Can you imagine payment gateway license in India’s dream of digital economy becoming a reality without more payment gateways? Of course you can’t. Similarly, you can’t expect to get payment gateway to become operational out of thin air. You first need to obtain the payment gateway license for that.
As a license, payment gateway registration is the most important one. That importance has compelled the RBI to make the payment gateway registration process hard. You can’t do it on your own. While you can formulate a business plan (trust me, if you’re smart enough to code a payment gateway, you’re smart enough to come up with a business plan) and have a good net worth, you can’t go through the process to obtain Payment Gateway registration.
Why is that?
- Because running a payment gateway is an involved process requiring your full attention. You won’t be able to pay the same attention the payment gateway license,
- Because the process of RBI payment gateway license is not an easy one,
- Because the ramifications of not receiving the license on time are severe, and you can’t expect yourself to be vigilant enough about the licensing process to be timely.
So, what’s the solution? At hindsight, it’s a simple one. You require someone who has the time to be vigilant on the licensing process, someone who understand the payment gateway certification process from the inside and out, and someone who can give full attention to the procedure of obtaining the license. That someone can only be one – the business consultant.
Thus, in this article, we are going to explain to you how can a good business consultant help you get the payment gateway license in India.
Eligibility Criteria: The roadblocks that RBI has put forth to deter people from filing for payment gateway registration in India
There used to be a time when anyone with a semi-strong financial background could start a payment gateway and become a unicorn. Those days are nearly gone. Now, the government expects for you to have every financial facet of your business covered. No money, no business and thus, no license. So, here is the eligibility criteria that you need to fall under before you’re allowed to file the payment gateway application:
- Net Worth: If you’re a non banking financial company, you need to have at least 15 Crore rupees net worth to apply for the license.
- Business plan: You should also have a prepared business plan that can increase your net worth from 15 Crore to 25 Crore within the first three years of business.
- Company incorporation: No sole proprietor or a partnership firm is allowed to file the application for payment gateway license India. The only way to apply for it as an entity that’s incorporated under the Ministry of Corporate affairs – a private limited company or a public limited company.
- Criteria to register a foreign payment gateway: If you’re already an established payment gateway from a foreign country, you can get payment gateway certificate. But, you won’t be allowed to conduct transactions beyond a certain amount. The RBI would decide that amount and it will change over time.
- PCI DSS certification: If your payment gateway doesn’t follow the Payment Card Industry Data Security Standard, it won’t be allowed to be operational.
How can consultants help you become eligible for the payment gateway license
For a business consultant, filing the application for online payment gateway registration is an easy part. The challenging aspect of getting the license is becoming eligible. Seasoned business professionals willingly accept that challenge and do the following to make you eligible for the RBI payment gateway license.
- Helping you with the finances: Just having the money is not enough, you have to strategically place it meet the demands of RBI. The payment gateway business professionals come from both technical and financial domain. Many of them are chartered accountants that can assist you with the finances so that you can meet the net worth.
- Helping you formulate a business plan: While we have full faith in you to handle the business planning aspect of the license, a little help goes a long way. Seasoned chartered accountants, as business professionals can assist you creating a business plan with high growth projections.
- PCI DSS certifications: The Payment Card Industry Data Security Standard only certified those payment gateways that can handle concurrent transactions without compromising security of the confidential data of the end users. The technical business professionals can add some tweaks to your payment gateway to make it certifiable by PCI DSS.
After helping you meet the eligibility points, the professionals then focus on helping you file the application for payment gateway license RBI. All they need from you is that you have enough money to bear the payment gateway license cost – both government and professional. And in return, they will provide you end to end assistance.