Top 10 payment gateways - detailed analysis

hey there everyone Hitesh here, back again with another video and in this video we're gonna again talk about the payment gateways in this video I will introduce you the top 10 payment gateways that you can use in your upcoming projects now by no means this is a list about one being the best or 10 being the best no it's not like that I just wanted to introduce the 10 payment gateways that will help you to take payments from your clients now during this entire process I will show you some of these payment gateways pros and cons and we'll compare based on my personal experience first and foremost is this video biased yes of course everything is biased in this world some people like saturated colors some people like flat colors those who like saturated colors will always be biased towards saturated colors so I am biased towards some of these payment gateways which had me the great experience some of them I didn't like it so yeah everything is biased in the world the second thing is this video sponsored by any of the payment gateways no not at all they didn't approached me they didn't ask me to make such videos and but if you would like to sponsor my channel I would love to have you now I will introduce these 10 payment gateways and I will talk on to the five points on each and every payment gateway here the first is onboarding process it's not like you can just directly create an account and start accepting payment there's a lot of paperwork that goes back and forth your tax information your account information some legal informations as well so how is the onboarding process the second one and by the way if you are looking where I'm looking I'm looking at my notes that I made for this particular video it's hard to remember all of these five points the second is the pricing option pricing means if you are still thinking everything in the world is free you need to grow up and you need to start paying your bills these payment gateway also charges you some amount of money for their services so that's what we are be looking up then after that we will be looking up for the documentation if you are using anything like Shopify WordPress then you don't need to worry about the documentation part you can simply just place your API keys and that's pretty much it but if you are a developer who is looking up to integrate these payment gateway using something like node.js Django PHP or any other tech stack documentation is pretty important for us the fourth point is payment option and user interface if you are living in United States or Canada you just have a card to pay your bills but in India we have variety of options we use credit cards debit cards internet banking some wallets and recently government introduced UPI as well amazing way of making payments so we have to look forward for that as well and fifth the most important is the reports report simply means that how the graphs and charts are looking up once all the payments are being done how the information is displayed to me so that I can compare where my business is going on to the top side or lower side so these are gonna be five points on which we will be comparing quickly on to all of these payment gateways so sit back enjoy and let's get started with the payment gateways so I've got these payment gateways for you let me show you up them here okay and by no means this is a payment gateway like comparison of which one is first which one is last no these are all the options pros and cons are always there so we're gonna start over this top 10 list with the stripe now stripe is one of the most industry standard payment gateway loved by every single developer the simple reason is on their website also they just openly state this that they are developer first so obviously we love them a lot and in fact handling all of these into just an object is like so simple and this was the first payment gateway that made everything so simplified and talked about the developers here so everybody just loved that but there are couple of issues here now at the bottom you might see that this is a website for United States you can switch to the Indian site as well but still I would say the stripe is in the very early phase for India they do support a lot of credits and debit cards but still a lot of information and a lot of things needs to be done properly here so let's quickly compare with them onboarding process it's still not as easy as it should be so I would say give it some couple of more years it will be amazing but I love their user interface and all of that the pricing very competitive and you're gonna notice the same kind of pricing for all of that two percent and three percent is like the standard but the International is very expensive and I'll tell you the reason why that is they have a lot of fraud protection there so the cards which are being stolen if sometimes they are being used on their webs on your website they actually handle it pretty nicely they have a huge database of that and that is the reason why they charge a little bit more for the international now these are the standard pricing if your business is doing more like above 1 crores in a year then surely you can ask for their special pricing all of these payment gateways have their hidden pricing for the business and enterprise as well so you can just lower it down in some cases I have seen getting these pricing lower down I should actually not point that that would not be fair to leak that kind of inside information ok let's leave that so unboard is great pricing is very competitive documentation best in the industry you won't be finding anything near that payment option and user interface payment option side it's lagging a little bit yet user interface the best in the industry like this is the gold standard of how the user interface should be and the reporting again top-notch all although the graphs and charts a little bit missing but I would say still a really great moving forward onto our every second candidate here PayPal now PayPal is well known for all of the countries and recently PayPal is trying to get its hands and feets and everything in India as well everybody wants a piece a little bit piece from India as well now because of our huge population