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Payment Terminology: Demystifying Commonly Used Payment Terms

So, you are a business owner looking for a payment gateway and someone suggested you to checkout WibmoPay and explained that WibmoPay will take care of transactions from different channels for merchant acquiring banks. And with their huge experience in the payment authorization, they are the best to handle your business payments.

Or, you are someone waiting for your refund and when you contacted your bank they replied to check with the merchant as the refund is processed by the payment aggregator and then released by the acquiring bank to your bank account.

We know it's hard to get these industry jargon and as a business owner have no idea how to explain payment terminology to your users? Well at WibmoPay, we have some ideas.

Here are the 15 most used terms in the payment industry:

Payment Aggregator/Payment Gateway- A third party payment aggregator is a company who bring all the available payment options in a single place and accepts payment on someone else’s behalf. An example would be an e-commerce store, you buy the products there, and you pay via any method available, be it UPI, Net Banking or any card/wallet. But the e-commerce store is not the ones who built them. They use an aggregator to accept the payments.

Merchant Account/Nodal Account- A merchant account is a pass-through account. Its sole purpose is to accept payments from users and transfer them to the business’s banks account. You can open one with your bank, or through a private service provider like WibmoPay. When you partner with us to get your merchant account, you’ll also get benefits like strong fraud monitoring to ensure safe and secure transactions.

User- A user is a person who is making the payment to a store via payment aggregator. This payment will route from her bank to payment aggregator and finally to the store’s bank account.

Cardholder- A person who has a credit card or debit card issued by a bank or any credit card network.

Authentication- Users aren’t always what they seem — which is why we have authentication. The person who is completing the transaction could be your family or a fraudster. So to verify the person’s identity we have 2FA authentication. As mandated by the RBI, every online transaction in India undergoes two levels of authentication: Verification of payment details: This helps the payment gateway recognize which bank your card belongs to so that they can process your payment faster. Verification of user: This is done through the OTP/PIN/CVV. When you enter these correctly, you essentially tell the bank that you are the person using the payment mode, and have initiated the request for payment.

Acquiring Bank/Merchant’s Bank- Acquiring Bank is a financial institution that maintains the merchant’s bank account and enables a merchant to accept and process card transactions on their store. The acquiring bank is responsible for receiving payment authorization requests from the merchant and sending them to the issuing bank through the appropriate channels.

Acquiring Processor/Service Provider- This third-party entity is sometimes an arm of the acquiring bank. A processor provides a service or device that allows merchants to accept credit cards as well as send credit card payment details to the credit card network. It then forwards the payment authorization back to the acquiring bank.

Credit card Network/Association Member- These entities operate the networks that process credit card payments worldwide and govern interchange fees. Examples of credit card networks are Visa, Mastercard and American Express. In the transaction process, a credit card network receives the credit card payment details from the acquiring processor. It forwards the payment authorization request to the issuing bank and sends the issuing bank’s response to the acquiring processor.

Issuing Bank/Credit Card Issuer- This is the financial institution that issued the credit card involved in the transaction. It receives the payment authorization request from the credit card network and either approves or declines the transaction.

Transaction- A transaction is an instance of buying or selling something. When you purchase a product or service from a merchant you make a payment against it. The process completes when you successfully authorised the payment and the product or service is provided.

Capture- When a payment is made on a store and authorized by the user, the money doesn’t show up in your merchant account until it is captured (which is automatic). It's like the acknowledgement of the transaction by the merchant, and once it is acknowledged, payment aggregator knows where to send the money as a settlement.

Settlement- Once the transaction has been captured, the funds will be then transferred by the payment aggregator to the merchant’s bank account, usually, it takes 2-3 days as the funds are being transferred from the bank to aggregator’s bank account and then from aggregator bank to store’s bank account.

Refunds- Refunds are the reversal of money paid to a merchant while making a purchase. A person can request a refund if she doesn’t receive the services as promised.

