eCommerce has changed the way people do business in India. According to India Brand Equity Foundation, the Indian eCommerce market is expected to grow by 21.5% by 2022, reaching US$ 74.8 billion.
It is expected to grow from US$ 46.2 billion in 2020 to US$ 111 billion by 2024, US$ 188 billion by 2025, US$ 200 billion by 2026, and US$ 350 billion by 2030.
Online payments: what are the prospects
The rise in internet and smartphone penetration fueled much of the industry’s growth. The number of internet connections increased substantially to 830 million in September 2021, thanks to the ‘Digital India’ programme. 55% of total internet connections were in urban areas, with 97% of those connections being wireless.
According to a Department of Telecommunications (DoT) report, the monthly average data consumption per wireless data user in India in June 2021 was 14 GB. The average monthly data consumption per wireless data user in March 2014 was 61.66 MB.
These figures reflect the potential in the online payment market as well as the needs of users looking for a diverse experience guided by highly secured networks for transactions on online payment platforms.
The payment gateway for Shopify
Shopify India debuted in June 2013. The global do-it-yourself eCommerce platform became immensely popular in India with some of the biggest brands also using it.
Shopify allows eCommerce businesses to choose a payment gateway and begin their online selling journey in minutes. Choosing the best payment gateway for an online store is always a critical business decision. The right payment gateway is essential for starting a rewarding user experience journey.
It must also be backed up by well-integrated online payment solutions. To enable a payment gateway for Shopify, the online store owner must have the necessary plugins built by the respective payment gateways on the respective payments platform.
Recommended Read: Shopify Payments: How It Works, Pricing, Requirements, and More
How to choose a payment gateway for Shopify?
If you already have a Shopify India store or are considering starting one, here are some tips for selecting the best payment gateway for your Shopify eCommerce store.
Support for a variety of payment methods
On your Shopify eCommerce store, you can accept a wide range of payment methods, including debit and credit cards, netbanking, UPI, e-wallets, bank transfers, EMIs, buy now, pay later, and even cash on delivery.
Supporting multiple online payment methods can help you improve customer experience and brand loyalty. The robust payment gateway provided by Paytm Payment Gateway enables users to switch and choose among a variety of payment sources with convenience and ease.
Payment settlement duration
The payment settlement period is the amount of time it takes a payment gateway to communicate with the source to retrieve funds and settle payments.
If the payment settlement period is shorter and smarter, it lets eCommerce businesses manage their working capital requirements and avoid liquidity crunches. Payment gateways, like Paytm Payment Gateway, can help achieve this with their strong infrastructure and a T+1 business working days settlement period.
High transaction success rates
Once your customer decides to make a payment online, the loading time to the payment success page is critical for delivering a good customer experience.
As a result, a payment gateway needs to maintain a high transaction success rate, that will increase customers’ confidence in the brand among customers across digital payment channels.
Paytm Payment Gateway enables intelligent routing and direct bank integrations, thereby, ensuring industry-best transaction success rates.
Excellent customer support
As your partner, your chosen payment gateway provider must collaborate with you. Before settling on a specific payment partner, read reviews and consult with your peers.
It is ideal if you can obtain a dedicated account manager who will serve as your sole point of contact for any issues that may occur.
Paytm Payment Gateway provides dedicated support to all online merchants and payment gateway users via a toll-free number and email.
Enabling refunds efficiently
Return policies differ from one merchant to another. When a customer cancels an order, handling the refund promptly and professionally is just as crucial for customer satisfaction as the product itself.
While a refund can be initiated quickly, processing by banks and card networks and crediting the customer account takes significantly more time – 5-7 working days on average, and sometimes even longer for certain banks and cards.
This becomes even more difficult for payment made in cash upon delivery, as there is an additional step of first collecting the user’s bank details.
With Paytm Payment Gateway, eCommerce merchants can credit refunds to the customer-provided bank account efficiently.
Intelligent transaction analytics
When your company begins to expand, you will need a payment gateway that provides regular transaction analytics. These insights are necessary for making sound business decisions.
Paytm Payment Gateway has created a user-friendly intelligent analytics dashboard that lets you track all payments in a single window, view daily settlements, initiate refunds to customers, and view user profiles & monthly growth suggestions.
Attractive payment gateway charges
Pricing is an important consideration that you should bear in mind. Payment gateway fees include setup fees, annual maintenance fees, integration fees, and per-transaction fees (MDR – merchant discount rate).
Shopify also charges between 5% and 2% per transaction, depending on the plan chosen for using the eCommerce platform.
So, when negotiating payment gateway charges, keep in mind that you will be paying Shopify transaction fees plus payment gateway fees on each transaction.
Recommended Read: Paytm Payment Gateway, Now Available for Shopify Stores
FAQs regarding payment gateway for Shopify
What is Paytm Payment Gateway for Shopify?
Paytm Payment Gateway for Shopify is a payment processing service for Shopify websites. It facilitates the processing of online payments for eCommerce businesses.
Which payment methods does Paytm Payment gateway for Shopify support?
Paytm Payment Gateway enables eCommerce businesses on Shopify to accept over 100 different payment methods, including UPI, credit and debit cards, netbanking, e-wallets, EMI on credit and debit cards, cardless EMIs, and buy now, pay later.
What documents are necessary to set up a Paytm Payment Gateway for Shopify?
You must activate your Paytm for Business account after integrating the Paytm Payment Gateway plug-in on your Shopify store.
To sign up for Paytm for Business, all you need is a personal or business PAN number and a bank account in your name to activate an Rs. 50,000/- monthly limit. You can check this list of documents required for enabling plans with higher monthly limits.
On a concluding note
The best payment gateway service providers assist you in providing customers with a quick, safe, and seamless checkout experience. They are also open and transparent about data security and their payment terms.
Paytm Payment Gateway, fortunately, does all of this and more. Now, you can increase your conversion rates, manage your orders and payments in one place, and enjoy the peace of mind that your transactions and customer data are secure while saving money on unnecessary fees.