so paypal is getting up here but what I've noticed here that their onboarding process is little bit painful still for India there's a lot of documentation that goes through and forth and sometimes either their staff is not well trained they keep you asking for the documentation that you don't even have and you have already submitted all the legal documentation and everything but still I think the staff is little bit under trained for the verification process so that's why it makes onboarding a bit pain and the pricing again it's a very competitive just like exactly same 2% 3% kind of a stuff their documentation pretty amazing payment option this is where it's lagging a little bit it just gives you the card to pay the things not much of the UPI is and wallets it's not really that much their user interface I would say probably the worst and they need to work a lot on how the stripe and all these other payment gateways are doing as their user interface for payment options the reports pretty okay I wouldn't give it a like more than three star out of five it's not really that great I didn't enjoy PayPal but still I do have PayPal accounts and I work through that it's kind of a international standard but to be very active in India it's gonna take probably a couple of more years let's move forward then we have the Indian giant which is Paytm now I would say Paytm is the victim its own success it's really the amazing payment gateway they have so many of the options but nowadays what they are doing is their own boarding processes little bit trickier they have a huge number of client base a lot of people are working so that's why the onboarding process is like it takes sometimes months to just even get started for that pricing wise definitely they are very very competitive but I'm a couple of things which I don't like about their pricing is why there is a limit of 20,000 for beginners to have the credit and debit cards like what what if my business grows more than 20,000 just charge whatever you like to charge but why there is a limit up here so make sure you read all of these things before onboarding with any of these clients surely they are pretty amazing they're calm they're charging and everything is pretty dope but I don't really don't like it let's just say I invest fifty thousand in my advertisement and I am getting a sale of twenty five thousand so I need to get up on the call with these guys and like what is this what is this I really don't think this is something I'm super happy about it but again their payment options they provide you a lot of options for the payment especially all the cards net banking's and all the wallets they provide you almost all of them user interface pretty decent I'll give like three and a half star out of five to their user interface and their reports is okay again three star for the reports out of five of course then comes up this new guy which is to razor pay and I love these guys it is also the company was actually initially registered in my hometown as well then they eventually moved to Bangalore now for the razor pay I would say they looked on to the stripe they said Wow stripe is so good but it's missing some of the things we're gonna fix those missing things and we just came up with the razor pay they have amazing UI interface and everything so let's talk about the onboarding process is pretty easy but they work only with the current accounts you cannot operate with this company if you are having a saving account or you just want to test out your business in that case if you just want to try with a saving account this is not a payment gateway for you the pricing absolutely competitive and you're gonna notice if they're pricing they say is 2% and 3% no set of fees no and we'll maintenance so it's pretty likely like II stuff there the documentation top notch in the industry just on to the exact same level as the stripe their payment options they provide you almost everything that you need user interface absolutely dope five out of five star in the payment user interface part the reports absolutely good so good I just love them they provide you all the charts and everything so nicely still the reporting part can be improved a little bit more and if they can provide you some app or something like that that would be like next level thing but no complaints here they are already doing a great job they have a lot of products as well like they have the Third Watch and they have X Club razor px routes and all of the things payments to splitting and bunch of other things moving further the another competition for the razor pay is the pay you money now pay you money I would say their onboarding process it's little bit tricky but it's not gonna take months probably like a week or something they want everything to be signed and scan and stuff like that so it's probably is gonna take like two three days or probably sometimes more than a week to get unloaded pricing exactly same as the razor pay but their way of writing is little bit different they say is two percent of setup and everything and on the bottom they say is with a hidden line one percent extra on MX and internationals so yeah I'll forgive them for this kind of stuff this is just marketing nothing bad is going on there so again onboarding is pretty decent not like really the best could be improved but very decent pricing wise again competitive their documentation again top-notch really as in the same bar of stripe Razer pay and pay you money again are really nice but some of the things are tricky in the documentation but again I'll not go into that much of the depth the payment option again they provide you all the wallets net banking pretty much everything that you expect user interface pretty nice as well no problem there as well reporting is something which is not really up to the mark in the pay you money they will take a couple of more years in improving their reporting specially on the slide where they put up the graphs and charts it's not much they're not of a deal breaking stuff but yeah pretty okay now one thing which is getting a lot of attention these days is insta mojo again another payment gateway now they have a a pretty good way of onboarding process you can just enter your tax information your bank