Chargeback- Chargebacks are different than refunds, a chargeback can be requested if the customer claims that the payment wasn’t made by her, in this case, the issuing bank or credit card issuer raises the request with the merchant to give the proof of service provided. The business has 15 days give the supporting documents or anything that can confirm the sale is not fraudulent.

TDR/MDR/Bank Charges- As you may have observed, to process a single payment various parties are involved and these parties charge a nominal fee on each transaction. TDR includes the charges charged by the bank/processing fee by card issuers and service providers. This also includes the charges by payment gateway for the service and products provided to manage the payment and finally the taxes involved.

Payments in India is constantly evolving and it’s easy for new businesses to get overwhelmed by all the terminologies and unfamiliar acronyms. We hope this guide helped you in understanding the industry and made your life easier.

And, if you have any questions or would like more information on how WibmoPay could help your business, please get in touch with us at 09599771577 or email us at help@wibmopay.com. We’d be happy to talk to you on any queries you may have.

Helping 1000+ businesses in all their payment needs via our infrastructure and solutions!

Team WibmoPay

[wibmopay]

The evolution of our payment system.

Mypoolin has come a long way since its beginnings as a platform for ‘all your payments with friends’. Today, we stand as an emerging payment solution provider for all your business need.

As our country is moving toward becoming a cashless economy, we have introduced various simple solutions for businesses to help you manage and streamline the cash in & outflow, track and distribute payments, simplified user/merchant onboarding.

Here’s our journey at Mypoolin as we are simplifying all your payments need.

Interested in managing money flow for your business?

To know more, simply fill this form or ping us at hello@mypoolin.com today to talk about your needs and how we can help you. We have already helped more than 1000 businesses achieve full potential in managing their money flow.

Mypoolin Team

[wibmopay]

Something special for you if you sit out of a co-working place

We break down walls so that we can break through in our businesses.

Co-working spaces throughout the world are empowering and actively mentoring startups on the know-how of the business world and providing their user with the best of space and time in accordance with their specific needs & budget.

So if you are someone, working out of a co-working space we have something special for you. Introduce us to your space manager and enjoy 50% discounted, fully compatible payment gateway / SME money management portal for your business. And an early access to all the news on payment solutions/features in the country introduced by the government or any private player who has tied up with us.

Our two major offerings for any growing start-ups and small & medium businesses.

Holistic Payment Gateway:

With multiple payment options such as credit card, debit card, wallets & UPI

Key networks supported — Visa, Mastercard, RuPay payments

Easy Customization

Smart Analytics

Fraud detection and reporting

Responsive Checkout

Dynamic Event Notifications

Business Portal:

Pay your employees — process payroll

Manage your finances — get a comprehensive view of all financial transactions on a dashboard

Pay your vendors and pay bills

Generate invoices and send a URL link to get paid digitally

Manage sales transactions, track incoming payments and link them to invoices

Get detailed reports, analytics, and MIS to manage payables, receivables and cash flow.

And if it’s not enough, we offer:

Best rates compared to other payment services providers

0% MDR on all UPI and debit card payments (up to & equal to Rs 2000)

Customisation as per your application and use-case

Dedicated support

To know more, simply fill the form below to talk about your needs and how we can help your business. We have already helped more than 100 businesses achieve full potential in accepting payments and managing their money flow. Click here to check-out our offerings.

Any questions whatsoever, give us a shout!

[wibmopay]

How to save 1000’s in commissions?

A penny saved is a penny earned — Benjamin Franklin 

When you own a small business, saving money can be tricky. You most likely to operate under a tight budget. Reducing expenses and preserving your resources in small ways can add up to make a big difference.

The good news is, there are plenty of ways you can cut back and reduce expense, but the one which we are offering will help you save more as your sales go up.

To help businesses like yours, we are offering one simple and neat integration to start accepting payments using any method, with a promise to provide the best rates compared to other payment service providers.

Following the Government of India directive, we have waived off the merchant commissions (MDR) on UPI & Debit card transactions up to Rs 2,000 to promote small business to grow and save on digital transactions. Thus making it a high time to increase your savings and take advantage of going digital along with your consumers.

