Here’s what we’ll be finding out about payment gateways.

What is Payment Gateway?

A payment gateway is a transaction medium between a merchant and a consumer. It may be on an offline outlet or online website or through a payment service like UPI, NEFT, RTGS. There are four parties that involve in the payment gateway process: the customer, the merchant, the issuing bank, and the receiving payment or acquiring bank. It is an easy and simple process.

The customers transfer their personal and financial information between the merchant and customer by swiping their credit or debit card or processing their bank account information. Security layers encrypt this exchange and prevent sensitive information from falling into the wrong hands. It determines the number of funds in the customer account used for the purchase and, accordingly, notifies the approval or decline of the transaction.

Payment Gateways vs Payment Processors: What’s the difference?

We have explained above how the whole payment process works. Hence, it requires two basic components: payment gateways and payment processors to be successful and secure. Following are some differences between the two:

1. The payment gateway receives the customer’s information and forwards it to the payment processor for verification through the card system. Payment processors relay the data and verify that the card details are valid and secure.
2. Payment gateways inform customers and merchants of approvals and declines of transactions. Through data transmission between issuing and receiving banks, payment processors communicate the response to the payment gateway.
3. When transferring data to the payment processor, the payment gateway needs to encrypt and certify it as an ISO 8583-compliant platform. Thus, payment processors have higher development costs and longer development times than payment gateways. Payment gateways need a simple SSL encryption.
4. Payment gateway is more economical regarding certification and development costs, making it more suitable for startups and small businesses.

Three Types of Payment Gateways

With the advancement of technology, many businesses have moved from direct bank transfers to a more convenient, secure, and credible way of accepting payments using a payment gateway. Here are some of the most common types of payment gateway:

Hosted payment gateways

Using this payment gateway, when a customer clicks the ‘buy’ button on the merchant website, the system redirects the customer to the payment service provider’s website. Now, the customer needs to enter the relevant card or bank information. Upon confirmation, the customer then gets back to the merchant’s website to receive their order confirmation message. As a way of ensuring customer confidence, merchants can include their logo on the payment page.

Self-hosted payment gateways

This type of payment gateway, also known as pro-hosted payment gateways, involves the client providing card or bank details on the merchant’s website. Customers may need to submit information in a specific format. Upon submission, the data is then transmitted to the payment gateway’s URL. As it is on the merchant’s website, it makes the customer experience better.

API hosted payment gateways

The customer inputs their credit card or bank details on the merchant’s website in this payment gateway. Instead of directing to the URL page, the payments are made via HTTPS queries or APIs. The merchants have complete control over the whole purchase process. However, to provide this facility, merchants must possess SSL certification and DSS compliance.

Considerations for Choosing a Secure Payment Gateway

A reliable payment provider is critical for merchants to provide a smooth customer experience and increase traffic to their offline or online portals. Today customers can easily download the payment service providers’ app on their phones. One such example is the Bharat QR code in the android app.

Here are some things to consider when choosing a payment gateway:

• Businesses must consider how many payment methods and currencies they wish to include in their payment process. The more payment options available, the more comfortable and satisfied their customers will be.
• To provide good customer service, the speed of the entire sale process is essential. This includes the transfer of funds from the customer’s account to the merchant’s account.
• Another aspect to consider is the transaction fees and service costs. Fees depend on the volume of transactions, frequency of transactions, and many other factors.
• Merchant accounts are a must for some payment gateways. In comparison to other options, they charge lower transaction fees. Also, they are considerably more safe and secure, especially for large volume businesses.
• Payment gateways must be 3D secure and compliant with PCI data security standards-the highest level of security.

Conclusion

After reading the above article, you should have a fair idea of what a payment gateway is. Analyze your business needs and then choose the right payment gateway. Today, payment gateways like PayU come with a variety of web and mobile applications. It is a complete payment gateway solution with low processing fees, low commissions, and enhanced security. Build your automated payment process with PayU.

