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.

Let’s explore one of the best payment solutions available that is also empowering businesses to be a part of a cashless India.

Payment Solutions That Empower Businesses

Modern businesses need cutting-edge payment solutions as well as financial solutions that are emerging in the industry. These solutions mentioned below will empower businesses to handle finances better,

• Digital payment gateway integration that accepts a host of electronic payment systems and methods
• International payment acceptance with digital transactions involving international currencies
• Automated and recurring payment collection mechanism for subscription-based revenue sources
• Monthly EMI and delayed payment acceptance mechanism
• Faster refund processing
• Customer checkouts and detail collection
• One-click payments
• Customer loyalty and reward programs
• Payment acceptance through payment links
• Customized payment buttons
• GST invoicing
• Faster payment money disbursal to customers and vendors
• API-based payments and transfers
• Priority settlements for business

PayU Payment And Integrated Services

PayU makes sure that all possible digital payment India can get is made available to your customers, including credit cards, debit cards, net banking, EMIs, BNPLs, UPI, and wallets. With PayU technology, integration becomes seamless as you utilize APIs, SDKs, and plug-and-play partnerships. Some of the reasons that make PayU the ideal choice for the digital upgrading of your business are,

• With the PayU payment gateway India gets over 150 methods of accepting digital payments
• Currencies of more than 150 countries accepted making international payments hassle-free
• Automated payment collection via multiple payment methods
• The PayU Affordability Suite maximizes your sales with options of card EMIs, no-cost EMIs, Buy Now Pay Later, and Cardless EMIs
• Instant refund facility that ensures customer refund within five minutes of a refund request
• PayU token hub offers fast and secure customer checkout and collects customer details across all payment modes
• Native OTP feature offers a one-click payment experience to the customers
• PayU offers to pay with rewards option for customers – the largest online aggregation of loyalty programs in India
• Apart from a payment gateway for website, PayU payment merchant links ensure payments in minutes and without the need for codes or websites
• PayU payment buttons don’t even need payment integration. You can copy a line of code and start collecting payments
• Generate itemized GST-compliant invoices and share the same using an inbuilt payment link
• PayU Payouts help disburse payments and get refunds to and from vendors, business partners, employees, etc.
• Marketplaces and aggregators can pay vendors and others using PayU API-based automated split payments
• Select the settlement cycle and activate instant settlements with PayU Priority Settlements, a PayU finance option that is handy in times of liquidity crunch  

The future of payments in businesses is going to be more digitized. PayU equips small businesses and large enterprises with up-to-date digitized and fintech payments. It is time you capitalize on the advantages of online payment and grow your business with the latest in payment technology.

FAQs

The post PayU Payment Solutions Is What Your Business Needs in The Digital Era appeared first on PayU Blog.

In today’s digital age, payments are being done online, going hand-in-hand with almost every other aspect of our lives. Whether it is shopping, ordering food, getting groceries, or paying bills, customers prefer to pay online because it is more convenient and hassle-free. Additionally, these instant payments save time. However, in certain situations like the ones listed below, customers may be entitled to a refund that businesses need to take care of. 

• A customer ordered food and cancelled it after making the payment.
• A customer purchased online tickets to a musical concert but realised that he would be unable to attend. 
• A customer bought something online, made the payment, and cancelled the order.
• A customer bought something online, received the product and found it defective. Therefore, he returned it.
• The payment amount gets debited twice from the bank account. Such incidents may be due to glitches in the payment system, causing the first transaction to fail after debiting the amount.

In all of the above situations, merchants need to initiate a refund of payment. Most merchants wonder how the refund is processed. If you are also wondering how the refunds initiated by you will be processed and, more importantly, why they take so long, you’ll find your answers here!

What Is The Payment Gateway Refund Process?

Before getting into the return mechanism for online bill payments, you must first understand how online payments are processed in the first place. Most companies nowadays use payment gateways that are integrated with their businesses. These act as a mediator between the customers and the bank.

• As explained in the infographic, once the customer initiates the payment, the gateway app forwards the customer’s details to the payment gateway. 
• Then, the transaction details are sent to that payment process that the merchant’s bank uses. 
• In turn, the details are then sent to the customer’s bank by the processor. The details are reviewed by the customer’s bank, which checks whether the client’s account has enough funds available. Accordingly, it either accepts or declines the payment request. 
• This response is returned by the processor to the payment gateway and ultimately transmitted to the website.

