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RBI shuts overseas payment gateway for credit card transactions within India

RBI shuts overseas payment gateway for credit card transactions within India
Aprameya Radhakrishnan, cofounder and director of Taxi for Sure, a Bangalore-based online taxi aggregator and Uber rival, said, "It will impact only foreign companies who are operating in India through an international payment gateway or by storing …
Read more on Economic Times

Eason Inks Payment Gateway Deal with TNS
DUBLIN–(BUSINESS WIRE)–Eason, Ireland's leading retailer of books, stationery, magazines, cards and much more, has chosen the TNSPay gateway from Transaction Network Services (TNS) to handle payment transactions made across its store network …
Read more on Business Wire (press release)

Google working with Airtel as payment gateway for digital purchases
While having a credit card is like having a company ID in the US, not all countries have that kind of relationship with that plastic rectangle that makes you buy stuff. In India, for example, most smartphone owners don't own a credit card, making it a …
Read more on Android Community

Lastest Payment Gateway News

GoSwiff debuts integrated mobile commerce platform
Gateway: goSwiff Gateway consolidates a merchant's payment processing into one solution covering every payment transaction type and method. This enables payments to be processed quickly and accurately, all on a secure and authenticated platform.
Read more on Finextra

Tanpa Payment Gateway, RI Kebobolan Rp7,5 Triliun per Tahun
VIVAnews – Direktur Jenderal Aplikasi dan Informatika Kominfo, Bambang Heru Tjahyono mengatakan, bisnis transaksi elektronik di Indonesia bakal terus kebobolan jika tak memiliki payment gateway. "Semua transaksi ke luar negeri, setiap tahun, kita …
Read more on VIVA.co.id

Lastest Payment Gateway News

Creditcall Announces Certification with 12th Processor in North America and
Creditcall, the EMV-ready payment gateway provider and EMV migration specialist, has expanded its North American reach by certifying with Canadian processor Desjardins, its fifth processor partner in the nation, and 12th in North America. The …
Read more on Parking Network (press release)

TransFirst and InvisiCorp Announce Alliance
HAUPPAUGE, N.Y., Sept. 11, 2014 /PRNewswire/ — TransFirst, a leading provider of transaction processing services and InvisiCorp, Inc., makers of InvisiPay, have announced their alliance to provide increased value to their customers. The companies are …
Read more on IT Business Net

Privacy Policy
All supplied sensitive/credit information is transmitted via Secure Socket Layer (SSL) technology and then encrypted into our Payment gateway providers database only to be accessible by those authorized with special access rights to such systems, and …
Read more on Delphos Herald

GuestLogix Signs 5-Year Agreement with Pan-American Carriers, InselAir and
GuestLogix' Global Payment Gateway™ will also be leveraged to provide enhanced revenue protection via advanced fraud reduction tactics. With this agreement, GuestLogix expands its Americas footprint and successfully grows its presence in Latin America …
Read more on Newswire Today (press release)

Lastest Payment Gateway News

SC Verdict: Thur, Aug. 2013 –1 Year In Retrospect
Our slogan, “Gateway to Africa” could clearly be interpreted by them to mean, come to “the Lions' Den in Africa” where members of government continuously cherish in the “create, loot and share” ideology and majority of our judges who, by their …
Read more on spyghana.com

Clay Telecom Partners with PayU
They can now also access premium & the most effective fraud prevention technology, PayU payment gateway on www.clay.co.in," said Clay Spokesperson. The thought behind this association is to reinforce customers' trust and comfort on the financial …
Read more on IT News Online

Lastest Payment Gateway News

Discover Looks To Tap The Asian Market
Earlier this month, the company entered an agreement with Bangkok Bank in Thailand, and is also associated with the RuPay payment gateway system that was launched in May 2014 in India. Discover is the third largest credit card company in the U.S. after …
Read more on Trefis

MICROS and Elavon Deliver Secure Payment Technology
Powered by the MICROS Payment Gateway™ and Elavon's Fusebox™ gateway solution, this next generation payment environment is built upon decades of proven PMS and payment processing expertise. Robust scalability offers a great fit for businesses of …
Read more on Newswire Today (press release)

Q&A: What is a secure payment gateway?

Question by sean: What is a secure payment gateway?
How does it work to a merchant’s advantage?

Best answer:

Answer by happy
You need a payment gateway to process your on line payments as well as your normal credit card processing card company. They take your customer’s card details over the Internet and perform security checks on your behalf. It’s not to your advantage, because you have to pay twice and it’s not something you can do yourself.

It depends on the volume of business you transact through your site as to whether using a payment gateway is financially viable. For low volume transactions, a company such as paypal to take your online payments will be much much cheaper and it’s very straight forward. Google has also introduced a similar service recently.

Add your own answer in the comments!

Q&A: What good will payment gateway service give my business?

