When you start a
company, having an online store become essential. Especially when you start a
SaaS business, getting the transaction done through online is one of the
critical activities. Setting up store is comparatively easy in US. Most of the
Payment Gateways support USD and transaction in US. If you want to do
transaction in other currency or setting up store in other countries, the
payment gateway must have international transactions enabled.
If you are freshly starting the online transaction, you have to submit the company’s last two years revenue report. Once you receive the link, you have to fill the form and activate the account.
For this, you need the below details
In India, if you want to set up the store, it is very difficult. Most of the payment gateways like Google Checkout, PayPal, Authorize.net, ChasePaymentTech. are not supporting INR. In addition, from March 2011 onwards, these gateway providers must sign an agreement with RBI. If they don't sign that agreement, they are not authorized to provide online transaction service. Many providers not want to sign the agreement and stopped supporting in India. PayPal is working on the agreement (may be ready by this time) and they will definitely provide service in India.
Identify the top few
service providers. Check whether they are fulfilling your requirements. Then
check charges for the transactions. The charges will be between 2.15% and 2.75%
in addition to $0.25 per transaction. The rate for recurring billing
will be different. Discuss with the service provider and get the account creation link. They will
send you the account creation form after getting details like Transaction
Volume, whether you have used the online transaction or not etc.
If you are freshly starting the online transaction, you have to submit the company’s last two years revenue report. Once you receive the link, you have to fill the form and activate the account.
For this, you need the below details
- Payment Processor
- Employee ID Number (TaxID) or SSN number of the owner
- US Bank Account
- Bank Name
- Routing Number
- Bank Account Number
- Bank Address
- US Billing Info.
You have to have a US
bank account to start any sign up with the payment gateway. In addition to the
Gateway you have to sign up with a processor. For doing transaction in AMEX,
you must have the AMEX processor signed separately. The service provider like
Merchente-Solutions will automatically link the AMEX processor to the gateway
in addition to the Visa and Master card processors.
In India, if you want to set up the store, it is very difficult. Most of the payment gateways like Google Checkout, PayPal, Authorize.net, ChasePaymentTech. are not supporting INR. In addition, from March 2011 onwards, these gateway providers must sign an agreement with RBI. If they don't sign that agreement, they are not authorized to provide online transaction service. Many providers not want to sign the agreement and stopped supporting in India. PayPal is working on the agreement (may be ready by this time) and they will definitely provide service in India.
Saravanan
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