Likewise, all of these parties are involved in the refund process as well. The following steps will walk you through the payment gateway refund process:

• The refund request is processed across the network in case of a failed transaction. The payment gateway receives the refund request and forwards it to their banking partner (merchant’s bank). 
• The information is then communicated to the customer’s bank. The refund gets processed once the transaction is accepted by all the parties involved.
• In the event of a refund due to a product return, the client must first initiate the return request, which the vendor must approve. Following approval, the refund request is initiated, and the same process is followed to carry out and complete the refund request.

Why Are There Delays In Refunds?

At times, customers may experience considerable delays in receiving refunds. The following are some of the most common causes of such a delay:

• Involvement of multiple entities in processing the refund, thus making it a long-winded process
• Weekends and public/bank holidays when the parties are not in the office
• Glitches on the portal, network or the gateway that interfere with a smooth processing

How is PayU Streamlining The Refund Process?

PayU merchant is streamlining its refund process to make it quicker and more convenient by eliminating the intervening factors to the greatest extent. With PayU, you can initiate both partial and full refunds. 

• Partial refund: You can refund the partial amount out of the total amount.
• Full refund: You can refund the full amount.

What Makes The PayU Refund Process The Best?

With PayU, refunds can be initiated quickly by following the steps mentioned below:

• Login to the PayU money business dashboard.
• Go to the ‘Transactions’ tab and find the transaction you want to initiate the payment refund for. You can find the specific transaction using either the email ID, reference or transaction ID. You can also filter the transaction using the date range filter.
• Select the transaction for refund and click on the refund button.
• While initiating the refund transaction, you must select between ‘Full Refund’ or ‘Partial Refund’. In case of partial refund, enter the amount you wish to refund and click on ‘Submit’. The refund transaction will be initiated immediately.

How Do I Check The PayU Refund Request Status?

You can check the status of your PayU refund request by visiting the ‘Transactions’ tab. Click on the filter button just beside the date range filter. In the type section, select the refund option and then click on ‘Apply’. All your refund transactions will appear on the dashboard. Now, you can select the transaction whose status you wish to check.

Conclusion

Payment refunds are a common aspect of bill payment transactions made online. Therefore, it is crucial to have a smooth and convenient gateway to quickly process the refunds without any hassle. PayU is one of the pioneering gateways in India for processing payments and refunds for businesses. You can always reach out to PayU Help for any assistance and support. 

Need help with your refund?

The post Everything About The Payment Gateway Refund Process appeared first on PayU Blog.

Prospects of Online Payments 

The astronomical rise in the number of mobile users and data usage in India indicates the prospects of online payments and the importance of a secure and robust payment gateway. By the end of September 2021, India had 834.29 million internet subscribers (broadband and narrowband). Notably, 37.67% of the internet subscribers belonged to rural areas. The monthly average data consumption per wireless data user in India stood at 14 GB in June 2021 as per the Department of Telecommunications (DoT) report. In March 2014, the data consumption per wireless data user monthly (average) was 61.66 MB. These numbers indicate the potential in the online payment market, as well as reflect the needs of the users who look at a diverse experience led by robust security networks for transactions on online payments platforms.

However, the question remains: Which payment gateway is supported by Shopify and how can I integrate the payment gateway of my choice?  Let us take each of the questions one by one.

Payment Gateways Supported By Shopify

Shopify Payments India gives you the freedom to select the payment gateway and begin your online selling journey within no minutes. The right choice of payment gateway is crucial to starting a fulfilling user experience journey. It is also essential to support it with well-integrated online payment solutions. In a bid to integrate your chosen payment gateway on Shopify Payments, you need to have the required plugins built by the respective payment gateways on the respective payments platform for a fast interface. “PayU India provides you with a well-integrated payments platform” that makes your pos payment experience, a story of just a few clicks”.

