Are you an e-commerce business owner looking to skyrocket your sales and enhance the shopping experience for your customers?
Look no further!
In today's digital era, having a seamless payment gateway integration is crucial to the success of your online store. A smooth and secure payment process not only boosts customer trust but also ensures that transactions are completed effortlessly, leading to higher conversion rates and increased revenue.
With the right payment gateway integration process, you can provide your customers with a seamless checkout experience, allowing them to pay for their purchases quickly and easily. Whether you're a small start-up or an established enterprise, investing in a robust payment gateway integration can be a game-changer for your e-commerce business.
In this article, we will explore the benefits of seamless payment gateway integration and how it can help you drive more sales and grow your online business exponentially. Get ready to take your e-commerce sales to new heights with a hassle-free payment process that keeps your customers coming back.
What is Payment Gateway Integration?
An online payment gateway integration is a designed technology that helps e-commerce companies manage digital payments from customers via online channels, like a website or mobile applications. It serves as an intermediary, bridging the gap between the customer, the merchant and the financial institutions binding them together. By way of example, it ensures the safety and security of transactions.
Having an online payment gateway comes with innumerable benefits, which ensures convenience and promote a more user-friendly approach for the customers. You need not worry about the painstaking procedure like traditional payment methods, as it guides you to complete the transactions within a few clicks. Most importantly, this technology scores a hundred per cent in terms of enhancing the security of transactions. Where authorized gateways are seen employing advanced procedures to safeguard the data, and keep it intact, just by reducing the risk of fraudulent activities. Therefore, the payment gateway integration process comes with various features and will surely enhance the payment processes.
Payment Aggregator: What is it all about?
As per the Reserve Bank of India definition entity that facilitates e-commerce sites and merchants to accept various payment instruments from the customers for completion of their payment obligations without the need for merchants to create separate payment integration systems of their own. It facilitates merchants to connect with acquirers. In the process, they receive payments from customers, pool and transfer them to the merchants after a time period.
Payment Aggregator Operation Model:
It handles the funds on behalf of the user, platform and merchant via a designated Bank Account i.e. Nodal/Escrow Account. Therefore it required the authorization from Reserve Bank of India under the Payment and Settlement System Act, of 2007.
Users do shopping on digital platforms. Now users need to make payments. Payment modes can be Wallet, Bank-Net Banking, Debit or Credit Card etc.
The platform is a marketplace of various service providers, sellers, financial services etc. They are defined as merchants. Merchants are on board by Platform on their agreed terms and conditions.
It involves the user, platform, merchant and Bank to complete any payment transaction. A user who does purchase or use the services listed on the platform is required to pay which is landed in the entity doing payment aggregation business. Users make payment forms available/listed Bank or Wallet or any acceptable payments mode i.e. POS, Card, UPI, QR to Platform of Aggregator. It has to manage the payment receipt from the user and bifurcate the amount into commission and actual to be reimbursed to Merchant then after releasing the payment to the merchant. It has a step on step process to ignite and close the transaction.
How to get a Payment Gateway License in India?
Security is an essential component of all payment gateways, as sensitive information such as credit/debit card numbers needs to be secured from any fraudulent possibilities. The card associations have formed a set of guidelines and security standards, which must be followed by payment gateway providers. This set of instructions and security standards is recognized by the name of Payment Card Industry Data Security Standard (PCI-DSS or PCI).
PCI Audit & Final Certification Activity
- PCI DSS Scoping & Gap Assessment
- PCI DSS Formal Risk Assessment
- PCI DSS Policy & Procedure Review, Template sharing
- PCI DSS Final Audit & Certification
- PCI DSS Final Certificate Report Attestation & Issuance (ROC, AOC, COC)
- Application Security Testing/VAPT for 2 applications Web, Android & iOS
- Application Secure Code Review for 2 applications Web, Android & iOS
- ASV Scan for up to 5 IPs (Pre-certification)
- Internal VA for up to 10 IPs (Pre-certification)
- External Penetration Test for 5 IPs (Pre-certification)
- Internal Penetration Test for 10 IPs (pre-certification)
- OS Hardening
- DB Hardening
- Patches Update
- DMZ and Internal Zone
- Centralized Antivirus Server
- NTP Server
- FIM Server
- MFA Server
- VPN Setup
- Firewall Rules
Network Architecture Diagram Documentation
- Firewall Configuration Policy
- DMZ & Internal
- Asset Inventory Detail
- Antivirus Policy
- Patch Management Policy
- Change Control Policy
- DB Access Policy
- Physical Security Policy
- Security Logs and Events Policy
- Backup Policy
- Data Retention and Disposal Policy
- Data Control and Access Control Policy
- Password Policy
- PCI DSS Awareness Training Policy