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5 Payment gateways empowering SMEs in India

By Gloria Mathias

August 21, 2023

  • B2B Payments Platform
  • CashKaro
  • Digital Merchants
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Payments, FinTech, SMEs, Enterprises, MSMEs, Merchant PaymentsA seamless digital payment gateway is the fundamental need of any business today, irrespective of its size and scale. A business or enterprise cannot afford glitches and redundant systems leading to stalled payments or intermittent manual interventions in this dynamic world.

There are a few notable payment service providers with a vision to empower SMEs, MSMEs, start-ups & entrepreneurs who have attempted to simplify business transactions in India. From customized recurring payment solutions with direct interface with banks to a complete package to leverage your online business, the below-listed firms offer all the end-to-end business transaction solutions.

Below listed 5 FinTechs are among the top payment gateways for SMEs in India:

Cashkaro owes its inspiration to the London model of payment gateways, where users get cashback and reward points for using their portals, which can be used to make more payments. It has arrived as one of the largest cashback and coupon websites. While the gateway accepts all sorts of online payments like cards and UPI. It also accepts cash payments for which they must select any product and pay through the CashKaro gateway. It offers interesting discounts to the user as well as additional cashback.

FidyPay is an API Fintech payment startup based in India, catering to the growing digital payment industry. Whether through email, SMS, or social media channels like Facebook, Instagram, or WhatsApp, customers can access payment links and view the exact amount to be paid. Customers can choose any UPI application, debit or credit cards, and even make international payments or use net banking. The platform’s payment methods include BBPS, UPI QR Code, UPI AutoPay, PoS solutions, and Payment Links. Merchants also benefit from FidyPay’s offers, as they can integrate payment links into chatbots or provide them directly to customers.

Instamojo is an all-in-one D2CTech platform powering independent eCommerce brands and startups with online stores, landing pages and payment solutions to help every seller start, manage, and scale their online business successfully. With its app store, it integrates and automates SMEs transactions propelling the growth of merchant payments. It has established itself as a business operation system to help enterprises start, manage, and grow online. Small businesses and eCommerce startups have been at the core of the platform’s journey.

Paycorp.io is a customised solution for monthly, bi-monthly, or weekly recurring payments. Suitable for big and small businesses, it automates various processes like salary payments to staff, bills, and vendor payments that occur at regular intervals. Paycorp.io eliminates the possibility of human error when it comes to payments. The automated deduction for various vendors is done from the bank account with options like ACH, UPI, cards etc., through various digital touchpoints like WhatsApp, link push and portal. Direct interface with at least 8 banks enables them to transact with zero wastage.

Razorpay is one of India’s top payment gateways. It is among the most secure gateways with end-to-end transaction security, allowing access to payment through debit cards, credit cards, net banking, UPI, and wallets like JioMoney and Mobikwik. The payment gateway is beneficial to the founders as it automates money flow. The Razorpay router API, integrated with customized software- Magento 2, enables splitting the payment between partners or different accounts as per need.

Also read: Global Payments Vendors and Landscape Report Q1 2024

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