Acceptance of A Boutique of Payment Sources  

Shopify store supports a slew of payments sources, such as:

• Credit cards
• Debit cards
• Net banking
• Digital wallets
• Bank transfers
• UPI
• Cash on delivery
• EMIs

It also supports Buy Now and Pay Later online payment methods that can help you enhance customer experience and customer loyalty to the brand. PayU, India’s robust payment gateway, allows you to switch and choose among the various payment sources with ease and convenience.

Shorter And Smarter Payment Settlement Period

The payment settlement period is the time taken by a payment gateway to interact with the source to fetch money and settle payments. The payment settlement period is a success for both the customer and vendor if it is shorter and smarter. With a robust infrastructure, this can be achieved through payment gateways, such as PayU. The “right choice of payment gateway enables you to get settlements on the same day”, choose PayU. 

The High Transaction Success Rate

The loading time to the “payment success page is essential to a good customer experience” as it is when your customer decides to choose a payment gateway. It is, therefore, critical for a payment gateway and the online payment processors involved to record a high transaction success rate, which will magnify the brand visibility among customers across online payment channels. PayU India’s smart algorithms enable its users to record the highest transaction success rate without hiccups.

Steps To Integrate Payment Gateway On The Shopify Store

A few simple steps can enable you to integrate the PayU payment gateway on your Shopify store. Follow the instructions given below:

1. Go to Settings on your device and select the online payment provider. 
2. Click and add the online payment provider. 
3. From the DropBox, select a third-party payment gateway.
4. Fill out the online form.
5. Click to activate your online payment gateway.

Payment Gateway Fee On Shopify

The payment gateway fee or online payment fees is critical when selecting a Shopify payment gateway. Payment gateway providers ask for different charges. As a business or individual seller, you should be aware of all payment gateway charges before choosing. Some of the common charges asked by a payment gateway provider include:

1. Setup charges for payment gateway
2. Maintenance charges for a year
3. Integration charges for a smooth online payment experience 
4. Merchant discount rate for an enhanced experience

It is important to note that, along with these payment gateway charges, Shopify platform charges are also applicable. Therefore, “before you click, do a quick check on payment gateway” for integration level, transaction success rate, additional features offered, and overall payment charges involved.

The post Choose The Right Shopify Payment Gateway For Your Website | A Quick Guide appeared first on PayU Blog.

Above all, it is the charges, including Merchant Discount Rate (MDR) and other associated payment fees, that become key in the decision to go for a specific payment gateway. Read on to know more about payment gateway charges and how to choose the right payment gateway based on the online payment charges applied.

MDR is the charge by a payment service provider for an online payment made via different online payment methods. While this amount is typically paid by the merchants, in many cases, the payment gateway asks for an additional amount from the customer to cover the MDR.

Understanding Payment Gateway Charges

Payment gateway charges are the cost incurred by a business to facilitate online payment via the chosen payment gateway on the website or app. The payment gateway charges are determined as a percentage of an online payment amount and depend upon the type of online payment methods used by the customer.

A payment processing gateways provide you with much more flexibility and reach than the traditional modes of payment PoS (point of sale). It enables your business to better manage all payments with options for instant refunds, real-time bank settlements as well as efficient operations.

Key Factors Impacting The Online Payment Charges

Some of the key factors that impact online payment charges include:

1. Interchange rates – are charges for credit card payments incurred by issuing companies such as VISA or MasterCard on every online payment you make from your bank. This rate includes the online payment handling costs incurred by the bank and investments done to reduce fraudulent transactions. With the rise in the number of online payments done by credit cards in India, it is important to be aware of the interchange rates and how they are calculated based on the type of card and chosen mode of payment.
2. Merchant fees – are charged if you want to accept credit card payments on your website or app. It is the payment fees charged for interlinking the credit card network to your merchant account. The merchant account allows you to accept online payments done via credit card. In contrast, the merchant account provider deposits the amounts received through credit card payment on your website or app into your account at regular intervals.  
3. Payment safety – charges are applied depending upon the level of safety required over each payment and its mode. For instance, payment done physically via a credit card at a store attracts lesser hassle compared to payment by credit card online. Therefore, payment gateway charges are directly dependent on the safety aspect of a transaction and its mode.

