Web & Mobile Services

Payment Gateway Services

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Introduction of the service

All my online transfer and debit card payment methods are rejected by this #$%%% payment gateway…

I am really frustrated to face such a pathetic payment gateway crisis. It rejects almost 65% of the cards used by my customers….It is ruining my business reputation!!!

What to do????

Selecting the right payment gateway is important, more important is to do some homework before you approach one. Know the basic of payment gateway which will help you figure the right one suiting your business.

Features of Payment Gateway

  • Curb fraud cases since they have tools that prevent fraud.
  • Capability of processing electronic checks.
  • Provide an alternative to credit cards.
  • It’s a good tool that makes an automatic billing; ultimately saving your time.
  • Conduct business from anywhere with any currencies
  • Convert any currency to your preferred choice

A payment gateway is the online-equivalent of a credit card terminal. If you’ve yet to read how a merchant account works, we recommend you take a quick look at this handy diagram, located here.

  • The payment gateways’ job is to encrypt, and then securely authorize a credit card transaction.
  • Payment gateways are fundamentally required when accepting a credit card transaction online, because they’re responsible for storing sensitive credit card data

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There are only very few specialty financial institutions and banks that provide payment processing.

Payment Processors are very large companies that usually like to stay in the background and focus on Payment Processing rather than dealing directly with consumers, small businesses or Merchants.

They have reseller or partnership agreements with Banks, Independent Sales Organizations (ISOs), or other companies who can resell their services.

You can order Merchant Services directly by visiting Payment Processor's site, you may not get the best deal or the right Merchant Account due to the fact that there is very little effort is put into selling directly to small businesses by large Payment Processors.

Below are the examples of top Payment Processors / Acquirers:

  • Chase Paymentech (subsidiary of JPMorgan Chase)
  • First Data Merchant Services
  • BA Merchant Services (subsidiary of Bank of America, NA)
  • Heartland Payment Systems
  • Global Payments
  • RBS WorldPay (subsidiary of Royal Bank of Scotland group)
  • First National Merchant Solutions (FNMS) (subsidiary of First National Bank of Omaha)
  • TransFirst
  • Alliance Data
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  • Guaranteed fraud protection mechanism in place
  • Guaranteed customer personal data protection
  • Ease of access and use
  • Supports multi-currency payment processing
  • Error free and faster transaction time processing time
  • Eliminates store space requirements and other costs
  • Comes bundled with excellent features
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Image source:http://visual.ly/merchant-account-vs-payment-gateway
Image source: http://visual.ly/merchant-account-vs-payment-gateway

Merchant account

  • A merchant account lets your business accept multiple forms of payment, including credit cards, debit cards and ACH payments.
  • Merchant accounts are contracts between a retailer and a credit card processing company.
  • They allow you to offer your customers fast, flexible and secure options when making payments.

Payment gateway

  • With a payment gateway, the online transaction occurs through a secure hosted payment form on your website or through an integrated shopping cart.
  • Once the customer submits his or her order, the encrypted payment goes to the payment gateway, then to the payment processor, and through the credit card network and to the customer’s credit card issuer for authorization.
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Retail Merchant Account

  • This type of account is for retail store businesses where customers present and swipe their credit / debit cards.
  • The rates for retail type merchant account are usually lower because there is less risk for fraudulent transactions.
  • Some merchants make a mistake of signing up for a retail merchant account without having a retail store in order to get a better rate.

Mail Order / Telephone Order (MOTO) Merchant Account

  • This type of account is for businesses which customers do not present and swipe their credit / debit cards.
  • The rates for MOTO type merchant account are usually higher because there is more risk for fraudulent transaction.

Internet Merchant Account

  • This type of account is similar to Mail Order / Telephone Order (MOTO) Merchant Account above (with similar rates, terms and agreements).
  • Some Merchant Service Providers will use the same class of account for Internet and Mail Order / Telephone Order (MOTO) accounts and some Merchant Service Providers will use a different class of account with a more customized services tailored toward an Internet Account.
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  • Payment Gateways services cost anywhere between free to INR. 40K +
  • The cost of payment gateways are split into 3 parts
  • Setup Fee : A one-time amount you pay to start receiving the services of the payment gateway.
  • Annual Maintenance Charge [AMC]: A maintenance charge for the operational costs of a payment gateway.
  • Transaction Deduction Rate [TDR]: Amount deducted per transaction through the payment gateway.
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Featured Vendors

Citruspay

Founded in the year 2011, Citrus Pay is leading the revolution towards mobile and digital payments across all spheres of a consumer’s life.  Being led by Amrish Rau and Jitendra Gupta, it is India’s fastest growing fintech company view more

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Razorpay

Founded in the year 2015, Razorpay, is a gathering of Suave designers, magical engineers, sales hustlers, calm-as-rock customer champions are some just some of the very cool people you get to work with. In just a year they view more

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Payu Payments Private Limited

It’s due to such overwhelming acceptance received from the Indian E-commerce industry, that PayU has become the No.1 player in the e-commerce category and No.3 player in the overall online payments industry. PayU is proud view more

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PayTM

Founded in the year 2010, Paytm is India’s largest mobile commerce platform. Paytm started by offering mobile recharge and utility bill payments and today it offers a full marketplace to consumers on its mobile apps. They have over 80mn view more

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transerv

Transerve Pvt. Ltd. is a Mumbai based Digital Payment firm which specialises in end-to-end payment gateway services and programs, thereby enabling consumers to perform cashless transactions. Its services comprises of mobile virtual cards, digital wallets, corporate expense management view more

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Financial Software and Systems (FSS)

  Comprehensive, cost effective and versatile Internet Payment Gateway platform that supports all forms of payment transactions on channels such as internet and IVR. FSS is a payments technology leader. It powers the payment initiatives of banks, financial institutions, processors, merchants view more

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Airvincible

Airvincible is a business process outsourcing company dealing with customer service and customer retention. They are based out of Indore and have an expandable set up with 60 live seats. They have a team of learning enthusiasts with technical expertise view more

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How can we help you?

At SMEJOINUP.com our job is to understand your service requirements in detail with the budget,location preference of vendor and time convenience for you to connect with the shortlisted vendors.

You will not have to discuss the same thing with multiple vendors . Instead you only explain your requirements to the Relationship Manager @ SMEJOINUP and get connected at your convenient time to relevant vendors.

Please fill in as much details as possible to get the right matching vendor

Step 1: Fill in your requirements

Step 2: Our Relationship Manager understands the requirements in detail over a call

Step 3: We connect you to the most relevant vendor at your convenient time

Step 4: If you are not satisfied with the vendor , we connect you to more vendors