Updated: 4/21/2020
It is obvious if any newbie comes into business or anyone who is already running a business would probably need a payment gateway or a merchant.
The first thing that comes in mind is – How much does a payment gateway cost or the set- up fee cost? and that leads to the procrastination of the process along with the loss of business & time.
However, if anyone tries to find out a way to get it done without the set-up fee then I think the process becomes easy and smooth but would be time-consuming.
As a matter of fact, it’s not the set-up cost or plans that matter but the interchange fees or we can say the MDR(Merchant Discount Rate).
How?
Below we have set an example for this:
1- Imagine the setup cost would be $99.99 = Rs 7000
2- Total amount process by your business is $10,000= Rs 700000
3- MDR or transaction fee is 3.5% = Rs 25000
4- MDR > Set up cost
Which one is higher?
The MDR or the Setup fee. You can see the difference between the two and decide on your own.
So, in the long run, don’t think about How much does a payment gateway cost? but the interchange fees or the MDR it costs because every single penny builds something worth investing to create and grow your business.
Need a customized payment solution for your business?
Useful resource:
Payment gateway in India with no set-up fee – Read more