Various Components of Payment Gateway Charges

Payment gateway charges or fees include various components required for efficient online payment processing. These include – 

• Payment gateway setup charges
• Annual maintenance charges
• Integration charges
• Merchant Discount Rate (MDR)

Know The Payment Gateway Charges

It is important to know about all the payment gateway charges involved before you seal a provider, as it has a direct impact on your business revenues. Some of the important parameters to keep in mind include;

• Type of transactions conducted or expected on your website or app
• The frequency of various transactions
• Revenue generated or expected to be generated by the business

Keeping these parameters in mind, you should look at other aspects involved in the online payment gateway, such as the number of payment sources supported, payment safety, success rate, and other additional features provided. 

Remember, one should not make a decision only based on the charges by a payment processing gateways but look at the entire landscape of things offered to take the final call. 

Want to check the PayU Payment Gateway Charges? Click here

“Try PayU Payment Gateway to Grow more. Do more. Be more.”

Some Features of The PayU Payment Gateway Are:

• Easy Integration with APIs, feather-light SDKs, plugins, and play partnerships.
• Industry best success rates through strategic partnerships.
• Offers 150+ payment modes across Credit Cards, Debit Cards, Net Banking, EMIs, BNPL, and UPI.
• Simple and transparent pricing that suits your business.
• 24*7 support at each step.
• Accept international cards in a single integration with our dynamic currency converter to show prices in local currency.
• Instant Refunds are disbursed within 5 minutes of the refund request.

FAQs

The post What Are Payment Gateway Charges? A Complete Guide appeared first on PayU Blog.

Transfer through UPI is very simple. You can initiate a transaction either through the QR code of the recipient or UPI VPA. UPI VPA, also known as UPI Virtual Payment Address, is the address through which UPI transactions can be done. UPI VPA is unique for each person, but it is also customizable. It can be described as an email ID for your UPI payments, for instance, your Google Pay ID.

What Is UPI Payment Gateway?

UPI is fast becoming a primary mode for monetary transactions, especially for small and medium-scale businesses. A UPI payment gateway is a third-party service provider that works as a medium for one to send and receive money. UPI payment gateways can be integrated with UPI online payment apps like Google Pay, PhonePe, etc., to both accept and send payments.

An Ideal Payment Gateway – PayU

The PayU Payment Gateway is helping businesses to grow and conveniently accept payments from customers with unique payment solutions. Further, accepting international payments couldn’t have been easier! With the PayU payment gateway, you can accept payments in 100+ foreign currencies. Following are the key  benefits that PayU offers to its users:

• No Transaction Limit: There is no limit on transactions undertaken through UPI.
• Transaction Alert: Get notified of each transaction through email as well as SMS instantly.
• Mobile App UPI Integration: It provides a faster checkout experience for users using mobile applications or mobile web. Users just need to enter the UPI VPA, select the UPI app and make the payment.
• UPI Payment Link: Businesses can easily generate a UPI payment link to share with their customers. After the customer clicks on the link, payments can be made. A pop-up window will appear showing all the UPI online payment apps installed on the phone in India. Just select the app and make the transaction. Receiving payments has never been easier before.
• UPI AutoPay: Specially designed for businesses with subscription-based plans, the customers can now enable e-mandates using any UPI application. The payments will automatically get debited weekly, monthly, or yearly through UPI apps. The business can create a plan and start a subscription by adding a user. A one-time authorization link can be shared with the user to confirm the e-mandate.
• Reconciliations with Virtual UPI Addresses: Reconciling the UPI payments can be a tedious task. This is primarily in the case of loan repayments, school fees payments, etc., where the payee shares the UPI IDs with the payers. However, it can be made easier by generating a unique virtual ID for each payer or invoice. While the user can make the payment through any UPI app, each payment can be matched with the payer or invoice, thus automating the manual reconciliation process.
• Dynamic Universal QR Code: While UPI IDs are convenient, they are not the only modes for payment. UPI Dynamic Universal QR Codes can be used by the users whereby they just have to scan the QR code through any of the UPI payment apps and make the payment. The amount is auto-filled and the customer just needs to execute the payment.

What About Disbursals?