The post Payment Gateway: Definition, Types, and All appeared first on PayU Blog.

The image above shows the main integration steps.

API Integration Steps

Merchant website

To initiate a transaction, the merchant generates a POST REQUEST (which is a particular mode of interaction on the internet). The request must include mandatory and optional parameters. The mandatory fields include a key (provided by gateway), txn ID (order reference number generated at merchant’s end), amount product info, first name, email, phone, service_provider, and hash (checksum). Merchant also calculates a hash and sends it to the payment gateway.

PayU Payment Gateway’s Website

When the POST request reaches PayU, the customer would be re-directed to payment gateway’s (PayU’s) payment page. The customer now selects the particular payment option on payment gateway’s (PayU’s) page (Credit Card/Debit Card/Net Banking etc) and clicks on ‘Make Payment’. Now, payment gateway re-directs the customer to the chosen bank. The customer goes through the necessary authorization/authentication process at bank’s login page, and the bank gives the success/failure response back to the payment gateway.

1. When the transaction POST request hits the payment gateway server, a new transaction entry is created in the database. To identify each new transaction in the gateway database, a unique identifier is created every time at gateway’s end.
2. Our payment gateway marks the transaction status on the basis of response received from Bank.
3. A final transaction response is sent to the merchant through a POST RESPONSE. In this response, the merchant would receive the final status of the transaction. Merchant will also receive the hash parameter here. This is done to strictly avoid any tampering attempt by the user.

How Different Kits Ease The Payment Gateway Integration Process

Different kits provide different APIs to automate a lot of tasks. PayU provides developers with two kinds of kits for easy integration– shopping cart integration kits and platform-based integration kits.

Shopping Cart Integration Kits

Shopping cart kits follow an easy payment gateway integration procedure with the help of codes and APIs. Currently, the PayU provides more than 30 shopping cart integration kits. Some of which are:

1. Opencart
2. Interspire
3. Joomla VirtueMart
4. Magento
5. Prestashop
6. Zencart
7. CS-Cart
8. OScommerce
9. WordPress eCommerce
10. WordPress wooCommerce
11. Drupal Ubercart
12. WHMCS

Platform-Based Integration Kits

PayU currently provides integration kits in 4 different environments

• PHP
• JSP
• .NET
• ROR

PayU has the easiest and quick payment gateway integration process. Know more about the PayU Payment Gateways Integration with your website now!

Ask us more about PayU website integration process at merchantcare@payu.in

The post How Does Payment Gateway Integration Work With Your Website? appeared first on PayU Blog.

Along with suggesting the must-have features to look for in a PG, we will also provide a comprehensive guide on how a payment gateway works. Read on.

What Is A Payment Gateway?

Payment Gateway (PG) is an online payment settlement service that a third party provides. A PG undertakes the most crucial business task – receiving payment from the end consumers. If the User Interface (UI) of the gateway is such that it does not let the user navigate the application or website easily, then the customer might end up not placing the order. You want to avoid confusing the consumer at such a pivotal stage.

Now, the payment gateway is undertaking the entire transfer transaction from the consumer to the seller. But, first, it integrates with your e-commerce website, post which it authorizes the transactions.

How Does A Payment Gateway Work?

Since you are at the forefront of the business, you must understand the following guide on how a payment gateway works.

The payment gateway service is either provided by a bank or by an authorized payment service provider. The procedure is quite systematic – let’s delve deeper into its functioning mechanism.

Here are the steps that any typical payment gateway follows while processing a transaction.

