How to setup Payment Portal - step by step guide

Have you ever wondered what goes on behind the scenes to make online shopping so amazing? The payment gateway plays a crucial role in the online payment process.

In this blog we're going to explore how Payment Portal Gateways Work and how to set up a payment portal on your website.

What is Payment Portal Gateway?

A payment portal gateway is like a security guard for buying things online. When you want to buy something on the internet, you go to a website and pick what you want. When it's time to pay, the payment portal helps make sure your payment information, like your credit card number, is kept safe.

Have you ever wondered how you can buy cool stuff on the internet without worrying about bad guys trying to sneak into your piggy bank? Well, that's where payment portals come in – they're like the superheroes of online shopping, making sure everything is safe and sound.

How does it work?

1. You pick what you want to buy and go to the checkout page.
2. You type in your payment info (like your credit card number).
3. The payment portal takes that info and makes it super secure so bad people can't get it.
4. It sends that secure info to the bank that gave you the credit card.
5. The bank checks if you have enough money and if everything looks good, it says "okay" to the payment portal.
6. The payment portal then tells the website you're buying from that it's all good, and you get your stuff.

 

Let's break down the features of a payment portal

1. Payment portal keeps your payment info safe and make sure only the right people can see it.
2. It speed up the process, so you can get your stuff with just a few clicks.
3. It often provide analytics and reporting tools, allowing merchants to track and analyze transaction data, sales trends, and other relevant metrics.
4. It allow you to pay for the subscription services regularly,
5. Support for multiple currencies and languages for international transactions.
6. Support for various methods: credit/debit cards, net banking, digital wallets, UPI.
7. Some payment gateways use tokenization to replace sensitive data with unique tokens.

Best Payment portal gateways used in India

PayPal:Widely used for international transactions. Supports multiple currencies and offers a secure platform.

PayU: PayU is a global payment gateway that is popular in India. It supports multiple payment options and is known for its advanced features like tokenization for secure payments, subscription billing, and international payments.

Paytm: A widely used mobile wallet that also provides a payment gateway for online businesses. Offers a variety of payment options, including UPI, cards, and wallets. Paytm is commonly used in e-commerce, utility bill payments, and more.

InstaMojo: Known for its simplicity, suitable for small and medium-sized businesses. It supports multiple payment options and provides features like instant settlements, link-based payments, and integrated tools for selling digital products.

CC Avenue: One of the oldest and trusted payment gateways in India. Supports multiple currencies and offers a range of payment options. It is suitable for various industries, including e-commerce, travel, and utilities.

PhonePe: PhonePe's solution for businesses, enabling merchants to accept digital payments through the PhonePe platform.

Cashfree: Known for its quick onboarding process and smooth integration. Supports multiple payment modes, including UPI, cards, and net banking.

Bill Desk: A reliable payment gateway for bill payments, online purchases, and mobile recharges. Trusted by several banks and businesses.

Different Types of Businesses in Payment Portal

 

Subscription (Based Portal): Some payment gateways are designed to handle recurring payments, which are commonly associated with subscription-based models. In a subscription-based payment gateway, customers can set up automatic, periodic payments for services or products that they subscribe to.

Imagine you have a favourite online game or a video streaming service. A subscription-based payment system is like signing up for these services where you pay regularly, maybe every month. It's like having a membership that automatically renews, so you don't have to keep entering your payment details every time.

One time payment portal for E-commerce: A one-time payment portal for e-commerce is a system that allows customers to make a single payment for a product or service without any recurring charges. In simpler terms, when you buy something online using a one-time payment portal, you pay for it once, and there are no additional charges or ongoing subscriptions. For example, if you're purchasing a pair of shoes from an online store and you see a "one-time payment" option, it means you'll only be charged for the shoes you're buying, and there won't be any automatic renewals or regular charges in the future.

Categories of business

Company:

1. Private limited Company
2. Public limited Company

Limited Liability & Firms

1. Limited liability Partnership
2. Partnership Trust

Individual

1. Sole Proprietorship

Things to required for Private limited business payment gateways subscription

There are different types of Business Registrations like: a private limited company(Pvt. Ltd.), Limited liability property (LLP), Sole proprietorship, etc. And Documents for registration (For India) is different for different Businesses.

Here are the complete list of Documents that you required to get the payment portal for any type of above mentioned Business.

1. Company Documents

1. GST No.
2. Certificate of Incorporation (CIN no.)
3. Company’s Pan Card

2.Personal Data

• Pan Card (Owner or Signatory (who have authority to sign)
• Address Proof (of signatory)

3. Company's Bank Details

• Account Number
• IFSC Code

When choosing a payment gateway, it's essential to consider factors such as ease of integration, transaction fees, security features, and the specific needs of your business.

Now let's setup your own payment portal with your website in series of steps.

Steps by steps guide: Setting up payment portal on your Qafto website

 

Step 1: Account creation

The first step is to create an account on the payment portal gateways. To do this, you need to provide certain information such as your phone number, email address, your name, and the name of your company.(Fill the number, Email, Name, Company Name, etc.)

Step 2: Verifying legal details

After creating the account, the next step is to verify legal details. This typically involves providing official credentials to confirm the legal and status of your business. (This could include GST, Company number,  information about authorized signatories, Pan Card, Address proof)

Step 3: Integrate the API keys with Qafto

Once your account is created and legal details are verified, the next step is to integrate API keys with Qafto. API keys are a set of codes that allow one software application to interact with another.

Conclusion

Making sure that everything is done correctly and taking the necessary time is crucial when it comes to a payment gateway. Every step of the process requires special attention. It is vital to manage service transactions accurately to satisfy customers and establish the trustworthiness of the portal. Additionally, being transparent about all fees is paramount in building trust. When everything goes smoothly and is well managed, using a payment gateway becomes a positive experience for everyone involved.