Being a Startup entrepreneur and service provider involved in ecommerce and allied fields, I know the importance of collecting payments online and the role of Payment gateway in it. There are lot of factors involved while selecting a Payment gateway especially when you are starting new.
After years of searching and analysis, I believe, I have a winner,
I’ll try to explain why Instamojo is the best payment gateway for startups in India and the factors I have considered while choosing the payment gateway.
Setup cost & Annual Maintenance cost
Starting up is not easy and there is always cost factor involved, especially shelling out a ton of money even before getting your first payment is not a good idea. Traditional payment gateways charge anywhere from 5000 to 50,000 as setup cost and 1200 to 4800 as AMC (Annual Maintenance Cost). Instamojo doesn’t charge any Setup cost or AMC’s, they only charge per transaction fee.
Instead of charging different rates for different type of transaction, Instamojo charge a flat 2% + Rs.3 on all transactions. They also support digitally downloadable products and charge 5% + Rs.3 per transaction but they will host the file for you.
Simple & effective documentation
Documentation is the major headache while getting a payment gateway. Most Payment gateways need you to send physical copies to their address and takes a few days to process them, some even ask you to sign a agreement in a stamp paper and have different agreements for websites and payment links and also require a registered business.
At Instamojo, anyone ranging from Sole proprietor to Public Limited Company can start collecting payments by submitting the KYC and Bank documents online. No need for physical copies and complex agreements.
Time to Start collecting payments
You can signup for an Instamojo account and within minutes you can start collecting payments till Rs.10,000 per month immediately, you need to submit the KYC and Bank details online to remove that limit and the documents will be processed in less than 2 days.
Ease of Integration
Instamojo has easy to use API’s, plugins and modules for different platforms and languages, necessary documentation, hence integrating them with your site is very simple.
Settlement of funds to your account is very important and the faster it gets settled, the better. Instamojo has a T +3 fund settlement policy. You will get the funds within 3 days after the date of transaction.
Instamojo has a very clear dispute resolution team and they help in settling the claims quiet comfortably.
Other Value additions
Instamojo also have other value additions such as collecting payments via Product links, WhatsApp payment collection, Product store etc.
I have been using Instamojo for the past 2 years and never was disappointed and their support team is very good.
So, what are you waiting for?
Please feel free to share your payment gateway experiences in the comments and also if you have any trouble setting up the payment gateway, please get in touch and I would be happy to help.