Third party payment
Without knowing any of the details pertaining to your business, I can tell you that there are several payment gateway providers who service India-based companies. The one you should choose to use for your business will depend almost exclusively on factors specific to your situation such as:
the products and/or services you offer the features and functionalities your business model requires the countries you wish to accept transactions from the currency or currencies you want to work with Because there is no single payment gateway that meets the regulatory and compliance guidelines for every region of the world, the first thing you must do is to determine if you need to perform both authorizations and settlements in foreign currencies. If you already know you’ll be accepting transactions in foreign currencies, you’ll need to establish an “official presence” in each country whose currency you will accept. This can be accomplished by obtaining a merchant account in each of your targeted countries through acquiring bank partnerships. In the US, when an acquiring bank opens a merchant account for you, it assumes considerable risk (similar to providing a loan), which is why you are required to provide an SSN or possess a US tax ID. The process is similar in India, in that you’ll need to obtain a PAN (Permanent Account Number) for tax purposes. Once you have that, you can truly begin the process of finding an acquiring partner and payment gateway. Alternatively, you could partner with payment processors who will perform cross-border transactions and currency conversions (typically, for a fee in addition to the flat per-transaction fee you’ll already be paying). Conversely, if you only a need to conduct transactions in a single currency (e.g., the Indian Rupee), you can partner with any gateway provider or processor supporting that particular currency. If your business model requires only the most basic types of transaction functionalities (no split payments, etc.), partnering with Acardpay might be a good option for you. However, if your business’s needs are more complex, and require a more detailed and customized solution, partnering with an open source payment gateway software provider such as Acardpay Integrated Payment Gateway is an excellent choice. Offering a robust selection of fully customizable features,Acardpay’s software can be seamlessly integrated and certified with acquiring banks in your desired regions. If you happen to be a startup, no matter where you are located, you may encounter additional challenges in just finding a payment gateway provider willing to partner with you. Because of the historically high statistical rates of startup failure, and the low numbers of transactions processed, startups are not particularly appealing because they don’t generate enough transactional volume for payment gateway providers to profit from – therefore making startups not worth their assumed risk. Summary: Because there is no payment gateway that services and meets the regulatory requirements for every country, you'll first need to decide which countries and currencies you want to service and accept. The UniPay Payment Gateway platform offers a robust selection of fully customizable features and can be seamlessly integrated and certified with acquiring banks in your desired regions. If you are a startup, due to low transactional volume, you may face additional challenges in locating a payment gateway provider willing to partner with you.
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December 2018
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