Payment gateway license in India is one certification that is every enterprising tech-oriented business owner is seeking these days. However, to obtain it, you have to be precise when it comes to documents to be submitted to the Reserve Bank of India. In this article, we are going to take a look at those documents.
A payment gateway license is a mandatory certification issued by the Reserve Bank of India to those who have the technological, legal and financial capability to run a payment gateway in India. Without it, no payment gateway can be allowed to operate within or outside of Indian borders. Additionally, because of the complexity of business, RBI doesn’t consider just everyone suitable for this certification.
Therefore, to obtain payment gateway license, India’s government has made it mandatory that the applicant comes up with the right set of documents at the time of submitting the application. These documents will inform the Reserve Bank of India about your eligibility, your financial capability, and your technical expertise of running a payment gateway in the country.
Documents Required for Payment Gateway License in India
Following are the documents that the Reserve Bank of India uses to assess your value as an applicant for RBI payment gateway license:
- Certificate of incorporation of your company: As you need to be an incorporated business entity to apply for the aforementioned license.
- FORM A: The application addressed tot eh Chief Manager of the Department of PSS
- PAN card of all the directors of the company: Each and every director of the applicant company should possess a PAN card. If they don’t, you need to appoint another director
- Digital Signature Certificate of the Directors of the company: The process of payment gateway certification is partially online. Thus, you’re required to present the DSC certificates of all the directors of your company.
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- Address proof of the registered address: Present the address proof of the place your company is headquartered in. It’s the registered office that RBI is going to use to contact you just in case.
- Bank Account details of the company: If you’ve read up on the eligibility criteria, you’re already familiar with the stringent net worth requirement for obtaining a payment gateway certificate.
- Business Plan: Draft a business plan that can double the net worth of your payment gateway company after three years of operation.
- GST registration certificate: Provide a GST registration certificate. It’s important and if you have yet to get the certification for GST, do it as soon as possible.
- Software code of the payment gateway: The RBI analyses the functionality and the security of your payment gateway using its own engineers. Thus, you need to provide RBI with the source code of your payment gateway.
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The payment gateway license cost for obtaining the license to operate an electronic transaction system doesn’t only include money. It needs effort and technological knowledge on your end. Therefore, always consult with payment gateway experts before you apply for the license to operate it. We can do that for you. If you seek a payment gateway license, you’d need help in filing the application, analyzing the documents, and getting PCI DSS certification. Fortunately, for you, we can provide you with all three services.