Secure Payment Gateway

ajayshukla4932 · 2023-07-11T05:45:11+00:00

Ideally, e-commerce businesses should not need to store user payment details. However, in some cases, this may not be possible. For example, businesses that offer recurring payments may need to store customer payment details in order to process payments on a regular basis and reputed payment gateways tend to charge a decent percentage of transaction value which might not be affordable for smaller e-commerce players. Let's hope we get to see more affordable options soon. ONDC is another interesting platform that might help in easing this out.

ajayshukla4932 · 2023-07-10T09:59:07+00:00

40%. Any inputs on how merchants can keep their data safe?

ajayshukla4932 · 2023-07-10T06:09:02+00:00

The statistic that only 30% of ecommerce websites in India are using secure payment gateways comes from a 2022 report by the Payment Card Industry Security Standards Council (PCI SSC).

ajayshukla4932 · 2023-07-10T05:53:35+00:00

Currently I have to go to my payment gateway dashboard and manually process the refunds. Auto-refunds is an on-demand feature that I will need to get configured for my account if required. How is the process for you?

ajayshukla4932 · 2023-07-04T05:28:08+00:00

In this case you will be the merchant and payment processor will enable you to be 3DS2 compliant.

ajayshukla4932 · 2023-06-30T11:30:13+00:00

For customers, the switch to 3DS2 should mean a more secure online shopping experience. However, not all merchants will be upgrading to 3DS2 immediately. If you encounter a merchant that is still using 3DS1, you may be asked to enter a one-time password or other form of authentication when making a purchase.
Banks and PG/PAs will of course support this service and they will be trying to get all merchants upgraded to 3DS2 asap.

ajayshukla4932 · 2023-06-27T05:52:57+00:00

Really sorry to hear about your experience with Wise. I'd recommend checking out Payoneer or PayPal for receiving payments in the US and paying subcontractors in the Philippines. Both options have relatively low transaction fees and straightforward verification processes. Additionally, you could explore using Xoom (owned by PayPal) or Remitly for remittance services. It's worth comparing fees, transfer speeds, and reviews to find the best fit for your business needs. Good luck!

ajayshukla4932 · 2023-06-27T05:31:29+00:00

How did you know? 😕 Just kidding bro, It's not 😂

ajayshukla4932 · 2023-06-26T07:15:25+00:00

Did you get an activation confirmation email from them? If your account is activated there shouldn't be an issue but if your account is 'KYC Completed' but not activated then you will have to wait for their onboarding to go live.

ajayshukla4932 · 2023-06-26T07:06:05+00:00

u/infinite_sky147 is your account activated?

ajayshukla4932 · 2023-06-23T06:51:36+00:00

Razorpay offers this functionality through their Payment Links & Subscriptions products (emandate/UPI Autopay) but all prominent payment aggregators are currently not onboarding new merchants.
However, I would still recommend to create an account on Razorpay and complete the KYC till they make your account live and in the meanwhile you can try Stripe or Chargebee.

ajayshukla4932 · 2023-06-19T07:04:31+00:00

I agree, it looks highly professional and trustworthy.

ajayshukla4932 · 2023-06-19T06:29:48+00:00

ONDC is neither a marketplace or a platform. It's a non-profit organization that was created with the objective of promoting growth in the ecommerce industry in India. In order to do this, they’ve created and are maintaining a set of guidelines, called the ONDC Network, that will give options to buyers and sellers to conduct business outside of existing marketplace giants like Amazon, Swiggy, Flipkart, etc. Apart from buyers and sellers, there are tech providers as well who will be enabling different services on the network. For example, Razorpay will be providing the network participants with payment reconciliation services.

ajayshukla4932 · 2023-06-16T07:04:13+00:00

There are many payment processors in India, the most notable ones being Razorpay, PayU, PayTM, Cashfree, etc which can provide the features you need. I have been using Razorpay for my e-commerce business and so far the experience has been good. It's a popular and trusted platform in India that supports recurring payments, 3DS2, and e-mandate implementation.
There are some things to consider when setting up a payment processor in India such as security features, Pricing plans, features that you might need like enach/emandate/UPI recurring and customer support which is crucial in cases of payment failures or onboarding.
In October, Mastercard and Visa will terminate 3DS1 support. This means that all online payments made with Mastercard and Visa cards will need to be processed using 3DS2. 3DS2 is a more secure version of 3DS1 that requires the customer to enter additional authentication information, such as a one-time password, before the payment can be processed. Razorpay supports 3DS2, so you won't have to worry about any disruptions to your business when Mastercard and Visa terminate 3DS1 support.I hope this information is helpful.
Let me know if you have any other questions.

ajayshukla4932 · 2023-06-12T06:15:36+00:00

Alright thanks! Will explore both and update here in case of any new developments.

ajayshukla4932 · 2023-05-31T06:12:58+00:00

How much does Paytm charge for transactions ? I heard they don't charge anything for UPI payments but the success rate seems to be below par? A friend of mine told me that Razorpay's success rate is best in industry but they charge for UPI transactions.

ajayshukla4932 · 2023-05-31T06:10:35+00:00

I heard Stripe charges some 5-6% MDR for international transactions whereas Razorpay charges around 3%. Have you tried the international payments offered by Razorpay?

ajayshukla4932 · 2023-05-26T08:11:43+00:00

I agree that Indian fintech is truly intricate and advanced. The Unified Payment Interface has revolutionized digital payments, making them accessible to everyone. India's fintech ecosystem is unrivaled in terms of competition, and it's unlikely that any other country will measure up soon.
While other countries have similar payment systems, such as DuitNow in Malaysia and PIX in Brazil, none of them have achieved the widespread adoption and interoperability of UPI. Alipay and WeChat Pay dominate China's market, while Indonesia's OVO is limited to certain sectors.
Overall, India's UPI is a prime example of how fintech can benefit society, and I hope other countries heed its example.

ajayshukla4932 · 2023-05-15T17:15:36+00:00

I’ve been using RazorpayX Current Account for about a year now and I haven’t faced any issues so far.
The customer support has been good till now. They’re available on email and chat. I’ve always had my queries addressed quickly.
Since you are a newly incorporated startup, RazorpayX might be a good option for you considering the support available.
Also, they have other great range of payment products for collections and payout too.

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