details and that's pretty much it you can be unbolted like within hours probably less than hour and the pricing again have very competitive exactly same as pay you money or raiser pay they just charge you 3 rupees extra per transaction but again I'll forgive for that no big deal and their documentation pretty good nothing to be complained about their documentation pretty good their payment option everything is their user interface pretty nice no problem there the reporting is something which they are lagging a little bit if they introduce more graphs and charts and visualization part that would be great now the thing with the insta mojo is that they work with the saving account you don't need to have a checking account or something you just need to have a bank account and they start working for that but when I was using it probably like two years ago their failure rate was pretty high and their transaction like they follow the t +3 like when the transaction is made we will transfer you the payment on t plus three days that is now reduced they have a pretty good words now but again things can be little bit tricky of course this is the experience from two years ago now they have improved a lot I haven't tested them out after that now one of the new guy or fairly new competition in the market is the cash free now all of my friends who do the business of this online t-shirt selling and all of them all of them are using cash free this is their onboarding process is like breeze the pricing is absolutely competitive if you look at that very very competitive they provide you a lot of payment option thing is I haven't actually worked with their documentation yet but to make this video I was preparing or I was looking into their documentation didn't found it like as intriguing as other payment system it's just okay but they have a lot of lot of confusing things up here I think it would take a separate day or two probably a week to understand their documentation but since all of my friend uses things like Shopify or WordPress they just need a API key just just put it up and there we go the user interface pretty decent won't give like five stars but four stars is fine for the user interface and the reports is just okay it needs to be improved but it's okay and again they work for all the they have no restrictions about like current account or saving account they just accept all of that pretty decent pretty fairly new now I would like to introduce you the big dog in the market which is CC Avenue now CC Avenue is one of the big dog in the payment gateway industry none of the brand that I've said so far actually comes near to it except stripe so they have a pretty amazing user base and you might have seen them in a variety of websites as well the only problem with them is their onboarding process they still work on the manual physical papers you have to send the courier's and files and back and forth so the onboarding process is a pain it might take months to get on board at their pricing very competitive documentation absolutely amazing in fact a lot of blogs and articles are there too integrate in almost any tech stack the payment option they provide you like insane amount of options in the payment options user interface okay three stars they're not much impressed with their user interface the reports pretty dope they are just the big dogs in the industry the one that I absolutely love to hear is the brain tree it's a PayPal subsidiary company and I would say their integration documentation everything is absolutely good but it's not really that much friendly in India it mostly works with the credit card and if you are looking up for United states-based ecommerce only then anything Braintree is a pretty good way of having it it supports all the visa PayPal venmo Apple pay so it's more over focused on the United States but still I wanted to mention and because working with them is the absolute fun so if you get a chance to work with them and any project or something just take that experience it's totally worth it now finally I would also mention this to check out now for the to check out I won't be comparing it on each and every criteria like onboarding and pricing and everything I would say they are pricing and everything is decent very competitive the onboarding process is little bit difficult still you will face a lot of troubles and documentation back and forth in that it's not very easy to go on their documentation ok ish not really much impressed with that it definitely could be improved their user interface is not something that I loved it absolutely payment option they provide you a lot of options but the thing which is a little bit tricky is into their products if you look out their product they have to sell to subscribe to monetize and each of them are like having different pricing options makes me a little bit confused that what really is going on there so that's why I didn't enjoyed much of that here now surely these are not the complete or entire list of the payment gateways which are available there are more ways of it of integrating payment gateways so in case you are using any other than these ones please let me know in the comment section I would definitely love to check out more of the payment gateways now here's a side note since you have watched the entire video I would say that as quickly as you get a chance of interacting with any payment gateway or integrating or coding for that please go ahead and take that experience it's absolutely worth it it sets you totally apart from a regular developer who is just designing websites with login and sign in payment gateway is absolutely tricky and the most top-notch thing that you can do so go ahead take that experience the video is pretty long but hey anyways too much of information was there and I just wanted to do it in one video that's it for this video and let's catch up in the next one. 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Channel: Hitesh Choudhary

Views: 134,316

Rating: 4.7741828 out of 5

Keywords: Programming, LearnCodeOnline, payment gateways, payment system, best payment gateway, payment gateway for india, stripe, paypal, razorpay, payumoney

Id: v6hLbYLmn7Q

Length: 18min 24sec (1104 seconds)

Published: Thu Oct 31 2019