If there is one technology that has flourished on a huge scale in the last couple of years and has redefined the e-commerce industry, it is the rise of online payments. From UPI payments to internet banking, the birth of online transaction methods has undoubtedly made things easier.
Any business can integrate different types of payment methods to improve their sales in both online stores and offline stores.
But have you ever wondered what makes these monetary communications between the sender and the receiver so fluent and efficient? The answer is payment gateways.
If you havent been living under a rock you must have heard a lot of the names of these big companies like Paytm, PayPal, Amazon Pay, etc these are some popular payment gateways. You must be even using their services regularly in some form or other.
These are the payment gateways that build a strong and secure infrastructure to make seamless and safe transactions between a business and its customers. Lets get to know them a little more in this blog.
Top Free Payment Gateway for WordPress
A payment gateway is an online service used by merchants to make and receive payments. It acts like a tunnel that connects your bank to the platform where you want to transfer your money. The basic job of a payment gateway is to read the given data and get the merchant paid.
The authenticity and effectiveness of a payment gateway determine the impact on the sale of a particular business. It acts like a gatekeeper of your customers data. Therefore, It is necessary to choose the right payment gateway that caters to all your needs and is affordable at the same time.
In this blog, we will discuss the parameters that differentiate various payment gateways and eventually try to understand the most suitable one for your online business.
Deciding the best payment gateway plugin
If you are selling online, the payment gateway plugin could be one of the essential wordpress plugins. It facilitates the transfer of information between your portal and the Payment Gateway Processor.
With eCommerce plugins like Woo Commerce, you can fulfill your payment needs as you can accept Net Banking, cash on delivery, and use payment gateway solutions providers like Razor pay, PayPal, etc. to accept major credit card payments and other payments.
Remember that not all payment gateways have the same policies, features, and processing rates. Hence, it is important to put in a little effort to figure out the best one for your website. Here are some parameters to understand that would help you choose the right one for you.
1. User Interference
The user interface needs to be easy and simple for the customers to have a smooth and effortless user experience during payments.
2. Server to Server Integration
On the payment portal, a customers payment details are fetched before initiating the direct transaction. A strong server-to-server integration results in faster checkout and gives the user more control over the look and feel of the payment page
3. Settlement Period
In India, most payment solution providers have their settlement period anywhere between T+2 to T+7 days (T stands for transaction days). The shorter the settlement period, the sooner you receive the money in your bank account.
4. Support
Because you’re dealing with money and personal information, the solution provider’s support team should address your issues quickly.
5. Mobile optimization
These days you will find a mobile application for almost every service you get online. Having a well-integrated mobile application for your payment solution gateway makes things much easier.
Top free Payment Gateway Plugins for WordPress
Here are 7 popular and free payment gateways that you can choose from. In this blog, we have tried to cover all the major aspects of a payment plugin like its main features, advantages, transaction fees, pricing plans, and pricing, so that you find it easier to choose the best one for your business.
1. Stripe
Stripe payments is a great payment solution platform offering everything that is needed for a business to operate on a large scale. The platforms system is certified to have the highest compliance standard and also has 99% uptime.
Key features of Stripe:
- Simple PCI compliance
- iOS Dashboard availability
- Team Security Controls
- No hidden charges or any monthly fee
- Real-time free reporting
Set Up Fee: None
Annual Maintenance Fee: None
Settlement: T+2 Business Days
Transaction Charges: 2.3% + $0.3 per transactions
2. PayPal
PayPal is a popular, scalable, and powerful payment gateway designed for your business payment needs. With a built-direct integration with WooCommerce, PayPal provides the fastest payment settlement cycle ranging from 1 to 2 days. The platform lets you stay on top of every dime you spend with the help of its online account management dashboard called PayPal Manager.
Key Features of PayPal:
- The high transactions success rate
- No cancellation fees or monthly minimums
- Various payment modes include Mobile wallets, UPI, Credit/Debit cards, etc.
- Reliable customer service
- Simple compliance and robust APIs to collect domestic and international payments
Set Up Fee: None
Annual Maintenance Fee: None
Settlement: T+3 to T+5 business days
Transaction Charges: Ranges between 1.9% to 3.5% + fixed fees
3. Razorpay
By allowing the customer to pay on the website without being redirected, Razorpay’s payment gateway WordPress plugin offers seamless integration. Razorpay, one of the finest and most preferred payment solution providers, allows you to accept payments via the Razorpay Payment Gateway. With Razorpay, you can take your business global without any additional integrations.
