Cashfree Payment Gateway: Why Should you use it!

Arathy Ajith

9 months ago

Discover the benefits and features of Cashfree Payment Gateway in our latest blog post. Learn how Cashfree empowers businesses with secure, seamless transaction solutions. Stay informed and optimize your online payment processes today!

Create Cashfree Account Now

Businesses constantly seek to expand operations and increase results in the most effective manners, which may include implementing newer technology or making the best use of their resources and funds. Business owners can now relieve some of their stress by ensuring cash flow happens in a way that can be monitored and to some extent automated due to constant innovation in the financial technology industry.

This is where Cashfree Payments, a payment and banking infrastructure that helps businesses scale smoothly and meet all of their requirements, steps in. Today, Cashfree Payments serves over 200 million bank accounts with its diverse product offerings, which include a payment collection gateway, a recurring payment option, and a payout system, and has more than 3 lakh merchants using the platform. Cashfree Payments handles over USD 40 billion annually.

What is Cashfree Payment Gateway?

With so many payment gateways available, you’ve certainly heard of Cashfree.What distinguishes Cashfree from other payment platforms, exactly? Let’s first explore some basics.

Akash Sinha and Reeju Dutta founded a payment gateway in 2015; later, in the middle of 2016, they chose to turn it into a dedicated bulk payout solution for companies in India.

It is one of India’s most reputable payment gateways with more than 3 lakh connected merchants and 40 billion+ US dollars processed yearly.

The lowest TDR it offers in India is what makes it famous, though.The user-friendly Cashfree payment gateway, which accepts payments via API, is based in India and provides a variety of features and services that make it a desirable choice for companies. For businesses with Indian headquarters, it offers cash-on-delivery and online payment options.

It can integrate with any website and other website-building systems like Shopify, WooCommerce, Magento, Wix, and more and is developer-friendly.Additionally, by supporting 30+ foreign currencies, international payment support enables businesses to reach consumers worldwide.

Click to Sign up with Cashfree

Features of Cashfree Payment Services

Providing a variety of benefits for both customers and merchants, Cashfree Payment Gateway is a top online payment service. The following are some of the important features of cashfree payment services.

Accepting Payments with International Cards

Businesses can access a global audience by accepting payments from international credit cards. As a result of knowing they can use their preferred payment method, it also serves to increase customer trust.

Additionally, it can aid in boosting conversion rates because customers are more likely to complete a transaction if they can pay using their favoured method.

Visa, Mastercard, Paypal, Paytm, Diners Club, and American Express are just a few of the international cards that can be used to make purchases through the Cashfree payment gateway.

Multiple Currency Support

Customers benefit from a quick and secure checkout procedure through the payment gateways. Payment platforms are essential in assisting retailers with cross-border sales by processing online transactions effectively and with a positive user experience.

International sellers need to be cautious when selecting their payment gateway. The merchant can receive and process payments using a flexible currency through an online portal thanks to the multicurrency feature.

International transactions in 30+ currencies, including USD, GBP, EUR, AED, CAD, and many more, are supported by the Cashfree payment gateway.

Recurring Billing Options

Once a client signs up for a subscription service, such as SaaS products or an eCommerce service, recurring billing is the automatic, routine invoicing process that automates the payment collection process.

It enables businesses to routinely withdraw money from customer accounts to pay for regular purchases and services. The money is moved from the customer’s account to the merchant’s account, and the latter receives a statement for it. Instead of a one-time transaction, it guarantees a continuous long-term connection between the customer and the merchant.

The Cashfree payment gateway accepts actual NACH, E-mandate, UPI Autopay, and subscription-based payments made with credit and debit cards (Visa and Mastercard).

Settlement Duration

Settlement times for payment gateways are frequently 1-3 working days. However, this may change based on the gateway provider and the nation where the purchase was made.

The settlement time is crucial because it makes sure that every transaction is handled securely and correctly. Giving them time to confirm that the payments they receive are genuine also enables merchants to safeguard themselves against fraudulent activity.

Settlement for the Cashfree payment method occurs after two days, or T+2.

Additionally, it provides options for same-day settlement, on-demand instant settlement, and an Instant Settlement Cycle of 15 minutes to instantaneously reconcile all of your payments—even ones made on bank holidays.

Customer Service

Payment gateways should be built with strong customer support so that users can simply and quickly get the help they require.

This could be a help desk, a chatbot, a FAQ page, or any other feature that makes it simple for customers to find the solutions they require.

Payment gateways should also have knowledgeable customer support agents who can offer customers individualized assistance and troubleshooting. Payment gateways can make sure that clients have a seamless and enjoyable experience when using their services by offering top-notch customer support.
Through the merchant dashboard, the Cashfree payment gateway provides online customer service. It offers real-time online chat, email, a dedicated relationship manager, and the ability for users to submit tickets for any problems.

The premium services provide dedicated account managers, priority business support with a guaranteed reaction time of 30 minutes, and 20% quicker dispute management resolution. Describe simple integration of pre-made shopping website plugins as a feature and add a few lines around it.

Is the Cashfree payment service safe to use?

Over 1 lakh businesses use the secure payment gateway Cashfree in India. They have a daily average system uptime of 99.99% and handle 20 million API requests.

With the help of a special bank account authentication service, Cashfree also makes it secure for companies and independent contractors to make payments. Before you have to make any payments to vendors, it helps you quickly and easily check other people’s bank accounts.

Cashfree payment gateway pricing and charges

There are no setup or account maintenance fees for partners, which is a significant advantage of Cashfree. So, if you run a small or medium-sized company or are a freelancer, you might be able to save money compared to other payment gateways.

And Cashfree also provides extra services, such as:

Payouts for vendors
Subscriptions for customers
Autocollect
Cashgram
Easy Split for dividing commissions
Bank account verification

Depending on the type of transaction, each of the mentioned services has its own costs. If you are making domestic payments or international payments , Cashfree can be regarded as a trustworthy payment gateway service.

https://www.cashfree.com/payment-gateway-charges/

Cashfree payment gateway integration

Online payment gateways are designed to make it simple for eCommerce businesses to take digital payments from customers.

Payment gateways should work to make integration simple so that businesses can set up their payment system quickly and easily. In order to integrate with well-known eCommerce systems like WooCommerce, Shopify, Magento, WordPress, and others, the integration process should be simple to use and include thorough documentation and support.

Cashfree payment gateway provides simple and seamless multiple integration APIs for website integration, mobile SDK integration, and preset plugins for some of the most popular eCommerce platforms, including Shopify, Magento, WooCommerce, Opencart, WHMCS, and PrestaShop.

Final Thoughts

Cashfree makes it simple for companies to take payments and promotes business growth by providing the most convenient methods of payment. Businesses can use Cashfree’s advanced features, including bulk payments, virtual accounts, and APIs, to automate the payment handling process and combine it with their current systems. Cashfree makes sure that businesses can take payments from customers without any concerns by focusing on security and fraud prevention.The features of cash-free service such as direct and optimized integrations, multi-currency support, and saved card options can contribute to higher success rates. Cashfree can also control offline, online, and mobile payments. Because of the centralized control and advanced dashboard, businesses with large amounts of transactions can opt for it.

Overall, companies can rely on Cashfree as a trustworthy and effective payment service provider to manage their payment transactions. Cashfree’s payment gateway can assist you in simplifying your payment procedures and expanding your business, regardless of how big or small your company is.