Payment Gateway Aggregator
The B2C version of PayZippy allows customers to store their card details and make payments on partner merchant sites. Connectivity with New Delhi and IGI Airport are added advantages. It has also tied up with merchants to give offers like cash backs, discounts on transactions, and gift vouchers to initial customers of the service. What’s on offer? According to the company, SBIePay provides complete, simple and secure online ‘payment gateway’ services, with a real-time credit card, debit card, net banking and mobile payment transaction validation process- enabling e-commerce websites to sell products & services online, and accept payments in real-time. Especially for merchants offering only few payment options and prefer not to contract with payment method companies (financial institutions, banks), Aggregators can help. The difference with Distributors is that Aggregators also collect funds, settle the merchant’s bank account and negotiate the terms with the payment method company. As part of the new service, SBI will provide electronic connectivity with various banks and financial institutions on the one hand and merchants on the other. However, details on how much will the company charge for the service is not available as of now. Therefore, it becomes imperative for online businesses to opt for a payment aggregator, which connects the merchant’s website with the bank’s payment gateway and provides multiple payment options – like credit card, debit card, net banking and cash cards – to an online shopper enabling him/her to choose a convenient payment option. They (merchants) can add / modify / delete bank accounts- with minimum one active account- and can also add various channels to allow their customers to transact, including Kiosk, ATM, IVR, e-commerce, mobile, Aadhar, POS, among others. Called ‘PayUMoney wallet’, the e-wallet will enable consumers to pay through normal payment methods like credit card, debit card or net banking and get rewarded on every transaction. The difference with Collectors is that Aggregators contract with the payment method company on behalf of multiple merchants. Every merchant upon registration will receive a merchant identification (MID), admin user access to merchant account and its password. “Aggregators other than PayU, which are based out of NCR are Zaakpay and PayTM. A payment gateway can be hosted either by a payment aggregator ( to understand what is an aggregator please refer What is meant by a payment aggregrator? ) or even a bank. With its development, Noida is as well running after Bangalore crown as India’s Tech Eden,” added Thakar talking about their business logic of choosing Noida as the location for their operations.As per Gupta, the total market size of the online e-commerce in NCR is close to $1.2 billion of which PayU has 25 per cent market share. Early this year, e-commerce major Snapdeal.com had come out with its own payment gateway called Klickpay. The payment gateway is currently live only on Snapdeal.com, but will soon be introduced for third party developers as well. A payment aggregator would host a gateway with its own branding riding on the acquiring bank’s infrastructure using which it routes the transactions.
Payment Gateway Aggregator
Aggregator Aggregating Payment Service Providers take over the technical burden for ecommerce merchants to accept payments, collect the funds for several payment methods and contract with the individual ‘payment methods’. POINTS OF AUTHORITY There are few other important features that payment gateway providers offer. Merchants can also view and download all transaction records and bank details in their accounts. Other players in the payments space Last month, Gurgaon-based PayU India Internet Pvt Ltd that offers an online payment solution PayUMoney (earlier PayUPaisa) launched a wallet service for online shoppers in India. Now, setting up a merchant account with each and every bank is a tedious task for any e-commerce player and in most of the cases there is little or no support from banks in terms of customer service and customisation. The company has also bundled new features like smart dynamic routing—for better success rate; iFrame integration—for a seamless shopping experience; retry—for completing failed transactions; and one-click checkout—for quick checkout process. Furthermore, there is an availability of quality office space at economical prices and good connectivity and infrastructure. “Having HQ in Gurgaon ensures that we are in close proximity with our clientele and this helps in our day-to-day operations as well,” said Gupta. SBIePay also provides a personalised ‘Merchant Web Panel’ to merchants who have successfully signed-up with the service. Flipkart.com, which had launched its own payment gateway service PayZippy for merchants in July 2013 under a separate firm Flipkart Payment Gateway Services (FPGS) Pvt Ltd, extended the service to end users. “Delhi-NCR is a prime location for e-commerce players. “In many cases, the onus of providing customer service, compliance certification (like PCI DSS) and data security lie on the shoulders of the payment gateway providers again reducing the running cost of the online merchant manifolds. “A payment aggregator who provides the highest conversion rates should be an obvious choice for start-ups. Detailed MIS reports can be downloaded from the admin panel, to help clients to manage their orders and transactions. Some of these include reports on successful payments, failed payments, payments in clearing, payment sighted, settled transactions, and payout transactions, etc. Prior to that, Mumbai-based Avenues India Pvt Ltd, which runs a payment gateway called CCAvenue, added support for multiple currencies. In NCR, PayU India’s clients include Goibibo, Jabong, Ferns n Petals, Snapdeal, Tradus.in, Rechargeitnow, Zomato and Urbantouch. They should look for testimonials by other e-commerce players who are using a specific gateway as to how much have their conversion rates increased after going live with a particular gateway,” suggest Gupta.
Payment Gateway Aggregator
State Bank of India or SBI, the largest bank in the country has launched SBIePay, a payment aggregator service to facilitate electronic (e-commerce / m-commerce) transactions between merchants, customers and various financial institutions in the country.
Gurpreet Bhalla, Aviation Enthusiast, Indian Railways Fan2.2k ViewsIn my opinion it is not a fair comparison. This makes a payment gateway is an integral step in the value chain of e-commerce business, without which it’s a herculean task for any merchant to accept online payments,” explained Nitin Gupta, co-founder of PayU India, a payment aggregator which provides payment gateway integration to online businesses. The payment gateway can now accept and process payments in 27 currencies. However, among these three, PayU has more than 90 per cent market share in NCR,” he added. Find Your Aggregator. For settlements, SBIePay will follow a max T + 2 days settlement cycle wherein funds would be transferred within two working days of capture of transaction. Also, payment gateway companies have tie ups with almost all nationalised and private banks which considerably reduces the merchant’s efforts to tie up with banks individually. To accept any online payment through credit cards, debit cards or net banking, an e-commerce owner needs a merchant account with a bank. There is no need for merchants to negotiate transaction prices or contract with the financial institution that processes the payment method (the Acquirers). The company has also partnered a number of banks for the service that include State Bank of Bikaner & Jaipur (SBBJ), State Bank of Hyderabad (SBH), State Bank of Mysore (SBM), State Bank of Patiala (SBP), State Bank of Travancore (SBT), United Bank of India, and ING Vysya Bank.