1. The customer starts with a purchase order on your online e-commerce store or mobile application.
2. The customer is then led to the payment landing page. Typically, the customer is provided with several payment options; credit cards, debit cards, payment wallets, UPI, and net banking are the usual choices available.
3. Suppose the customer opts to pay using her credit card – she has to enter the cardholder’s name, the unique card number, the card’s expiry date, and CVV. Similarly, for other payment options, some secure details are required to proceed further, and such details are encrypted to ensure there are no security breaches on data front.
4. Since the payment gateway manages the regulations, the merchant doesn’t separately required to comply with Payment Card Industry Data Security Standards. The gateway also ensures that the customers are not directed away from the website while processing the transaction.
5. The customer details are then forwarded by the merchant to the payment gateway.
6. Once the gateway receives the details, they are forwarded in a readable format to the payment processor of the merchant’s bank.
7. The information is further delivered to the card association through which the transaction is taking place.
8. Now, the card association either approves or denies the transaction. This decision is based on verifying the user’s encrypted details and additional verification tests like OTP or fingerprint scanners.
9. If the card association allows the transaction to proceed further, a request is sent to the buyer’s bank. The mechanism is necessary as the bank ensures sufficient available bank balance to process the transaction.
10. Finally, when all the security checks are met, the money flows from the buyer’s bank to the payment gateway. The payment gateway then has the responsibility of settling the transaction with the seller. 

As the business owner and the seller, you should know the money trail, and it’s time to reach your bank account. Now, What could be the best payment gateway for my requirements?

There are various payment gateways out there, and you might think you could proceed with any for your business. But as your business needs are unique, you must select a gateway that suits your requirements. Below, we discuss some notable features you should prioritize in a PG.

Top 10 Features To Have In Your Payment Gateway

Payment Options Provided

You must choose a gateway that permits multiple payment settlement modes. So, look for a gateway that offers a versatile array of options.

Does the Gateway Support International Payments?

With an online presence, you can reach customers sans boundaries. If you want this facility, do your research as to how much payment gateways cost. Also, make sure that the facility you select supports multiple currencies.

Payment Settlement Duration

The money transfer to the seller’s account is usually not instantaneous, and it takes 2-4 working days for the seller to receive the money in their bank account. Therefore, it would be best if you analyzed the offerings to make a sensible decision.

Can The Gateway Be Integrated?

The gateway must have a plugin integration option. If you are setting up a shop on an e-commerce platform, you can get started immediately.

Seamless Onboarding

Cross-check the documentation requirements with the provider before onboarding. Then, select a gateway that provides a remarkable experience.

After-Sales services

What happens when you get stuck using the service? It would help if you selected a provider that answers all your queries in real-time.

Costing

Usually, payment gateways charge a standard fee of 2-3% per transaction. However, if the traffic volume on your website is not significant at the moment, it might not be easy to pay per transaction. Talk to agents and try getting a decent quote.

Add-Ons

Like a bank provides a host of services, many payment gateways offer additional services such as auto-collect and payment, employee fund transfer, handling customer refunds, etcetera. If your business needs are to grow in the future, it will help if you had all your cash management activities under one umbrella.

Analytics Report

Once your freelancing business, startup, or company grows, you would want regular business analytics.

Modes of Collection

A gateway that lets you collect money by sending professional invoices on blogs and websites and through QR codes and excel sheets will be the perfect solution for your business.

The risk management team at PayU uses Machine Learning and real-time transaction monitoring technologies to avoid payment frauds and provide a haven to the customers. You don’t need to worry about making bulk payments to suppliers and employees, even on bank holidays – it is all handled efficiently by PayU’s payment gateway. You can send refunds to customers if needed and access a picturesque dashboard to manage payouts seamlessly.

Conclusion

A good payment gateway, such as PayU, will make managing a business a lot easier. Know the payment gateway transaction limit in India, and choose one that suits your needs.

The post How To Choose The Best Payment Gateway For Your Business? appeared first on PayU Blog.

The Making of Policybazaar.com

Like most developing countries, India does not have great social security. Most people are unaware that insurance can support in living through sudden losses easily. Policybazaar.com marched ahead with a purpose to educate the Indian public about the importance of insurance along with creating awareness about the wide range of insurances available canopying all possible scenarios in mind. Today, in just a decade the strong insurance provider has become a marketplace leader!

