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Thanks to the growing internet base, the e-commerce industry is booming in India. As per estimates, the e-commerce industry’s market value in India1 is expected to reach $350 billion by 2030.
When it comes to setting up an online business, it is crucial to choose the best payment gateway for your startup that enables your e-commerce store to process payments smoothly and efficiently.
Most businesses, especially, lean startups rely heavily on funds for their operations. Hence, a payment gateway must help them seamlessly carry out online payments, refunds and timely settlements.
To add to this, a good payment gateway enables you to give a hassle-free checkout experience to your customers. No business wants to lose out on customers and therefore, their revenue owing to cart abandonments which is about 51% on average2 in India.
So, if you are looking out for a payment gateway for your startup with advanced features that delights your customers with the best transaction success rates and multiple modes of payments, sign up with Cashfree Payments today!
Wondering how? Let us explain!
What is a Payment Gateway?
First of all, let’s understand what we mean by a payment gateway for startups or any business in general.
A payment gateway is an online service that allows transactions to occur between a business merchant and customer in a safe and compliant way. It is a medium that ensures a secure connection between the website/app and the customer’s bank account. It is also directly linked to the merchant’s bank which deposits the customers’ payments.
A payment gateway, or a PG, allows payments via multiple methods such as UPI, cards, net banking, BNPL, etc. and also through multiple sources. Thus, it becomes a common platform for merchants to manage accounts and payments for their business.
A good payment gateway for startups addresses all their payment requirements with –
- Instant settlements and easy reconciliation
- Robust security design
- A potent dashboard that provides an end-to-end solution to all your payment concerns
- Easy onboarding and activation to go live
- Ready-to-use APIs to integrate without much effort
- Simple UI/UX to set up that anyone in the team can use
Why Choose Cashfree Payment Gateway For Your Startup?
Cashfree Payments is a one-stop solution that collects payments, sends on-demand payouts and also manages international payments. It is a robust, scalable and complete payments platform.
Cashfree’s payment gateway for startups enables your business to scale higher with:
Multiple & Flexible Payment Options
We let your customers pay via 120+ payment options. They can pay through any card (credit/debit), 65+ net banking options, UPI, Paytm & other wallets, EMI and Pay Later options.
Along with the best transaction rates on mobile and UPI, we let you reduce drop-offs by 30%.
Via the payment gateway of Cashfree Payments, startups can also process the saved card payments securely while being RBI-compliant. Token Vault is India’s first interoperable card tokenisation solution that works across all card networks and payment gateways.
We also have a pre-authorisation feature that lets you temporarily block some amount of funds when a customer places an order. The same amount is refunded when a customer cancels the order. Thus, startups can save payment gateway charges on cancelled orders with Pre-auth.
Widest BNPL Suite
To add to the above payment options, we also have the widest BNPL (Buy Now Pay Later) Suite. Our payment gateway for startups provides 35+ flexible options of BNPL that include card-based, cardless EMIs and Pay Later partners. This can give a 40% boost to the average order value (AOV).
BNPL attracts new customer segments as it provides easy access to credit which in turn widens the affordability and payment flexibility. This will help in reducing drop-offs and cart abandonments.
Instant Settlements
Payment settlements can be time-taking as banks have a standard settlement cycle of T+2 days (not to count the bank holidays that make it further delayed). But what if we say you can get your payment gateway settlements within seconds and vendors can be stress-free?
Cashfree’s payment gateway for startups not only offers super-fast settlements but also tailor-made solutions with which you can never run out of funds. Opt from a wide range of settlement options to reconcile all your payments and have a steady inflow of funds.
As you unlock cash with instant settlements, liquidity helps in boosting startups where you can pay your dues and bills on time. Similarly, you can meet inventory and other business requirements and have enough capital for operations.
Faster Refund Settlement Cycle
Like payment settlements, REFUNDS are also easy. Be it online refunds or COD orders, deposits with our advanced refund solutions are instant. A faster settlement cycle of refund money to customers’ accounts gives them a good refund experience and builds trust.