While collecting payments has become easier, so has the disbursal. UPI simplifies disbursals with the following features:

• UPI ID Verification: If you want to verify the validity of a UPI ID, you can do so by transferring a small amount. This will help you verify that the UPI ID is valid and of the person to whom you want to transfer the amount. However, with PayU, you can know that the UPI ID is valid and in the registered name of the payee by just entering the UPI ID.
• Automating UPI Payment Disbursals: Bulk transfer to other individuals and businesses is now easier on a real-time basis. With API or excel file uploads, you can make instant payouts to multiple people at once.

Conclusion

The PayU payment gateway has been enabling businesses to accept and disburse payments, including international payments, in the most convenient manner. With world-class security through deep encryption protocols, payments are not only convenient but secure as well. Integrate the PayU payment gateway on different platforms and start collecting payments instantly.

Sign up for the PayU UPI Payment Gateway Now to revolutionize your payments system!

FAQs

Q: What is the UPI 2.0?

A: UPI 2.0 is the upgraded version of the UPI rolled out in 2018. It supports multiple new features like invoice approval mechanism, linking of UPI account with the customer’s OD account, and payment blocking options.

Q: How can I make a payment if I don’t know the UPI ID?

A: You can make the payment even if you don’t know the free UPI ID. You just need to generate a link and send it to the recipient. The recipient can enter their bank details, UPI details or card details. Once done, the recipient will receive the payment.

Q: What is the limit for fund transfers through UPI?

A: Currently, the upper limit for fund transfers through UPI is Rs. 2 lakhs per transaction.

Q: What are the integration modes available for merchants?

A: Merchants can easily integrate their UPI through QR, Applications, Intent and UPI Collect modes.

The post Accept Payments For Your Business With The UPI Payment Gateway | PayU appeared first on PayU Blog.

Financial services were one of the first industries to see the potential of the Big Data revolution and the surge of innovation that has accompanied it – including Artificial Intelligence (AI). AI is a powerful technology that has already been used extensively in the financial services industry. It has a lot of potential to make a positive difference if organizations use it with enough caution, wisdom, and care.

FinTech firms are more likely to utilize AI to launch new products and services, whereas incumbents are more likely to improve the existing ones. A growing number of FinTechs are taking a product-oriented perspective to AI implementation, delivering AI-enabled solutions as a service.

For the FinTech industry, AI is offering novel solutions. AI can evaluate enormous amounts of data incrementally over time via machine learning. Artificial intelligence is being utilized to recognize fraudulent activities unusual transactions and overall provide a rise to handling sensitive financial data – all with a lower possibility of privacy risk – by identifying suspect behaviors.

Why Is FinTech Lagging?

Finance, like other sectors, has already undergone several changes as a result of the digital transformation, including information sharing, financial consumer and shareholder engagement, and increased data analytics. 

However, a significant reason is that most institutions are still restricting themselves and operating in minor ways. Some of this may be owing to the regulation established in the sector. Additionally, it will not be easy to change. However, our perceptions and behaviors account for a significant portion of the lag.

Enter into the digital domain and make greater use of the resources available to you. The earlier we conform to how the financial scene has already altered, the quicker we see the results and keep pace with other technologically advanced industries.

The Need For AI in FinTech

In FinTech, AI can assist businesses in achieving their growth goals, an advantage over competing and becoming more accessible to their customers. It can also help them in lowering operational costs and streamlining internal operations. Customers can benefit from this by better managing their finances.

Here are a few instances where FinTech is helpful:

Security & Fraud Detection

FinTech apps provide new and innovative ways for users to digest information, resulting in better financial decision-making. Data analysis through applications becomes simple because of machine learning and visualization tools, translating it into understandable insights.

Offers Better Security

Financial cybercrime will rise as digitalization procedures become more popular worldwide. Thanks to AI, users and businesses can now protect themselves and their credentials.

Algorithms can detect questionable conduct and, even further, alert consumers. Because these technologies can closely and constantly monitor abnormal trends, there is no need to stay attentive 24/7.

Personalized Banking Apps Powered by AI

Many banking applications provide tailored financial guidance to help users meet their financial objectives, monitor their income and expenditure, and more. AI-powered FinTech developments are primarily responsible for this personalization.

Customer Service

The best AI application is bots. ML algorithms have only gradually begun to gain traction, even though they have been here for some while. One can observe the rise of intelligent chatbots that can communicate with consumers and respond to a range of customer queries on a real-time basis.

