Are You Paying Too Much? Understanding Hidden Costs of Accepting Payments Online

When it comes to accepting online payments, are you aware of the hidden costs involved? Many freelancers and SMEs in India may be surprised to learn about the fees and charges that can add up significantly over time.

What kinds of costs should you expect?

The fees for accepting online payments can be quite substantial. Every time you engage in an online payment transaction, you're likely looking at a series of costs such as transaction fees, currency conversion fees, or possibly even additional processing charges from banks or payment platforms. It's a common pitfall for businesses that rely heavily on digital transactions.

How can Indian freelancers combat currency conversion challenges?

Have you thought about the hurdles associated with currency conversion? If you're navigating international waters as an Indian freelancer or entrepreneur, you might feel the pinch of currency conversion fees, especially as rates fluctuate. This is a key area to be mindful of as it can greatly affect your earnings.

What should Indian SMEs know about international transactions?

As an Indian SME, what are the legal implications of accepting payments online via international credit cards? With the fresh imposition of a 20% Tax Collected at Source (TCS) on foreign credit card transactions, staying abreast of compliance is crucial.

What are alternative payment methods?

What if there were other ways to receive payments that perhaps weren't as costly? Newer payment gateways or methods such as Banking Circle and Skydo, or direct wire transfers could be available payment options that may benefit your business model enabling you to avoid the rampant fees elsewhere.

These hidden costs can eat away at your profits. Have you evaluated whether a payment gateway to accept international payments is a sensible investment for your business?