Cashfree Payments has provided an instant refund solution that helps e-Commerce players to provide a premium experience by settling money on the same day without any hassle. With the right payment gateway for your startup, you can reduce cart abandonments.
Easy Payment Collection via Forms & Links
Other than the checkout payment options, Cashfree lets you easily collect payments through payment links and forms. It is easy to create and you can share it over SMS, email, Whatsapp, etc.
So, just share a link and accept payments with a single click!
When it comes to payment forms, we let you customize them according to your brand where you can use your own logo and colours in the form. You can also add product details like descriptions and images in the payment forms through our payment gateway for startups. Likewise, you can personalize the page URL as well through our custom forms.
It is also web and mobile compatible which gives your customers to pay via their preferred modes and currencies.
Advanced Dashboard
We give you a centralised control with our advanced dashboard where you can check settlements and adjustments in real-time. In addition to that, you get detailed reports on payments, settlements, refunds and settlement reconciliation. You can also create custom reports.
Apart from that, you can also monitor and act on open disputes as well as suspicious transactions. You can dive deep into the history of each transaction like when the customer placed the order, payment status, refund, etc.
Mobile-First Approach
We have a mobile-first approach because customers usually shop and pay on mobile apps. Therefore, our payment gateway is optimised for mobile use with multiple payment options to avoid transaction failures.
Track Real-time Status of Payments
Our powerful dashboard gives you a real-time status of payments. You can track if it is successful or pending. In case the transaction fails, the customer receives full refunds instantly which adds to customer satisfaction and trust.
Additionally, our dashboard keeps a track record and detailed reports of all transactions that happen on your app or website.
Integration Support
Cashfree Payments offers integration support for your platforms. We offer payment gateway plugins for multiple-payment platforms along with a detailed guide for major computer languages such as PHP, Python, Ruby, C#, etc.
You can smart sell using our payment gateway for startups to sell like the best brands by displaying offers and EMIs display offers and EMIs on your product page. You can stimulate the intent to buy high-value products.
At the same time, you can use the no-code offer engine to configure special offers on your checkout effortlessly. Go ahead and increase your conversions by 30%.
We have a swift onboarding process where opening a merchant account should not take more than 24 hours. Our payment gateway provides real-time support through live chat, email, etc. and that can reduce downtime or operational errors.
Go International
Once your startup scales up, go global and take your business over the world! Cashfree facilitates international payments through multiple modes. With the international acceptance of payments, your customers can pay through their choice of payment method and in 100+ international currencies.
Scale High with Cashfree Payment Gateway
Well, we have already mentioned the features that highlight how Cashfree Payments can fuel the growth of startups. However, listing down some benefits that business merchants and startup owners can look forward to:
- 15% higher success rates
- 30% increase in customer conversions
- 40% higher average order value
- 120+ payment modes and 35+ BNPL options
- Quick and steady access to cash for healthy liquidity
- Instant payment reconciliation
- We process 3,000 transactions per second smoothly without any downtime
- Ready to use plug-ins for e-commerce like Shopify, Wix, WooCommerce
- Partial payment to increase purchase intent
Last but not least, ENJOY BEST PRICING!
Wrapping Up
Online businesses are picking up the pace, so when searching for a payment gateway for your startup or any online business, Cashfree Payments is the destination. From easy integration and reliable services to competitive pricing and a high success rate, we got your checklist ticked.
Ours is a secure payment gateway, that is PCI DSS compliant. Reconcile all your payments, refunds and settlements using our powerful APIs.
Get notified on transaction status – success, pending, etc in real-time using webhooks. We also define completion time for time-sensitive transactions between 5 minutes to 24 hours. Then, mark its status as successful or failed and save customers from payment uncertainties.
Interested in growing your startup business, use our payment gateway and reach out for more details!