While we have the best rates in the industry, we are promising following to give you an edge over your competition.

Multiple payment options: Available payment options such as credit card, debit card, net banking, wallets & UPI.

Better conversions: We have optimized our payment flow for minimum redirects. Thus, helping you get maximum sales.

No-hassles, fast integration: There’s a simple integration required to integrate our solution.

Instant settlements: Settlements made directly to your account within 24 hours.

High Success Rate: Since there are no extra redirects, only one step is required by the customer to put their details in order to approve the transaction. This promotes a higher success rate.

Instant and Low-Cost Solution: Payments are fast & low-priced than other modes of funds transfer.

If all this is not enough, let’s see how much you can save with our payment gateway:

Our solutions are here to help your business grow and save money, it’s your turn to go digital and help the country progress.

To know more, simply fill out this form, to talk about your needs and how we can help your business. Already helped more than 100 businesses achieve full potential in managing their money flow. Click here to check-out our offerings.

[wibmopay]

Marketplaces, this one is specially for you!

We know that running a marketplace is quite challenging. It’s really to build an entire system for managing money flow. Paying the vendors after taking your commissions, integrating multiple payment gateways and also managing payments to different bank accounts! This is why we have introduced the one and only payment infrastructure that will fulfil all your needs.

Our specially designed solution help you to access, analyze and streamline the cash inflow & outflow, track and distribute payments within your organization and all the associated players.

Holistic Payment Gateway:

From traditional web and mobile purchases to wallets and in-app purchases, to split payments, consumers are pushing merchants in all possible directions. While consumers are demanding flexibility, businesses require effective and low-cost options while meeting demands of their own customers whether they are other businesses or consumers.

Features:

Multiple payment options such as credit card, debit card, wallets & UPI

Key networks supported — Visa, Mastercard, RuPay payments

Easy Customization

Smart Analytics

Fraud detection and reporting

Responsive Checkout

Dynamic Event Notifications

Business Portal:

It allows you to carry out digital payments to anyone associated with your business i.e. vendors, service providers, agents and even employees’ payroll. The whole system runs on top of national standard IMPS/NEFT and the new UPI, meaning it is always instant, highly secure and works with all the banks.

Features:

Pay your employees — process payroll

Manage your finances — get a comprehensive view of all financial transactions on a dashboard

Pay your vendors and pay bills

Generate invoices and send a URL link to get paid digitally

Manage sales transactions, track incoming payments and link them to invoices

Get detailed reports, analytics, and MIS to manage payables, receivables and cash flow

We have the best plans for growing start-ups and small & medium businesses.

To know more, simply contact us today to talk about your needs and how we can help you. We have already helped more than 100 businesses achieve full potential in managing their money flow.

Time to add high-speed wings to your business!

[wibmopay]

What does the latest NPCI circular mean on inter-operability?

NPCI has set rules for all the apps providing UPI for fund transfer. A circular titled “Guidelines on Interoperability features for all BHIM UPI Apps” was issued on 16th March 2018.

The NPCI has given the time until 16th April 2018 to comply the interoperability rules. The rule is applicable to all the UPI apps whether they are bank apps or merchant/third-party UPI apps.

UPI ID or VPA facility is Mandatory

If any payment app is using UPI platform must give facility of sending money through the UPI ID or VPA.

For Merchant Apps, sending money through the UPI ID or VPA is optional.

Support for Collect request from any BHIM UPI ID (VPA)

The UPI Payment system gives you the facility to request money from someone. UPI Collect request is used while merchant transactions, one should know the UPI ID or QR code of the payer to complete the transaction.

Bharat QR Code

All UPI app should adopt the Bharat QR system. This enables them to generate and scan Bharat QR code, which can be used to collect or pay the amount. The Bharat QR code is a universal code and any UPI app can scan it and pay the money.

For Merchant App, QR code generation is not mandatory, however, it must accept payment through the QR code..

Respond to Intent call on the same phone by any BHIM UPI app or merchant

This enables apps on the same phone communicate with each other. The transaction started in one app can be completed on other apps within the device that can support the intent on phone.