Challenges Faced By Policybazaar.com

Policybazaar.com is primarily an insurance aggregation portal where, customers can compare and buy insurance policies directly. With the Indian digital space, especially the digital payment space, still in its early years processing online payments for insurance policies bought on the portal was a challenge that the company faced. This is when the insurance giant decided to tie-up with a payment gateway for processing its digital financial transactions. Although payment gateways are highly regulated, most of them shy away from extending themselves to support business partners.

The company’s  another major concern centered around the complex models needed to enable vendor payouts. In the insurance sector each payout is critical. While the solutions were available, incorporating them into the organisational structure usually resulted in problems with the vendor. The company holds its vendor partners in high regard. All they needed was a payment gateway whose ideologies aligned with their need to put the Marketplace Model and Net Settlement Models into effect.

Journey with PayU

PayU provided support to Policybazaar.com by implementing a seamless payment gateway through the development of a mechanism which did not affect any of the three – vendors, the payment gateway and the organisation.

“PayU has provided extensive support in making a customised end-to-end solution for us with super-fast routing which has led to better success rates for transactions.” – Harsh Vardhan Masta

Harsh Vardhan Masta, AVP – Product Development, Policy Bazaar

Today, most of the organisations transactions are routed via the company’s payment page itself.

Future

Planning a different future for the whole country’s security is a huge and urgent responsibility of the insurance leaders! Apart from insurance, the Policybazaar group seeks to address all aspects of people’s well-being; it has recently launched a new venture – a technology platform in the healthcare space called Docprime.com. It is an aggregator of medical services and consultants. The group of companies continues to trust PayUmoney at every step to provide secure payment solutions for all its business needs.

At present, more than 4.5 lac Indian businesses prefer PayUmoney as their payment solution provider. What are you still thinking about? With all your marketing efforts for your business in place, it’s a good idea to have an all-in-one payment solution in place as well. Now to enjoy the best payment gateway experience and grow your business effortlessly!

The post Policybazaar’s Journey With PayUmoney Payment Gateway appeared first on PayU Blog.

Now, all passwords must have certain mandatory criteria to be fulfilled. After the update, you will be logged out of your PayU account. To login, please reset your password by following the step-by-step process below.

How To Reset PayU Password?

• For existing users who have access to their phone number
• For existing users who don’t have access to their phone number

For Existing Users Who Have Access To Their Phone Number

Here is the step-by-step guide to reset your password only if you remember and have access to your phone number you used while signing up on PayU.

1. Go to PayU website and click on either “Login”

2. Enter the email ID you had used while creating your PayU account and click on “Next“.

3. You will be notified about your ‘Password Expiry’. Please click on “Proceed”

4. Our system will match your email ID (entered in step 2) with the phone number (entered while creating account).

Please enter the 6 digit OTP you receive on this phone number correctly and click on ‘Verify‘.

5. Once your phone number is verified, kindly set new password for your PayU account.

Attention! Please create your password carefully by fulfilling all the conditions: 8 characters, 1 uppercase, 1 number, 1 lowercase, 1 special character

6. Congratulations! Your new password is now updated.

For Existing Users Who Don’t Have Access To Their Phone Number

Here is the step-by-step guide to reset your password only if you don’t remember or don’t have access to the phone number, you used while signing up on PayU.

*Follow these steps even if you want to link your PayU account with a different phone number

1. Go to PayU website and click on either “Login”

2. Enter the email ID you had used while creating your PayU account and click on “Next“.

3. You will be notified about your ‘Password Expiry’. Please click on “Proceed”

4. Our system will match your email ID (entered in step 2) with the phone number (entered while creating account).

Incase you wish to manage your business on PayU using a different phone number, please click on “Use Different Phone” option (mentioned below your existing phone number)

5. After you click on “Use Different Phone“, please enter the number phone number

6. Please enter the 6 digit OTP you receive on this new phone number correctly and click on ‘Verify‘.

7. For update phone number, we will send the 6 digits OTP on your registered email ID (step 2) as well.

Kindly enter the OTP you receive on your email ID correctly and click on “Verify”

