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How To Accept Credit Card Payments Online in 2020: What Are Your Best Options?

Ever since free credits have become more available to the general public, there has been an explosion of people who want to avail the perks offered by a credit card. 

These little plastic money machines make our lives increasingly convenient and comfortable. Just because you have applied for an online credit card doesn’t mean that you do not always have to have money to spend it. There’s nothing worse than having to take out your phone and download personal loan apps just so that you can pay off your mounting credit card debt.

Why Do Businesses Need a Credit Card?

There are several reasons why a business must accept credit card payments. These days, even the growth or perception of the business can be affected by whether the establishment accepts various modes of payment including credit cards. It has become a norm so let’s look at the primary reasons why a business needs to accept credit card payments.

1. Improved Earnings:

Accepting credit card payments significantly improves the cash flow of your business. There have been studies conducted that revealed that taking credit cards increases the revenue of companies by up to 20 %. This 20 % could be the difference between a successful and unsuccessful company.

2. Most online transactions are done on credit:

In most western nations, up to 90 % of the purchases made on online platforms come from people who swiped their credit card. Although credit card apps aren’t as widespread in India, there’s no denying that the future will work on credit here too. That is why making sure that your platform accepts credit cards is paramount for a successful business.

How can I accept credit card payments for my business?

To accept credit card payments, you will need to have a tool that will collect customer data as well as process payments. This is generally done with the help of a website.

Once you have a fully functional website set up, the next step in the payment process is to procure a secure gateway that accepts and encrypts credit card details as well as completes the transaction. 

The completion of the transaction is done with a merchant account. A merchant account is a special kind of bank account that allows businesses and organizations to accept payments made by debit and online credit cards. 

So a merchant account is an agreement between a retailer, a merchant bank and payment processor for the settlement of credit card and debit card transactions. These transactions are generally reflected in your merchant account within two business days

Best Options for Accepting Credit Card Payments Online in 2020(Payment Gateways)

1.  CCAvenue:

CCAvenue is one of the oldest and most popular platforms available in India. It is one of the largest gateways in India, offering up to 200+ payment options as well as accepting six credit cards. They accept payments in the form of 27 different currencies. They have a long-standing track record of being reliable and accurate. If you want a cheap and stressless platform, then CCAvenue is the one for you.

2. PayTM:

PayTM is the most significant player in India when it comes to being a platform to facilitate online credit card transactions. With the help of the PayTM cash feature, PayTM has cemented its place as one of the most dependable and ubiquitous payment gateways in the country. They have a committed settlement structure of T+2 days. Apart from this, PayTM also has a UPI facility where customers can make UPI transactions from one account to another savings account.

3. Bajaj Finserv:

Bajaj Finserv has also been a significant player in the Indian market over the past few years. Due to its aggressive marketing, the company now has a stellar reputation. This portal is known to be reliable and fast. Using the Bajaj Finserv Experia App, you can access all the past payments and maintain a record of your transactions on your mobile phone itself. Bajaj Finserv is known for its reliable customer service, which will be there to service your every need.


Apart from the 3 mentioned payment portals, there are others in this fast-growing segment. Names such as Cashfree, Atom, HDFC and SBI all have their portals that are doing pretty well. However, for them to get a sizable market share, there is still a long way to go.

Rahul Yadav
A professional blogger and write to specializes in buliding online communities. Rahul Yadav on Helping people to understand how to better driver traffic.