This compliance is not applicable to the merchant apps collecting or receiving payment using BHIM UPI (apps not onboarding/ registering on BHIM UPI or not creating exclusive VPA on merchant app).

Why this is important?

As we know, transactions across UPI reached a new peak in January. The transaction volume was 151.7 million, up around 4% from 145.5 million in the previous month. The value of transactions rose around 18% to Rs155.4 billion in January from Rs131.4 billion in the previous month, according to provisional data released by RBI for the month of January.

This circular will force all the platforms to be interoperable and works based on open standards. The main purpose is to offer convenient and secure offerings, providing multiple choices to consumers for rapid adoption of digital payments.

At Mypoolin, we recently launched our full-fledged payment infrastructure supporting UPI, Debit & Credit cards with major wallets.

We have the best plans for growing start-ups and small & medium businesses.

To know more, simply contact us today to talk about your needs and how we can help you. We have already helped more than 100 businesses achieve full potential in managing their money flow.

Time to add high-speed wings to your business!

Looking for money management solutions for your business?

Please fill out a quick survey to help us understand your requirements — https://mypoolin.typeform.com/to/Pll82a.

— Mypoolin Team

[wibmopay]

In the Insurance or lending industry? Explore our payments infrastructure

The global insurance industry is worth nearly $5 trillion, and traditional insurance companies are at a risk of losing their market share to new entrants. Due to slow modernization and adoption of new technology by the incumbents, this has created an interesting competitive landscape.

We at Mypoolin are hell-bent on designing solutions to simplify the money management in your business and making your daily life 10x more efficient. Let us introduce the one and only payment infrastructure that will fulfil all your needs.

After doing an analysis on insuretechs in the market and their needs, we have two cool products in the market which streamline, track and distribute payments that happen within your organization and all the associated players.

Business Portal:

It allows SMEs to carry out digital payments to anyone associated with your business i.e. vendors, service providers, agents and more. The whole system runs on top of national standard IMPS/NEFT and the new UPI, meaning it is always instant, highly secure and works with all the banks. The same solution can also disburse your payrolls. The portal also provides detailed, crisp analytics slicing data from varied lenses to gather actionable insights. Information can be accessed anytime and anywhere.

Following are the features -

Click here to view the demo `Mypoolin: Online-Aggregator-SME-Dashboard`

Manage your finances — get a comprehensive view of all financial transactions on a dashboard

Pay your employees — process payroll

Pay your vendors and pay bills

Generate invoices and send a URL link to get paid digitally

Manage sales transactions, track incoming payments and link them to invoices

Get detailed reports, analytics, and MIS to manage payables, receivables and cash flow

Holistic Payment Gateway:

The payment ecosystem has been evolving at a rapid pace. Consumers and businesses are not just going full digital, they are demanding payments to meet their way of doing purchases. From traditional web and mobile purchases to wallets and in-app purchases to split payments, consumers are pushing merchants in all possible directions. While consumers are demanding flexibility, businesses require effective and low-cost options while meeting demands their own customers whether they are other businesses or consumers.

Following are the features:-

Key networks supported — Visa, Mastercard, RuPay payments

Multiple payment options such as credit card, debit card, wallets & UPI

Payment Invoices

Easy Customization

Smart Analytics

Fraud detection and reporting

Smart Routing

Responsive Checkout

Dynamic Event Notifications

Best In Class Support

We have the best plans for growing start-ups and small & medium businesses.

To know more, simply contact us today to talk about your needs and how we can help you. We have already helped more than 100 businesses achieve full potential in managing their money flow.

Time to add high-speed wings to your business!

—

Mypoolin Team

[wibmopay]

How To Rock That Group Experience With Mypoolin

Looking for an adventurous outing or a spontaneous tour?

A getaway or a unique experience with a group of friends can be one of the most fun things you can do, but the planning can be a big headache. Well! don’t fret, as we are here to help.