8. Once you enter the OTP you received on your email ID, please set a new password and click on “Next“

Attention! Please create your password carefully by fulfilling all the conditions: 8 characters, 1 uppercase, 1 number, 1 lowercase, 1 special character

9. Congratulations! Your login details are updated on PayU. Here on, please continue using our services as you used to.

Like we mentioned above, your security is our utmost priority, hence we have introduced these additional security measures. Please co-operate with us.

You can always reach out to us in case of any queries. Just drop us a message and we will be happy to help.

Just in case you have been away from us for some time, have a look at all the wonderful line of products we have created for all your business needs.

If you are a new business looking for a robust and trusted payment gateway for skyrocketing your business then;

The post Step-By-Step Guide To Reset Your PayU Account Password appeared first on PayU Blog.

In this 2018 milestone post we will highlight some of the PayUmoney blogs that did well through the year and helped businesses in some way or the other.

Hit List Of Top 10 PayUmoney Blogs

1.Introducing All New PayUmoney Dashboard: We have always thrived to make tracking and managing business easy for our users. So, if you want to make the most of all the exclusive PayUmoney features, then this is the best time to SignUp (if you still haven’t) or simply Login to your account. Let your customers experience the best online payment service ever!

2. PayUmoney Web Checkout: This year we had only one aim in our mind and actions: to make our payment gateway an extremely seamless, easy and convenient option for all its users. The moment we released a new checkout system this year, our merchants were all “yes!” for key features which includes:

• re-directionless checkout
• easy retry option
• payment mode intelligence and,
• Nitro flow – for safe & automatic access to saved cards without login

All these features in combination contributes to a better success rate! Login in to account or SignUp to experience the best if you still haven’t.

3. How PayUmoney Payment Gateway Helps Businesses Grow?: This blog post rightly and largely focuses on the fact that we are more than a payment gateway. All the features introduced by us highly revolves in churning out better growth and success rates for your business. Read the complete blog to explore our exceptional features that will help you boost your business 5X.

4.Video Content Marketing Top Trends Of 2018: Today every business wants to create a benchmark and be different than it’s counterparts. We do witness the curve of change rising higher when it comes to flourishing marketing trends and techniques where video content marketing takes the driver’s seat rather! Let’s explore this rising trend all the more in this informative write up.

5. How To Use WhatsApp Business To Sell Products: If the app has an attractive base of 1.3 billion global users and 53% people shop on direct messages (DM), then it is bound to be a hub of all things saleable! The app is a selling hub for all marketers, salespersons, established or aspiring businesses. Why do we call it a hub to sell products? Go through the entire write up to explore more about WhatsApp business’ unique features, functions and more.

6. How To Use PayU Payments Plugin For MS Excel: Innovation is motto! We all use Excel sheets to manage our business and keep a track of all things. Then why not make the most of MS Excel to accept payments as well? Does the concept interest you? Get all the details you ought to know about the plugin right away!

7. 6 Simple Steps For A successful Brand Building Process: This particular blog piece has been loved by all our readers immensely and is always topping the charts. One reason being, a successful brand building process increases your sales and advocates your product or service. Read more to understand and process your brand better.

8. A Quick Payments Settlement Guide For Businesses: The ultimate goal for any and every business is to get customer payments in their bank account. Undoubtedly this is a rock star blog because of all the obvious reasons! If you are curious about the working of online payments then, click on the blog name to know more.

9. UPI Payment Gateway: UPI surely has been the hero of 2018! As the UPI juggernaut has gained steam, major players from across the world have jumped on the bandwagon including Google with Tez, Facebook with its UPI payment facility within WhatsApp. Get the glimpse of the UPI success and otherwise curve in the blog itself.

