4 tips to setup the best payment gateway in India
Here are the 4 tips to setup the best payment gateway in India. And they are not your standard tips, for they are going to maintain the status quo of your payment gateway.
Payment gateways are important foundations of India Digital only economy. Without them, India cannot hope to attain the transparent economy it's aspiring. Perhaps, this desire is the very reason why over the past few years, multiple payment gateway license are issued - paving the way for many payment aggregators.
However, you don't know about all of them, for only some of them were able to garner the attention from the government and the people. Thus, in this blog, you will know about the security framework that will help your payment gateway stand inside the regulatory norms of RBI and stand out among the Indian crowd.
Here are the tips to setup the best payment gateway in India.
Read More License: Insurance Broker License
Meet the PCI DSS Standards
PCI DSS or the Payment Card Industry Data Security standard is the lowest level that your payment gateway should meet to be considered anywhere near the best in India. In fact, it's the least requirement to obtain the payment gateway license in India. Meeting this standard meets living up to the following requirements:
- Your payment gateway should be able to work with the least amount of downtime.
- You should have some extra security protocols in place to protect the personal information of the customers who end up using the payment aggregator.
- You should also create a proper framework for the merchants to follow
Making the merchants follow the compliance requirements
The merchants that are integrating your platform on their websites also have the responsibility. The way they are implementing your payment gateway shouldn't in any way alter its nature. Additionally, compliance requirements for a payment gateway say that under no circumstance, information more than required is to be collected from the payer. Thus, you need to keep a close eye on those who are using your payment gateway for, for even a little negligence can make you lose the payment gateway license. And when you lose the license, you won't have what it takes to make your payment gateway the best - the gateway itself.
You shouldn't store the payment card details of your customers
As a payment gateway aggregator, you have only two following tasks:
- To provide a secure tunnel inside which the transaction can take place.
- To establish safeguards so that card information cannot be compromised.
What you're not allowed to do is store the debit or credit card credentials of the customers. While they are required during the transaction. As soon as the data is sent and the decryption is initiated, your payment gateway should remove the card information.
Always be inspection ready
It's the RBI that issues you the payment gateway license and it's the CERT-in body responsible for overseeing your work. In short, you're always going to be working under someone's eye. Thus, at any point in time, these organizations might seem to run an inspection on your payment gateway. When that inspection happens, two things can happen to you. You're either going to gain notoriety for maintaining an abysmal standards for your payment gateway or, you're going to retain your payment gateway license in India. If you want to be counted among the latter, you need to always be ready for inspection, which means keeping your payment platform in top shape at all times.
To be called the best payment gateway in India, you have to go beyond just providing user friendly features or additional discount. You have to aspire to be more trustworthy in eyes of both the people RBI - the body that issues you the payment gateway license. If you can do that, there is no one who can stop you from transcending as the most sought after payment gateway license in India.