Ecommerce Websites: PayU Paisa Payment Gateway for Individuals and Non-Registered Businesses
Integrating payment gateways for e-commerce sites, usually require a business to be a registered entity i.e. a sole proprietorship, a pvt. ltd., etc. But here is an option for you to sell online and start accepting online payments even without registering your business. How is that possible? Well, here’s the solution. Pa48yU Paisa is essentially payment gateway solution for individuals and the following is a review of the payment gateway.
Q.How do I accept online payments, if my business is not registered?
A. PayU Paisa is necessarily a savings account payment gateway for individuals. You can start receiving payments on your online store, even if your business is not registered. The only pre-requisite is, you should have a Savings Bank A/C. And you can start accepting online payments on your store in just 48 hours.
Q. What is PayU Paisa?
A. PayU Paisa is a leading online payments solution company in India, which started operations in October 2011. And since then it has grown into the fastest growing consumer payment processor in the online payment space. As of now, PayU Paisa boasts of having more than 1200 merchants on board.
Q. What documents are required to integrate PayU Paisa on the online store?
A. To integrate PayU Paisa on your online store, you only need to submit 2 documents, namely:
- Your Pan Card copy, and
- Your Savings Bank Account details + Address Proof
Q. What are the different charges levied with PayU Paisa PG?
A. There is absolutely no Setup fee or AMC levied with PayU. The only charge borne by you is the TDR% i.e. Transaction Discount Rate. Details of which are as follows:
|Different Charges||PayU Paisa Payment Gateway|
|TDR%||3.2% + Rs.3|
Q. How do these charges translate per transaction?
A. Given below are 2 examples to help you better understand the per transaction costs that will be borne by you.
|Transaction Amount||Rs. 100|
|TDR%||3.2% + Rs.3.0|
|Transaction cost||Rs. 3.20 + 3.00 = Rs. 6.20|
|TDR%||3.2% + Rs.3.0|
|Transaction cost||Rs. 6.40 + 3.00 = Rs. 9.40|
PS. The Rs.3 in the TDR% is the fixed component.
Q. Is the above transaction cost, inclusive of service tax?
A. No, the above costs are NOT INCLUSIVE of service tax.
So when service tax, i.e. 12.36% is levied on the above numbers, the transaction costs are:
|Transaction Cost||Rs. 6.20|
|Service Tax||12.36% = Rs. 0.77|
|Total Transaction Cost||Rs. 6.20 + 0.77 = Rs. 6.97|
|Transaction Cost||Rs. 9.40|
|Service Tax||12.36% = Rs. 1.16|
|Total Transaction Cost||Rs. 9.40 + 1.16 = Rs. 10.56|
Q. How long does it take the payment gateway to get activated?
A. PayU Paisa offers immediate activation of the payment gateway i.e. within 48 hours of the PayU Paisa receiving the papers.. Unlike other payment gateways which take 15-20 working days. So, for all who need to integrate payment gateways urgently, PayU Paisa seems the viable option.
Q. How does PayU Paisa work?
A. So here’s how PayU Paisa processes the transactions on your store:
- Customer A buys the product from your store and makes a payment
- PayU Paisa receives the payment on your behalf and sends you (the store owner) a notification about the same
- After receiving the notification, you dispatch the product to customer A
- Customer A receives the products
- You enter the Order Received details on your PayU Paisa Merchant Portal
- PayU Paisa sends a notification to Customer A to confirm order received
- PayU Paisa waits for customer to confirm delivery of the products for a period of 3 days. As soon as customer confirms, payment is transferred to your (the store owner’s) bank account. If customer doesn’t cofirm within the 3 days, PayU Paisa still transfers the payment to your account, at the end of 3 days.
Q: Why does PayU Paisa release payment only after they receive a confirmation from the customer?
A. In India, the payment gateway space is rather complicated; having a registered business and all makes it complicated. Two of the major pains of getting a payment gateway are:
1. Loads of paperwork needed to get a registered payment gateway for your business
2. High turnaround time after you have sent in your papers. It takes about 15-30 days to completely activate all payment options on your site.
Hats off to PayU Paisa for having saved all of us from these trials. They are taking a big risk on your part, to accept payments online without much documentation.
And that is why, by releasing a payment only after the customer acknowledges delivery of the product, they are making sure no fraudulent activities take place through their payment gateway.
Q. How is PayU Paisa different from the other more conventional payment gateways?
A. Like mentioned earlier, PayU Paisa is a payment gateway alternative for non-registered business i.e. individuals with nothing more than an individual savings A/C. Some of the other points of distinction are listed below:
|Conventional Payment Gateways||PayU Paisa Payment Gateway|
|Requires a company to be registered||No company registration required|
|Needs a Current bank A/C in the name of the company||All you need is an individual Savings bank A/C|
|Loads of documents required to get an authorized payment gateway||Just a Savings bank A/C and a PAN Card required|
|15-20 working days required to activate payment gateway||PayU Paisa is activated on your store within 48 hours of the PayU Paisa receiving the papers.|
|Store owner receives payment in T+2 days||Payment is received as soon as customer confirms delivery|
Q: Is PayU Paisa trustworthy?
A. We understand letting someone else handle your transactions is scary. But trust us when we say they are completely trustworthy. Otherwise we would have never have listed them, to begin with.
Q: Whose name will appear on the credit card statement of the customer?
A. The statement will record that a payment of so and so amount has been made to PayU Paisa. Which means that the transaction will be filed under PayU Paisa’s name.
Q: Where can I see PayU Paisa live in action?
A. Here are 3 of the Zepo online stores that are using PayU Paisa for their online transactions. You can place an order on any of these, to get a feel of it.
We at Zepo have integrated PayU Paisa for our online stores. So you are all ready set and go to get yourself the complete online store for your brand.