for integrating the payment portal for your website. The market is full of options in this arena, given the growth of the online shopping industry. But which payment gateway service provider will be the best for you? The one with the cheapest transaction cost? Well, if your answer to these questions is yes, you might want to rethink your decision-making process. Let us understand why the cheapest may not be the best for you!
Secure add fast online payments are the prime attraction for customers.
Reasons Why The Price Chart Must Not Be Central Focus
If all you are considering is payment gateway charges in India of every service provider, you might wind up choosing the wrong lane. Yes, you must consider the pricing, but not at the risk of losing out on essential services. Here is why and how the cheapest may cost you more in the long run!
It May Affect The Conversion Rate
The conversion rate of every business matters a lot in its growth. How many customers stick to your site after making a purchase? And how many leave the payment in between because it is taking too long to process? You need to think this over!
The Technology May Be Outdated
The payment gateway charges in India also depend upon the integration and service of the platform. If it is built on the latest and advanced technology, you are unlikely to avail of it at the cheapest price!
No High-End Security Facilities
Some companies offer high-end security checks and maintenance to avoid the risk of hacking and bugging. If it is cheap, the service provider may not be able to afford such a high maintenance facility. Consequently, you run the risk of integrating a poor technical tool.
No Window For International Transactions
International transactions cost high and extra as there is a fee for currency conversion. If you are planning the international expansion of your business, you have to pay higher payment gateway charges in India.
Lack of Data Hostage Service
Data hostage service is the facility of recording your customer database for future reference. The cheapest service providers may not offer this cloud storage option.
Analyse The Charge of Implementation
Just like you try to cover your costs and earn a little extra on every product you sell, the payment gateway charges in India also depend upon the same criterion. So, when you choose the cheapest service, you can estimate that the service provider is providing primary technology with no hi-tech support. Advanced technologies cost a lot as they require constant updates and bug fixes.
Check The Payouts And Reserve System
The service providers who offer the cheapest payment gateway are likely to hold onto your money for a longer period than usual. Since most of these companies are small firms, they tend to hold onto funds to keep their operations running. You must check the payouts and reserve system as impartially as you see the payment gateway charges in India.
The Final Say: Find An Affordable Solution
Not buying cheap does not mean paying an unaffordable price! Every business has its investment limit and financial constraint. Of course, you need to align your expenses with that limit. So, here is how you can make your service plan affordable.
- Get all the details of your preferred payment gateway service providers. If needed, choose all the available ones.
- Compare the facilities and prices altogether to filter out the affordable ones.
- Look for the customisation option wherein the service provider will allow you to drop the features you do not need and add the essential ones at the same price package.
- Go for the payment per transaction option instead of a fixed service plan.
All these reasons explain why the cheapest payment gateway charges in India may not be the ultimate option for you! If your motive is to grow and expand your online business, you need a reliable payment gateway service. But the cheapest may not last the longest! Therefore, compare the quality of services keeping the standard budget constraint in view to get the best service provider.