10. Expert’s Guide To Instagram Content Strategy: India is the 3rd leading country globally with a base of 59 Million active Instagram users just after US & Brazil. Instagram is getting highly popular in the world and so is our blog on the essential things and strategies to plan content for the gram. Read more!

11. Instagram For Business And It’s Benefits: Yet another Instagram blog topping our charts in 2018! Do not exclude this ever-growing social media channel from your business plan. Explore why and how you can use Instagram for your benefit.

Once again thanks a lot for your undying support to inspire us write better each year! Continue to be a part of our journey and unfold many more useful reads. Grow your business effortlessly with PayUmoney payment gateway.

The post Hit List Of Top 11 Blogs That Faired Well On PayUmoney Blog  appeared first on PayU Blog.

1. Create an account on PayU by entering your email ID.

Please note: Select ‘Become A Merchant’ to integrate your Shopify website with PayU.

2. Further, enter your name and contact number & create a password. Add business details and get your bank account verified.

3. If you already have an account with PayU, keep your key and salt details handy. Here’s how you can find your details:

4. Now login to your Shopify account.

5. Click on ‘Settings’ and choose ‘Payment providers’.

6. Go to ‘Accept credit cards’ section and click on ‘Service Provider’. Choose PayU from the list.

Please note: If your merchant account is with PayU, it will only work with the option ‘PayU Money’ and not PayU India. PayU India is the option for the merchants who onboarded with PayUbiz.

7. Next, enter the merchant key and salt details available on PayU dashboard and click on ‘Activate’ to start collecting payments via PayU.

PayU’s integration with Shopify is that easy. Now you are all set to accept online payments via India’s most trusted payment gateway- PayU. However, if you have any questions, please Contact Us and we will be happy to help you!

Grow your business effortlessly with PayU.

Recommended Reads:

• PayU Review: Hear ‘About Us’ Directly From Our Merchants!
• PayU Payment Gateway Integration In PHP Website

The post How To Integrate PayU With Shopify appeared first on PayU Blog.

Our merchants strongly support us for the successful innovations we bring in. Hear it what they talk, feel and think about us in PayUmoney reviews.

“The payment settlement time is very good. Being a startup liquidity is very important, which PayUmoney has helped to achieve” – Amit Saini, Founder, Let’s Ryde

“With PayUmoney Payment Links, payment collection became very easy. We just send the Payment links to our customers and they can make payment online whenever and from wherever they want” – Tanvir Singh, Netmax

“A successful business is built by people and not by money. We are glad to have found the right people to manage our online finances.” – Abhishek Chandrashekhar, Royal Brothers

“PayUmoney delivers on its promise of being a robust and quick to activate payment gateway. It outperforms to firmly support its merchants” – Arvind Batra, Events High

“PayUMoney is that trusted partner which has been a key factor in making every one at Pikkol move towards a #happymoving experience.” – Pikkol

PayUmoney Review: Our Services Loved By Businesses

We are happy to be a part of your business and a main reason for your growth! If you are a new business and still thinking which payment gateway to integrate with, then why wait?

Apart from online payment solutions we deeply feel the urge to support businesses with nailing their marketing at the right place through PayUmoney blog.

The post PayUmoney Review: Hear ‘About Us’ Directly From Our Merchants! appeared first on PayU Blog.

The payment settlement time is very good. Being a startup liquidity is very important, which PayUmoney has helped to achieve – Amit Saini, Founder, Let’s Ryde

Let’s Ryde: The Making

Dreamt of riding the power pact Royal Enfields, Harley Davidson, Duccati and many more luxury motorcyles? Let’s Ryde is your go-to place. The Delhi based company is an online motorcycle rental company founded by Amit Saini It is considered as the biggest motorcycle rental company in Northern belt of India. Let’s Ryde’s motto is to enable people enjoy your ride, wherever you go and have a lifelong love affair with the motorcycle your dreams.

