If you are someone willing to provide a new payment gateway to the people of India, payment gateway license that you should go after. What is it? It’s the license to start a payment gateway in India under the blessing of Reserve Bank of India. Without it, no bank or card company is going to give you access to their modules. But once you have it, there will be no limit to the amount of profit you can generate.
However, getting the payment gateway license in India is not a child’s play. There are eligibility criteria, documents, procedures, terms and conditions that you need to follow. More importantly, there are some points that you need to remember if you want to start a payment gateway business.
Before bearing the payment gateway license cost, you have to get the gateway certified
A payment gateway license is not the only certification that you have to keep in mind, you also need to acquire the PCI DSS certification. Payment Card Industry Data Security Standard is the one body that decides whether or not your payment gateway technology is worth anything. Following are the factors that decide its worth:
- Is the downtime low?
- Is the data secure?
- Does the transaction happen smoothly?
If your payment gateway matches with the aforementioned parameters, you can obtain the payment gateway license in India.
You need to have the financial stability to maintain your business
If you don’t have an ounce of financial stability, then regardless of how technologically forward your payment gateway is, RBI won’t give you the RBI payment gateway license. As per the requirements, you need to have at least INR 10 Lakh of net worth to start your business. In any case, without this set amount of money, the Reserve bank of India won’t take you seriously as an applicant.
You need to look and re look at the application before submitting it to the RBI
Don’t just attach the payment gateway license fees with the application at the time of filing it. Wait for a minute. Step back and look at the application form you have filled. Even a little mistake can cost you a lot when you consider that must of that payment gateway license cost is one-time and doesn’t have a refund – meaning once you’ve paid it, consider it gone.
Therefore, make sure that your application has been filed correctly from the start. If it’s not, you’ll face a lot of issues down the line.
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Get the right assistance that you need
You’ll need help in the following matters when you file the application of payment gateway license:
- You’ll need assistance when filing the application
- You’ll need assistance when the RBI would possibly reject your application
- You’ll need help meeting other requirements for the Payment Gateway License.
Thus, in any case, you’ll need the assistance of the experts in this regard. All you need to do is reach out to Registrationwala and start the process. Here are the points to remember if you want to get payment gateway license in India. Read it thoroughly if you wish to start your payment gateway business early.