Key Features of Razorpay:
- Lightweight integration
- Easy application process
- No Monthly collection limit
- 100+ modes in 100+ currencies
- Real-time currency conversion
- Accepts all types of payment options
Set Up Fee: None
Annual Maintenance Fee: None
Settlement: T+3 Business Days
Transaction Charges: 2.00% + GST
4. Instamojo
Instamojo is one of the most preferred payment gateway solutions by Indian bloggers and freelancers. Founded in 2012, Instamojo offers cheap payment solutions without charging a single rupee as its setup and maintenance fee. As it has hassle-free signing-up options, thousands of bloggers use it as their payment solution for selling their digital e-books or any courses. Instamojo not just accepts Credit/Debit cards and net banking from all Indian banks but also accepts UPI and mobile wallet transactions.
Key Features of Instamojo:
- Hassle-free sign-up with only a PAN card and Bank Account.
- Zero set up and maintenance fee.
- PCI complied.
- Accepts UPI, Mobile wallet, IMPS, Credit/Debit cards, and NetBanking from all Indian Banks.
- Easy integration with Android SDK or iOS SDKs.
- Free WordPress/WooCommerce Plugin.
- Reliable customer support.
Set Up Fee: None
Annual Maintenance Fee: None
Transaction Charges: 2%+ Rs.3 (Domestic cards); 3% + Rs.3 (International cards)
GST: 18% for all transactions.
5. eWay
eWay is a dominant player in the Australian market of online payment gateway solutions. Tailoring thousands of solutions, eWay is currently trading in 5 countries. With its quick sign-up process, getting your transactions with eWay is faster.
Key features of eWay:
- Excellent Value for Money
- Cybersecurity and fraud support
- Flexible and Scalable
- Accepts Credit, Debit, and other cards
Set Up Fee: None
Annual Maintenance Fee: None
Settlement: T+1 to T+3 Business days
Transaction Charges: Flat rate of 1.5% + $ 0.25 per transaction.
6.Amazon Pay
Amazon is considered one of the most customer-centric service-providing companies on the planet. Amazon Pay, which offers end-to-end payment solutions to millions of its active customers runs on a similar path. Due to its robust platform, efficient integration with WordPress, and easy-to-use services, around 91% of Amazon Pay customers prefer to use the same platform again and again
Key Features of Amazon Pay:
- Accepts UPI, Mobile Wallets, Credit/Debit cards, and NetBanking from all banks
- Same-day transaction settlement in India
- Secured with PCI compliance.
- Excellent customer support.
- Payment protection policy
Set Up Fee: None
Annual Maintenance Fee: None
Transaction Charges: 2% per transaction.
Settlement: T+2 business days
7. Afterpay
Afterpay is quite different from all the payment gateways mentioned above. It is a buy-now-pay-later (BNPL) payment feature provider that makes it easy for customers to finance large purchases. As per its name, it allows its shoppers to buy what they want now and pay later in installments. Afterpay helps an individual budget his expenses as it makes payment options more flexible.
Key Features of Afterpay:
- Simple and strong integration
- Requires a merchant account
- Does not conduct any credit checks
- User-friendly interface
Set Up Fee: None
Annual Maintenance Fee: Charges late fee if transactions are missed
Settlement: Transaction is done in installments
Transaction Charges: Flare rate of $ 0.3 + Variable 4-6% commission per transaction
ProfitBooks is accounting software that aims to provide invoicing, bookkeeping, and many other accounting solutions. With ProfitBooks, you can stay ahead of your business finances even if you are unaware of accounting and financial knowledge.
From manufacturing to distributing, from purchase to sales, servicing to managing inventory, ProfitBooks makes everything easy.
ProfitBooks puts its best effort into providing an easy user experience. ProfitBooks has partnered with big names in the payment service industry.
At ProfitBooks, you will be offered well-integrated payment gateways of popular payment solution providers like Instamojo. This will give you a seamless and hassle-free payment experience like never before.
Conclusion
Here in this article, we covered some of the best free payment gateway plugins that will work effectively for your WordPress websites. These payment gateways are most suitable for small businesses or freelancers for selling their services online, e-books, etc.
So when the question is about choosing the best payment gateway for your business, you need to opt for one that guarantees a secure and smooth transaction experience. You want to provide a hassle-free user experience for your customers.
So it is necessary to do your due diligence by researching the options available to have a trustworthy, secure, and reliable payment gateway for WordPress.
We understand that integrating a payment gateway with your website can be hectic, which is why some brilliant and creative minds, here at ProfitBooks, are willing to help you with your accounting needs and much more.
We promise you a flawless and effective invoicing, bookkeeping, and accounting experience with the services we provide If you wish to have any help, you can always reach out to us at ProfitBooks!
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