Asset Management

For a long time, investment funds have depended on complicated algorithms to create reliable forecasts and models. Several asset and wealth management processes have been restructured, and additional services such as the introduction of wealth management tools.

App users may now access their bank statements and conduct important transactions on any of their gadgets. Most significantly, AI and machine learning technologies give users the option of reducing the rate of intermediaries. As a result, asset management cuts expenses by eliminating redundant processes.

AI-powered Payments

Transaction banking is a sector with the ideal conditions for AI to thrive.

In the payment business, artificial intelligence can drastically reduce fraud detection. An AI-powered payment system calculates a risk score based on various parameters. The payment gateway sector can now execute large transactions with greater precision and lower mistake rates thanks to AI.

Use Cases of FinTech Innovation Driven By AI

As per the FinTech 5×5 survey, 67 percent of FinTech organizations believe AI will significantly impact the industry over the next decade. Ignoring a technology transition in the finance industry means depriving your company of the prospects for proper growth and development that AI in FinTech may offer.

ZestFinance has used AI to construct an automation interface that enables FinTech firms to screen potential loans more quickly. The software assesses the risks and provides employees with a rapid image of whether a potential borrower is trustworthy.

Payoneer and Skrill, both online payment providers, use AI to evaluate complex data.

Crest Financial Group uses the DataRobot machine learning platform to study client activity, and create predictions to detect and prevent suspicious transactions.

Privatbank, a prominent Ukrainian bank, employs AI-powered chatbots that utilize Natural Language Processing to address fundamental questions of users and give advice using the bank’s different services.

These solutions have the same purpose – to boost FinTech organizations’ productivity. You can considerably reduce the stress on your human personnel by deploying data analysis automated processes and chatbots.

Conclusion

Because of artificial intelligence in FinTech, companies in the financial services sector have entered a new age of progress and expansion. These technologies are becoming increasingly important in a wide range of processes. This is the right time to leverage the possibilities of machine learning and AI as a driving factor for your FinTech company’s survival and prosperity.

The post How Has AI Entered The FinTech Space And Its Management? appeared first on PayU Blog.

Let’s get started with understanding how a trusted Payment Gateway can be fruitful for your business.

How Can A Payment Gateway Aid Your Business Operations?

The consumer’s financial data is sensitive and critical in a business operation. As the users share their data during the checkout process, the merchant must ensure that the payment gateway selected for their business should be secure and efficient. The role of an effective payment gateway is to ensure that:

• Fraudulent activities are minimized.
• The latest technology is used for data encryption.
• It is convenient to install and operate.
• It offers the maximum possible payment options for your business.
• It operates seamlessly, without the need for frequent maintenance.
• It is fast.

WooCommerce—Get Started With Your E-commerce Business Instantly!

As India has seen a boom in the online shopping sphere, many businesses, new and old, have rushed to create their online store. To avoid the inconvenience of building a website from scratch, increasingly, merchants are turning to platforms like WooCommerce to get help with creating their digital stores. 

WooCommerce has emerged as the preferred option for many to set up their online venture. All the features are convenient and easy to use. The WooCommerce Payment Gateway plug-in feature offers a convenient and ideal solution for a merchant’s payment processing needs. WooCommerce offers more than 1000 themes to its users.

How To Integrate A Payment Gateway Into Your Online Store On WooCommerce?

The option for a custom payment gateway in WooCommerce offers ready solutions at the checkout stage of the purchasing process. To integrate third-party payment gateways in WooCommerce India, you can follow these steps:

1. Install the payment plug-in from the WooCommerce website. You can choose the appropriate payment gateway as per your requirement. In India, PayU India offers exemplary services and attractive terms for use as a payment gateway for your e-commerce business venture. You can download your chosen WooCommerce payment gateway integration option in your online store. Once the plug-in has been installed on your WooCommerce store, you need to click on the ‘Enable’ option from the ‘Payment’ option. The ‘Payment’ option will be available on your dashboard.

2. Now, an important step is to configure the plug-in selected. Configuration can be done by clicking on the ‘Manage’ button from the dashboard. Settings that need to be configured will be visible now. These settings will allow you the choice to include API keys. For the WooCommerce payment gateway API configuration, you need to sign up with your selected payment gateway. As you get registered with the payment gateway service provider, you will receive API keys that need to be added to the settings in WooCommerce.
3. Once the process is completed, the various modes of payment options will be displayed on the checkout page of your store.

