PAYZIPPY a new avatar of FLIPKART

Flipkart has launched its own payment gateway, Yep that’s the hot news as of now!! It has launched its payment gateway services in the name of PAYZIPPY and you can visit their website @ www.payzippy.com. The company has offered competitive rates compared to CC avenue, which holds almost 80% + merchants online.

The MDR % for credit card of payzippy are as follows

Credit Card Pricing

Monthly Transaction Value	Standard Pricing	Promotional Pricing*
Rs. 0-5 lakhs	3.5%	3.5% 2.5%
Rs. 5-10 lakhs	3.25%	3.25% 2.25%
Rs. 10-25 lakhs	3%	3% 2%
Rs. 25-100 lakhs	2.5%	2.5% 2%
Rs. 1 Cr +	Contact us for a custom quote

The promotional pricing is for a term of 6 months after which the MDR% will rollback to standard pricing.

The highlights of PAYZIPPY are

1) PAYZIPPY does not ask for one time setup cost and its absolutely free.

2) It offers 0.75% MDR on debit cards for transaction amount less than Rs.2000 and 1% MDR on debit cards for transaction amount above Rs.2000 the lowest (as far as i know) in MDR% for debit cards.

3) PAYZIPPY quick checkout. An option for online shoppers to save their used card data ( Not the CVV) to complete the payment process soon.

PAYZIPPY Still need

1. Net Banking
2. 2 EMI OPTIONS
3.  Recurring payments
4. Foreign card acceptance.

And they are working on it as well. And they claim to have tested the fraud prevention mechanism of PAYZIPPY at flipkart. And flipkart is to use PAYZIPPY and both will operate as individual entities. They aim at bringing 2000 merchants onboard by 2014.

The risk of the business stands at handling chargeback and refunds and transaction success ratio, Let us wait and see on how flipkart, sorry PAYZIPPY handles payment industry.

Interesting Infographic on chargeback

Payment gateway - Part 2

Hi people,

So moving on to the part 2 of the payment gateway stuff, I would like to discuss on

• Shopping cart
• Security
• Card Security

SHOPPING CART:

It is like the skeleton of ecommerce website. Shopping cart is a software which helps you arrange your products in the website and list them. 

People can choose the required items and once when the click on CHECK OUT. The shopping cart will contain all items they ordered for and will display the total value of the purchased items.

Given below is shopping cart provider to name a few.

1. Magento
2. Bigcommerce
3. OS commerce
4. Zen cart

Cloud Based shopping carts (Hosted online)

1. Go magento
2. Ecorner
3. 3D cart

How will a shopping cart help a merchant?

It helps the merchant to be organized; it paves him the way to make his online store layout neat and attractive. At the end of the day, the merchant can download a shopping cart report to find a list of orders and its details on who has order, what are the items, payment status, transaction id and etc. This makes his job, less tedious and organised.

CHECK OUT:

It is the action to be triggered by the user once he/she feels that the purchase is done. It is typically like a customer in a brick and mortar super market getting a cart and getting the required products and walking to the cash counter. So here in an ecommerce website the CHECK OUT button indicates the end of purchase and directs you to the payment page.

SECURITY:

Once the CHECKOUT button is clicked it will direct you to the payment gateway were you can furnish your card details and make payments against the bill.

Here if you notice the web address will turn to https: and a green coloured padlock appears, which indicates that the link has switched to ssl secured.

What is SSL?

• SSL is Secure Sockets Layer
• It is the standard security technology for establishing an encrypted link between a web server and a browser. It ensures the data transferred between them remains private and safe.
•  You can even see google and facebook using ssl as their address appears in https:// and the padlock icon is viewable.

CARD SECURITY

Most people hesitate to buy online is because of fear of losing personal information and car holder data online. But the payment card industry has come up with the certification called PCI:DSS every merchant who saves or gets the card holders data must be PCI:DSS secured. PCI: DSS expands to PAYMENT CARD INDUSTRY: DATA SECURITY STANDARDS. It comprises of 7 parameters to be satisfied by every merchant or payment processor.

So when you buy online make sure the merchants site and the payment gateway are SSL secured and  PCI:DSS certified.

Here are few things to note on your credit or debit cards.

1. Your card will have 16 digits as it card number.
2. If the card number begins with 3 its AMEX CARD
3. If the card number begins with 4 its VISA CARD
4. If the card number begins with 5 its MASTER CARD
5. If the card number begins with 6 its DISCOVER CARD
6. The first digit should always match with the card brand.
7. The first four digits will be embossed just below the first four digits. Check if the first four digits and the embossed digits are the same.
8. Hologram.
9. And CVV is CARD VERIFICATION VALUE is the number you find behind your card. It is used for second level authentication during payments. CVV will be 3 digits.
10. In India RBI is requests people to enable 3-D secured password for a 3^rd level authentication during payment processing.

Hope you would have got the required insights.

Thank you :) 

Payment gateway and its basics!

Payment gateway is a service which helps merchants who have e-business online to receive payments. Payment gateway gives you the option to receive money from Debit and credit cards.

Who can provide you payment gateway?

• Banks ( HDFC, AXIS, SBI & etc.,)
• Third party providers ( CC Avenue, EBS, TRUPAY & etc.,)

What are the costs expected in payment gateway?

• One time cost
• Integration charges
• Annual maintenance cost
• Transaction discount rates

One time cost: The price at which the provider will give you the payment gateway kit for you to integrate it to the website. It varies from Rs.0 of cc avenue to prices quoted by banks. The kit will given to you customised as per the shopping kart (Magento, Joomla & etc.,) used by you.

Integration charges: Integration charges are the charges that are applicable to make the kit integrate to the website and perform the test transactions and thereby bringing the website to accept payments. Few providers will levy these charges.

Annual maintenance cost: The cost incurred for a whole year for maintenance and support.

Transaction Discount Rate (TDR): It is the % of transaction value deducted from total amount paid on purchase. The TDR for credit card varies from 1.8% to 6% and for debit card is from 0.75% to 1.25%.

Documents needed:

• The merchant will have to provide KYC documents as per the provider.
• The merchant will also have to sign up an agreement on stamp paper with the provider.
• The agreement will mention the Onetime cost, Integration charges, AMC and TDR.

Going live:

• After all the documentation process and the integration are done. The testing process will be done. Once the test transaction is successful, the merchant can go live.
• Just going online doesn’t mean profitable business, Efforts has to be done to advertise market and promote the product.

Hope you would have got some insights on Payment gateway!!

Thanks for viewing :)