In this age of digitalization, enterprises across the world are seeking to expand their reach to markets beyond their local. India is one of them, and its flourishing eCommerce sector and its growing amount of freelancers, startups and service providers is not an exception. Therefore, many businesses and people in India are now looking for ways to accept international payment for goods and services.

If you're wondering how to accept international payments in India This guide is for you. From understanding the various payment gateways, to the steps necessary to establish your payment system, this guide will guide you through the entire process you should know.
Understanding the Importance of Accepting International Payments

The capability to accept payments from customers worldwide can greatly expand your customer base and open up new revenue streams. You may be operating an online store, offering freelance services, or managing a consultancy company, having the ability accept payments from international clients and customers is a vital factor in scaling your business.

India has a large pool of highly skilled professionals that offer services like content writing as well as digital marketing design, and much more. With the rise of global freelance platforms and the rising trend towards outsourcing to other countries, a method to accept international payments is more important than ever.
Popular Payment Gateways for International Transactions in India

If you are looking to accept international payments in India there are a number of trusted payment gateways to consider. These payment gateways let you receive payments from clients around the globe in a seamless method. Here are a few options:
PayPal

PayPal is one the well-known international payment systems, and is extensively used by small business owners, freelancers and large corporations. It's simple to set up as well as its global reach makes it an ideal option for accepting payments from clients all over the world.

Positives to PayPal:

    Global presence in more than 200 countries.
    Multiple currencies supported.
    Trusted by millions of users worldwide.

Contraints to PayPal:

    Costs for transactions that are excessive, especially in the case of currency conversion.
    Certain countries, like India, may face restrictions for PayPal's complete services.

How to Use PayPal for India:

    Join for a PayPal account.
    Make sure you link your bank account and debit or credit card to your PayPal account.
    Verify your account with the needed documentation (PAN card, business details in the event that they are applicable).
    Start accepting payments, then withdraw funds to your linked Account in India.

Razorpay

Razorpay is an Indian payment gateway that permits businesses to accept international payments. It is extremely popular among Indian entrepreneurs due to its ease of setup process and competitive pricing structure.

Benefits Razorpay:

    Integration with top eCommerce platforms such as Shopify, WooCommerce, etc.
    Multi-currency support.
    Less transaction costs for international payments as compared with PayPal.

Negatives Razorpay:

    There is a limited presence in the international market compared to PayPal.
    Requires KYC (Know You Customer) verification before setting up a new account.

How to Make Use of Razorpay for payments to international locations. Payments:

    Create a Razorpay merchant account.
    Create your online store or service and connect Razorpay's payment gateway.
    Make payments international and configure currencies options.
    Accept payment from customers who are international.

Payoneer

Payoneer is an alternative for businesses in India which require international payments. It is particularly well-liked by freelancers and companies that provide services. Payoneer provides virtual accounts for customers from all over the world making it easier for them to pay you directly.

Benefits of Payoneer:

    Global payment option with multiple currency options.
    Ability to set up an account for a virtual bank across several countries.
    Low-cost international bank transfers.

Con's of PayPal:

    The initial setup can take a lot of time.
    The fees for withdrawals may apply when sending funds into Indian banks.

How to Use Payoneer:

    Create a Payoneer account.
    Perform complete the KYC authentication process.
    You can share your Payoneer account information with your customers for payment.
    You can withdraw funds from your Indian banking account.

Stripe

Stripe is a widely used payment service for eCommerce businesses who require accepting payments across the globe. Even though Stripe isn't quite as widely accessible for use in India as PayPal yet, it's an excellent choice for those with international clients. Accept international payments in india

Positives with Stripe: 

    It accepts payments from more than 135 currencies.
    Provides tools to manage subscriptions, invoices, and regular billing.
    Easy integration with websites as well as mobile apps.

Negatives Stripe:

    Stripe isn't officially supported in India This means that you'll require setting up an entity in a different nation that is supported (like for instance the U.S.).
    Not as beginner-friendly for small business.

How to Utilize Stripe to Pay for a Purchase in India:

    Create a U.S. or other supported country-based entity (using services like Stripe Atlas).
    Complete KYC and supply the required business documents.
    Integrate Stripe into your website or app to take international payments.
    Transfer funds to a banking account in your nation.

Instamojo

Instamojo Instamojo HTML0 is an additional Indian payment gateway that is able to handle both international and domestic transactions. Although it is a preferred choice for domestic transactions but it also allows businesses to accept international customers.

What are the advantages of Instamojo:

    Easy to create.
    It supports multiple payment options such as debit and credit cards.
    Integrates with popular eCommerce platforms like WordPress, Shopify, etc.

Negatives Instamojo:

    Limited multi-currency support compared to international gateways like PayPal and Razorpay.

How to Utilize Instamojo:

    Join the Instamojo platform.
    Create your online store or service, and connect it to your Instamojo account.
    Make it possible to make international payments.
    Begin accepting international payments directly from customers.

The most important considerations when accepting international Payments in India

Before you start accepting payments from clients worldwide, here are some crucial points to think about:
Transaction Fees

Different payment gateways charge varying transaction charges, and these fees can accumulate in time. PayPal for instance is a bit expensive in exchange for currency and international transactions, while platforms such as Razorpay or Instamojo may have more competitive rates.
Currency Conversion

Costs for conversion of currencies can take a bite out of your profits. Some payment gateways like PayPal charge extra fees to convert currency. Be sure to incorporate in this cost to your price plan if you're taking payment in foreign currencies.
Taxation and Compliance

When you receive payments from international clients, they must adhere to Indian taxation laws. The Income Tax Department of India could consider these incomes as tax-deductible income. Make sure you are aware of the tax implications and consult an expert tax advisor to remain legal.
Time for Payment Processing

Some international payment gateways can take longer to process payments. PayPal for instance, facilitates quick transfers, however other options, like Payoneer, could require a few days to get the money to arrive at that bank account.
Conclusion

Accepting international payments in India is not a problem anymore. By using the appropriate payment gateway for freelancers and businesses, they can easily receive payments from clients across the globe. Whichever one you select PayPal, Razorpay, Payoneer or a different platform it's crucial to analyze the pros and cons of each one to determine which one is best suited to your requirements.

Make sure you're meeting the necessary legal and tax requirements, and selecting a reliable payment processor, you can accept international payments and expand your business worldwide. The universe is your oyster and with the right tools you can connect with customers around the world in addition to increasing your income streams, and grow your organization to new highs.