Amit Saini, Founder, Let’s Ryde

Challenges Let’s Ryde Faced

The biggest challenge Let’s Ryde faced was processing payments. As the startup succeeded from renting just 2 motorcycles to now a 42, they quaked the need of a payment gateway to collect payments. Amit says that, payment gateway is very critical for them in their business. Hence, PayUmoney proved to the best choice for them to serve the best to their customers.

The best thing about PayUmoney is the relationship managers. He is the guy we call and reach out to. He knows our business, requirements, etc. in and out and he is at a position to solve all our problems. – Amit Saini

Let’s Ryde: Future

Going forward the founder aspires to go pan India and have outlets at every 250-300 km across the country. their main mission is to help people take some time out of their stressful lives and remind them of the importance of protecting our culture and land. Customer satisfaction is a key component of their business.

Recommended Reads

How A Payment Gateway For NGO Helped Vanaja Organics To Grow

Patel Tours & Travels Journey With PayUmoney Payment Gateway

EventsHigh’s Journey With India’s Leading Payment Gateway

The post Let’s Ryde’s Journey With PayUmoney Payment Gateway appeared first on PayU Blog.

“Since a few of weeks various ministries of the India government came together to formulate these decisions. After all the inspection and checks, I want to inform the country about these 12 historical decisions. In the times of globalization, these 12 decisions will start a new chapter for the MSMEs”

– Narendra Modi, Prime Minister of India (translated from Hindi, Source: Economic Times)

The MSME sector was hit hard when demonization and GST laws were rolled out in the country. In order to provide an empathizing shoulder to the sector, the Indian government introduced these 12 decisions charted below:

Gesturing the measures as a Diwali gift PM says that, the MSMEs will see new heights and will be the biggest employment generator following the agriculture industry. However, these loans range from Rs. 10,00,000 to Rs. 1 Cr with a starting interest rate of 8%. The MSME loans are a part of the Credit Guarantee Fund Trust for Micro & Small Enterprises (CGTMSE) and collateral coverage is not compulsory.

The Finance Minister launched a fast track portal for the MSME loan application. This portal helps MSMEs to secure loans faster and in an extremely secure way. Here’s how the portal works:

Image Source: PSB Loans in 59 Minutes

Documents Required For The MSME Loan Application

Please keep the following documents in a soft copy form ready for the MSME loan application:

• • GST Identification number

• • Income tax returns in XML format or PAN card details

• • Incorporation date

• • Bank statements (last 6 months) or net banking credentials

• Basic company ownership details: director or owner details

The 10 Steps To Get MSME Loan Approved In 59 Minutes

1.Provide all essential details and register

Image Source: Economic Times

2. Confirm answers to the four simple questions

Image Source: Economic Times

3. Enter your GST details

Image Source: Economic Times

4. Fill your income tax information

Image Source: Economic Times

5. Provide bank account details

Image Source: Economic Times

6. Give the company director’s information

Image Source: Economic Times

7. Select the bank you want to apply for the loan

Image Source: Economic Times

8. Select your preferred bank

Image Source: Economic Times

9. Pay the nominal convenience fee

Image Source: Economic Times

10. The process is complete. Download your approval letter

Image Source: Economic Times

The MSME sector comprises of a huge network of over 63 million units and facilitates work to 111 million people. It contributes close to 30% to the GDP. It accounts for approximately 40% total exports and 45% manufacturing output. This growth program will run for 100 days across the country. It is expected to provide a boost of fresh air in the sector in coordination to the efforts put in for its upliftment. The progress of the program will be under the constant surveillance of the senior officials.

[tweet=”“MSME sector is of vital importance to the Indian economy. This sector’s energy and dynamism is noteworthy” – PM tweeted. “]

Are you an online business looking for a robust, trusted and secured payment gateway?

Recommended Reads

GST For Online Businesses

GST Ready Payment Gateway

An Overview: GST Returns

The post MSME Loan Alert: Get Rs.1 Cr In Just 59 Minutes! appeared first on PayU Blog.