Question by Jenny: What good will payment gateway service give my business?
I am uploading my very first online store in the next few days. Friends advise me to get a payment gateway. What good will payment gateway service give my business?

Best answer:

Answer by Charlotte
A payment gateway serves as your first line of defense against Internet fraud transactions on the Net. It secures your financial transactions away from the prying eyes of hackers. Though you will have to pay some corresponding fees for the service, the benefits far outweigh the cost. In other words, as an online shop owner, you can’t afford not to have payment gateway service. It’s a must for all online merchants.
For further reading, kindly browse the link provided below.

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What is Payment Processing engine and Payment Gateway?

Question by bhu: What is Payment Processing engine and Payment Gateway?
Can a corporate setup its own gateway or engine to process online money transactions. How is it done and what would be the cost to setup one.

Best answer:

Answer by ERAZ
Through payment gateway you can accept online payments from your clients on your website like 2co.com, moneybookers.com etc and they charge some percentage for providing this service like (.05$ +10%) for transaction > 100$ but exact figurs vary from gateway to gateway and yes you can setup your own for this you need to open merchant account in any bank. but my advice is to go for 2co as they also accept paypal along with credit cards and their fee is less than others and also taking services of any gateway is easier than settingup your own as gateway also provide security for not only client credit card but also for you and client feel more comfortable with well known gateways.

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What is the difference between Merchant Account and Payment Gateway?

Question by M Shadows: What is the difference between Merchant Account and Payment Gateway?
Online Shopping

Best answer:

Answer by imisidro
Merchant account is a bank authorized account which allows you to accept major credit cards, electronic checks, etc. Note though that rates banks will charge you are higher if you are operating an online store because the “card is not present”

Payment Gateway is a software which actually processes customer order information, address, credit card number, etc. The data is sent to a credit card authorization network which verifies that the credit card is valid and verifies that the shipping address matches the billing address. Example of payment gateway is Authorize.net http://www.authorize.net

If you have only a few items, you can operate without a payment gateway and only with a merchant account — as long as you can manually assess the order and identify signs of fraud. All you need is a merchant account and a terminal where you can manually key in the credit card information

With a payment gateway, the order and credit card information is directly sent to your merchant account. So if the customer pressed the BUY NOW button twice, their card can be charged twice, as against when you manually key in the number, you can ignore the duplicate order

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which technology is used for payment gateway ?

Question by James Bond: which technology is used for payment gateway ?
I mean there is technology that transfers money. We use some technology there are lots of its just tell me some so i can know something about

Best answer:

Answer by stymiee
This isn’t a project you would write with a language like PHP. You would need to use a higher level language such as C or C++. Something compiled that will be much faster and more robust then PHP. You can power your web based front end with PHP (i.e. user control panel) but the backend stuff, including payment processing, will need to be in the higher level language. You’ll also need an enterprise level database as open source databases could never handle a task like this. Basically you’re looking at using an Oracle database which is expensive but also designed for this sort of thing.

Your first major issue will be PCI DSS compliance. This is the security practices dictated by the major credit card companies (Visa, MasterCard, Amex, Discover Card, JCB). It dictates how you will secure your data in terms of hardware, software, and practice. It is expensive to do and maintain. You will need to hire a company to certify your compliance on a regularly scheduled basis. Failing your certification can mean you get shut down.

Your second major issue will be getting certified by the processing networks. To be a successful payment gateway you must be certified on every processing platform and there are at least 16 of them that I can think of off of the top of my head. Being certified takes about two months for each. You can do them simultaneously but you would be looking at at least a year to be certified on all of them. And each one has a different API so you will need to code your payment gateway to work with all of them.

Your third major issue will be the data you store. Not only do you have the PCI DSS issues to deal with, but you will need to capture and store every transaction that runs through your system for years. That kind of data will require tons of storage space (that will also need to be secured).

Your fourth major issue will be processing volume. A gateway must be able to perform transactions in a second or less. This means your hardware solutions must be able to scale for heavy traffic especially over the holiday season. It will need to be able to handle hundreds of transactions per second (thousands if you become successful). That is a big reason why you’ll need to use a higher level language over PHP.

Your fifth major issue is that you will need to create a powerful yet easy to use API for web developers to use to connect to your payment gateway. They need to be able to do everything a credit card terminal can do through code. Documenting that should be fun! 😉

Minor issues include:

– Making sure you are ECI compliant (Electronic Commerce Indicator is required for all Internet transactions)

– Securing all data transfer (SSL)

– Offering a user control panel

If you want to be successful you will also need to have the following in place:

– Anti-fraud tools

– Have a reseller program in place

My estimations would say it would take 2 – 3 years to build your own payment gateway and get it up and running. That includes being PCI DSS certified, certified on every major processing platform, and to create your API. Costs would be around $ 250,000 as the developers you would need to write that kind of code will not be cheap plus you will have large infrastructure costs (hardware and software) just to run everything.

Know better? Leave your own answer in the comments!