Best Payment Gateways for Indian Businesses to Accept International Payments

As the popularity of internet-based companies and e-commerce, the acceptance of international payments has become an essential aspect for many businesses and freelancers working in India. If you're a small-scale proprietor, a freelancer or an online entrepreneur taking payments from clients abroad is now easier than ever. In this article, we'll look at the various ways to accept the international payment in India along with the best platforms for payments, as well as key points to keep in mind for a smooth transaction.

Why do we accept international payment?
Accepting international payment opens an endless array of opportunities for Indian businesses and freelancers. Some of the major benefits are:

Growing your client base By accepting credit card payments via clients all over the world so that you can serve clients from a variety of markets.
The potential for revenue growth: Access to a greater number of customers opens the door to a greater chance of generating higher income.
Clients from all over the world: Many Indian freelancers and firms prefer international clients because they pay higher rates and better quality work.
Diversification Accepting payments made on international markets lessens dependence to the national economy and provides stability in the financial system.
However, accepting international payment can be a challenge, such as currency conversion more transaction fees and regulatory obstacles. Let's look at the best methods to meet these challenges and easily accept payments.

Popular Methods for Accepting international Payments in India
There are several ways to accept international payments in India including bank wire transfers to digital payment platforms. Below are the most popular methods:

1. PayPal
PayPal is among the most widely used payment platforms for international payments, and it's available in India. PayPal allows you to receive payment in several currencies, and convert these currencies into Indian Rupee (Indian Rupee).

PayPal and the Way to Use It:
Sign up for an account Log in to PayPal and link it to your Indian banking account.
For invoice clients The ability to send invoices directly via PayPal. The client can pay using the account they have with their PayPal account or credit/debit card.
Funds transfer after receiving the payment You can transfer the proceeds to your Indian bank account or use them for online shopping.
Pros:
Widely accepted across the globe.
Supports multiple currencies.
Simple and quick set-up.
Cons:
Expensive, especially when it comes to currency conversion.
Limits on withdrawals for Indian PayPal Accounts.
Charges for transactions that involve international payments (around 4.4% + one fixed cost based upon your currency).
2. Stripe
It is a popular payment processor for online businesses which allows them to accept credit card payments from customers across the globe. It makes it easy for both businesses and customers.

How to Use Stripe
Create an account Set up an account on Stripe and link it to your company's website.
Link your bank account connect with your Indian savings account into Stripe for payments to be received in Indian rupees.
Accept payments Customers are able to pay with credit or debit cards, or through digital wallets. Stripe process payments and transfers the money into your account at the bank after subtracting the fee.
Pros:
Transparent pricing.
Allows international payment in multiple currencies.
No setup fee or monthly costs.
Cons:
Stripe is not directly available for Indian businesses, however you can connect to it through third-party applications or by establishing an account with a US account or a European account.
The withdrawal time can be up at 7 working days.
3. Razorpay
Razorpay is a popular Indian payment system that allows you to accept both domestic and international payments. It's compatible with over 100 currencies that makes it an ideal option for businesses who want to serve global customers.

How to Use Razorpay:
Sign up for an account: Sign up on Razorpay and finish your business verification.
Integrate the HTML0 code into your website: Integrate Razorpay's API. You can also use built-in plugins for platforms such as WordPress, Shopify, and WooCommerce.
Allow payments: You can accept payments with credit cards, debit cards, UPI, wallets, and more.
Pros:
Supports over 100 currencies, including USD, GBP, and EUR.
Simple integration with websites and e-commerce platforms.
Transaction fees are low for international payment (1.99 percent + GST).
Cons:
Needs a business license.
The limited hours of customer support are in comparison to platforms that are global.
4. Payoneer
Payoneer, a global payment service that lets you to accept payments from clients in over 200 countries. It's particularly popular among freelancers and companies involved trading internationally.

How to use  Accept International Payments in India :
Registration Create a PayPal account and connect it to the account of your Indian savings account.
You can open a receipt account Payoneer allows you to get with a simulated account in multiple languages (USD, EUR, GBP) which allows you the ability to make payments as though you have a local banking account in the respective countries.
Pay money You can make withdrawals of funds to the account of your Indian bank account, or use the Payoneer card to make online and in-store purchases.
Pros:
Supports different currencies and bank accounts.
No monthly or setup fees.
International clients can pay you as a local transfer.
Cons:
The fees for transactions can vary between 1% and 3%.
It may take a few days to approve your account.
5. Wire Transfers
Wire transfers permit you to get large amounts of money by international clients directly on the Indian banking account. Wire transfers to international wires can be carried out via SWIFT or other financial networks.

How to Make Wire Transfers Work:
Give bank information: Share your SWIFT code, IBAN (International Bank Account Number) as well as other relevant details with the sender.
Wait for processing Wire transfer typically take between 1-3 business days complete.
Pros:
Ideal for large-scale transactions.
Bank transfer direct to account.
A secure and reliable method that is secure and reliable.
Cons:
Processing costs are very high.
You must have exact bank details and any errors could result in delays.
There are charges for conversion of currency that could apply.
6. Wise (formerly TransferWise)
Wise is an international cash transfer service that can provide affordable and swift transfer speeds. It's a great choice for people and businesses who want to send or receive money abroad without paying high costs.

The Best Way to Make Use of Wise
Set up an account Create an account on Wise and link your Indian bank account.
Share payment details Offer clients your Wise account information for making payments in the currency of your choice.
Payments received: Once the payment is completed, Wise will transfer the funds to your Indian bank account.
Pros:
Lower transfer costs compared to the traditional transfer fees for wire.
Supports multiple currencies as well as fast transfers.
Real-time exchange rates and no hidden charges.
Cons:
Limited availability in some countries.
It could take as long as 2 business days for your funds to show up on your Indian account.
Things to Take Note of When Accepting International payments in India
While the above methods are a convenient way to accept international money however there are several important factors to consider:

1. Transaction Fees
Each payment method has different transaction fees. Payment services like PayPal and Stripe charge a percentage of transactions and also exchange fees. Wire transfer, on the contrary, charge flat costs, however they may be higher for international transfers. It is important to estimate the cost and choose one that is best suited to your business needs.

2. Currency Conversion
When allowing payments that are in foreign currencies, make sure you're aware of exchange rates as well as conversion charges. Some payment providers offer reasonable exchange rates, while others charge an extra fee for conversion of currency. Be sure to select an organization that provides transparent exchange rates to avoid hidden fees.

3. Payment Delays
Different payment methods have different processing times. Even though PayPal and Razorpay generally speedy while wire transfers might be slower, particularly when they are involving international banks. Prepare accordingly if you require funds urgently.

4. Regulatory Compliance
Be sure your business is in compliance with Indian tax regulations, in particular that of the Goods and Services Tax (GST). For foreign-sourced income it is imperative to declare and file taxes correctly to avoid penalties. You should consult with a tax professional to ensure your business stays legally compliant.

5. Security and Fraud Prevention
When you are dealing with international transactions Security is the most important factor. Always choose a trusted payment processor and ensure your payment methods have adequate fraud protection measures put in place to block unauthorized access.

Conclusion
Accepting international payment in India is a vital step for freelancers and businesses looking to expand their business internationally. With the various payment platforms available, such as PayPal, Stripe, Razorpay and Payoneer you are able to take payments from international clients. However, selecting the correct platform depends on factors like the cost of transactions, processing speed, security, and customer preferences. By analyzing your needs and deciding on the best method it will make it easier to manage your international payment procedure and focus on growing your business.