WooCommerce allows you the option of ‘Test’ and ‘Live’ environments. It is recommended to do extensive testing on all parameters before you take the process forward for live transactions.

Charges

Although you can install most payment gateway options for free in WooCommerce, there are specific fees for using the payment gateway services. The WooCommerce Payment Gateway charges can be of the following types.

Set Up Charges

The Gateway provider might charge some amount as set-up charges. However, nowadays, in most cases, the Payment Gateway waives the set-up charges and offers the user to install the Payment Gateway plug-in for free.

AMC

Certain payment gateway companies have fixed costs to be recovered from the client towards the annual maintenance charges. These amounts are disclosed on the payment gateway service provider’s website, and the user can ascertain the cost to be paid before proceeding with the installation.

Transaction Discount Rate

These are the transaction charges applicable when the services are used. Usually, this fee is charged as a percentage of the transacted value. In some instances of above-average high-value transactions or microtransactions, you can contact your payment gateway company to check if they can offer customized pricing for your type of business.

Conclusion

To wrap up, we can say that WooCommerce provides integral support for your online e-commerce venture. A systematic operational approach allows you to create an effective online presence. You can integrate PayU India’s Payment Gateway effortlessly into your WooCommerce site, and the entire process is user-friendly. So you can now start planning for a wider reach for your targeted audience and grow your business exponentially on the Internet.

FAQs

The post Steps To Integrate Your Payment Gateway Into WooCommerce appeared first on PayU Blog.

These can either be incorporated in a merchant’s website or application or used in payment merchant’s links. In this article, we will explore them in detail below:

What Is A 2D Payment Gateway? 

Also known as a 2D secured payment gateway, the customer must enter their card details like card number, expiry, and the cardholder’s name. Post that, they need to enter the security verification code, the CVV, on the back of the card. Once the customer fills in this information correctly, the transaction is authenticated. The processor payment gateway does not need any more validation or authentication. 

Challenges Related To 2D Payment Gateway

Even though the 2d payment gateway has certain layers of protection, it is still considered a risky option. It is vulnerable to the leak of card information or payment fraud. For example, if your card gets stolen, anyone can use the information for e-billing payments or online payment apps. You won’t have any control over the transactions. 

What Is A 3D Payment Gateway? 

To understand what is a 3D payment gateway, let’s understand how it works.

• When buyers initiate an online purchase on the merchant’s platform, they are redirected to the payment gateway. There, they need to enter their credit or debit card details.
• Once submitted, the payment gateway contacts VISA, Master Card, or other directory service and validates the card information. 
• Upon validation, the customer is redirected to the 3-Domain secure page, where they need to authenticate their identity through an OTP (One time password).
• The transaction becomes successful or denied after the acquiring bank authenticates this information.

Why Choose A 3D Payment Gateway?

This payment gateway option removes the stress of risk associated with a 2D payment gateway. Under this, after entering the credit or debit card details, the gateway also asks for a one-time password for the customer’s authentication. This additional step ensures more control and safety over online transactions. Furthermore, the convenience fee is the same for both payment gateways. Convenience fee means the convenience offered to the customer for paying from a method other than the standard payment method on the merchant’s platform. Thus, for the same fees, you get more security in the 3D payment gateway. 

3D Payment Gateway Advantages

A 3d payment gateway does have some advantages, here is a list of them:

• Enhanced security to both customer and merchant’s account
• Reduction in online frauds
• Protection to merchants against chargebacks filed under fraud reasons
• Increased customer satisfaction

2D Payment Gateway vs 3D Payment Gateway 

PayU Payment Gateway – Your Search Ends Here

Before selecting a payment gateway, you must research its payment methods, encryption models, software, ease of transactions, etc. One such leading financial provider that can solve all these online payment needs is PayU. Here is how. 

Conclusion

After reading this article, you must have realized that a payment gateway is not only limited to transferring money. These are being used to integrate different tools, fraud and risk management, and more. Invest in a 3D payment gateway and save yourself from the stress of disputes, frauds, and more.

