The Direct Debit Process varies from country to country. Here is a simplified version of one of the ways through which a direct debit transaction can take place. This process comprises of the following key participants Customer Customer’s Bank Merchant Merchant’s Bank Direct Debit Service Provider Payment Switch The customer initiates the process by signing-up […]
A Payment Switch can be thought of as a an independent entity that facilitates communication between different providers. The payment gateway talks directly with the switch to process payments. The payment switch performs the following core functions Manages direct integrations into the payment providers – the payment switch understands the individual requirements of each payment […]
A Payment Gateway performs the following five core functions: Manages the merchant’s switch configurations – defines an ID for each merchant payment configuration and communicates with payment switch using this ID. Manages the merchant’s transaction roles – defines limitations for merchant’s transactions. e.g the minimum and maximum amount a merchant can transact from a card […]
When it comes to choosing a Payment Gateway, most people think of them as commodity. This is so because when comparing different options, people tend to shortlist them based on supported currencies, supported regions, compliances etc. When, say three options match their complete criteria then the final decision is based on just one factor: pricing. […]
The year 2016 was an exciting time for FinTechs. The advancements in some key technologies has opened up opportunities for innovations in the Fintech industry. Cloud– The flexibility, cost effectiveness and easy to scale-up cloud based solutions make them ideal for start-ups that don’t want to invest heavily upfront on IT infrastructure. This provides fintech startups […]
The Present Payment gateways as of today, facilitate card payments (both card present and card not present transactions) from buyers to merchants. The payment gateway server which used to be on-premise equipment has already moved to the cloud, bringing down the time to set-up a brand-new service without compromising security. With opening of banking platforms […]