FAQs

The post 2D vs 3D Payment Gateway: Which’s Better? appeared first on PayU Blog.

How Does A Payment Gateway Work

A Payment Gateway plays a vital role in every online transaction taking place globally. It authorizes transactions between merchants and customers.

Let’s delve a deeper into the sequence of events during the checkout process –

1) Once the customer confirms the order and selects the payment option, the customer’s browser encrypts the payment information and sends it to the merchant’s website. This encryption is done via Secure Socket Layer (SSL). For this process, the merchant needs to be SSL certified. This encrypted information is then passed on to the Payment Gateway by the merchant’s website.

2) The merchant’s chosen payment gateway takes over from here on.

3) This Payment Gateway forwards the encrypted information to the merchant’s bank.

4) If the chosen mode of payment selected by the customer is a debit or credit card or any e-wallet, then the bank would further forward this encrypted information to that association, which in turn forwards it to the issuing bank.

5) If the chosen mode of payment is net banking or UPI transaction, then this encrypted information goes directly to the relevant bank’s servers to the customer.

6) The customer’s bank then checks the customer’s account to ascertain the availability of funds and other criteria like CVV or Pin match, any limits set by the customer, etc.

7) On assessment, if the transaction fulfills all the specified protocols, the client’s bank approves the transaction. If there is any mismatch in data or non-availability of funds, the transaction is declined.

8) This response is coded and sent back to the Payment Gateway.

9) The Payment Gateway then forwards this response to the merchant by duly approving or declining the transaction.

How Crucial Is A Seamless Payment Gateway?

The entire process needs to be super swift and requires a well-coordinated effort between all the parties concerned. The efficacy of the Payment Gateway rises to the fore here. A reliable Payment Gateway working with optimum speed should be able to complete this entire process in a matter of seconds.

The role of a Payment Gateway does not end here. Till this stage, the status of the transaction, whether approved or declined, is determined. But the merchant is yet to be paid. It is here that the second stage of the Payment Gateway’s process kicks in.

1) On receipt of approval, the merchant sends this sanction code to their bank via the Payment Gateway.

2) The merchant’s bank then deposits the sanctioned amount into the merchant account of the vendor or in the aggregated merchant account of the Payment Gateway.

3) The payment is finally transferred to the business’s bank account from this merchant account.

About The Merchant Account

The need for a merchant account here is two-fold. It acts as a safeguard for business clients and credit card companies. It holds the money safely for a transitionary period until the order is completed to the customer’s complete satisfaction. If there are any issues with the e-commerce order, the client is refunded from the merchant account.

There is an option for the vendor to either have their merchant account or choose the aggregated merchant account offered by the Payment Gateway. The choice is made considering the cost factors involved and the cash flow duration in each case.

How Are Payment Gateways Regulated In India?

 The business owner needs to understand how Payment Gateway works in India. RBI guidelines regulate the workings of Payment Gateways. Vide a circular dated March 17, 2020, RBI has issued “Guidelines on the regulation of Payment Aggregators and Payment Gateways”.

What Is The Ideal Process For A Payment Gateway Selection?

 The selection of a Payment Gateway also depends on how it can be integrated into the merchant’s website. Software developers generally carry out this task for the merchants. Knowledge of PHP, Java, or C# coding is essential for this job. How a Payment Gateway works in PHP and how a payment gateway works in Java or C# needs to be tested exhaustively before making it live.

Ready-made software is also available that allows the merchant to blend the Payment Gateway with their website without coding.

 In India, PayU India offers the service of Payment Gateway with the best success rates. It already has a broad base of satisfied clients. Some of the salient features of partnering with PayU India are – 

• PayU India offers more than 100 payment options for your customers.
• PayU India allows you to accept international payments as well.
• PayU India ensures fast and easy-to-use operations.
• PayU India provides extreme safety and world-class security.

Conclusion

With a strong push towards digitization, merchants now realize the importance of online presence. There are so many businesses that are now available only online. The selection of the right Payment Gateway is critical to the success of an e-commerce venture. Merchants can read the above pointers carefully and make good business decisions.

FAQS

The post Top 9 Steps To Know How A Payment Gateway Works in India appeared first on PayU Blog.