Simply create a pool on Mypoolin and invite your friends within seconds after choosing your desired experience from our ‘outing’ section of our app. Everybody can put in their own share using any mode of payment — UPI/debit/credit cards/net-banking. As soon as everyone pays, the booking is complete the ticket/voucher gets delivered to you instantly!

That’s it.

And to make your life simple here’s our top pick from the tried and tested classics to the cool, adventurous, thrilling experiences and getaways, in and around your city.

1.For the one who enjoys the thrill of a good adventure, you could book the awe-inspiring experience of skydiving!

2. Scared of heights? How about the thrilling river rafting experience, set amidst the gorgeous white waters!

3. Still not convinced, how about Paint-Ball with buddies. It’s a wonderful exercise with lots of fun, thrill, adventure and strategy all mixed in one!

4. Else, in the last but not the least scenario, the classic route works the best. How about a getaway to a place that is unaffected by the sights and sounds of the city, camping is your best bet.

Excited?  We bet you are. To get started hit up Mypoolin app or website and choose that elusive activity to enjoy with your friends. P.S. our collection keeps expanding every week!

Time to bring in all your friends and make that experience as one to remember, and not one to dread with those common ‘You Owe Me’ situations.

At the end of the day, it’s all about sharing and living your life!

Let’s help you enjoy the best time ever with your friends within your city or outside. Check out Mypoolin app or get started on the website.

Looking for money management solutions for your business? Check out our demo at https://projects.invisionapp.com/share/NVF4LZK3M#/screens/271102956 and find more details at: at https://mypoolin.com/api.html.

Cheers Mypoolin Team

[wibmopay]

Are you choosing the right Payment Solution

Choosing the right payment gateway for your business is one of the most important decisions you make when starting up your business. And once you’re up and running, ensuring you have the right payment gateway to suit your business. We get it and we’ve found a few ways to narrow down your options and make the process of choosing a little easier.

As an SME or business owner, are you interested? We bet you should be!

Simply contact us today to talk about your payment needs and how we can help you. We have already enabled 100+ businesses in growing their business via the fastest and latest payment options like UPI.

—

Mypoolin Team

[wibmopay]

Helping your business escape the competition with group payments

Interested? We bet you should be!

Simply contact us today to talk about your needs and how we can help you. We have already helped 100+ businesses in growing their business via new features as well as adopt the new age payments infrastructure.

Looking for money management solutions for your business? Please fill out a quick survey to understand your requirements — https://mypoolin.typeform.com/to/Pll82a.

— Mypoolin Team

[wibmopay]

Helping you escape the competition with UPI payments

As an SME or business owner, are you interested? We bet you should be!

Simply contact us today to talk about your payment needs and how we can help you. We have already enabled 100+ businesses in growing their business via the fastest and latest payment options like UPI.

Mypoolin Team

[wibmopay]

Time to add efficiency to the money flow in your business

We at Mypoolin are now bringing another amazing product to the table, especially for all growth stage companies, marketplaces and SMEs.

Till date we have been simplifying your social life by enabling seamless payment with your friends. Now it is time to say hello to a full money management solution specially designed for early stage startups, businesses and even freelancers.

After going through a detailed understanding of businesses in the market and your needs, we have developed this cool product to help streamline, track and distribute payments that happen within the organization as well as the cash in-flow.

Without further ado, let’s have a look -

1. Automated and Instant Payouts to vendors / sellers / agents With our custom APIs, SDKs and an intuitive dashboard, you can now disburse all your B2B payments with the click of a button. The whole system runs on top of national standard IMPS and the new UPI, meaning it is always instant, highly secure and works with all the banks.

2. Internal payroll disbursal and payments tracking As you would have noticed, with the same dashboard and solutions, you can also disburse your payrolls! That means, no hassle of dealing with a bank for uploading a sheet for RTGS and haggling for charges. We now provide you a complete end-to-end solution, and that too with the lowest pricing in the country.

3. Dashboards for comprehensive, visual overview of your money flows. Detailed, crisp analytics slicing data from varied lenses to gather actionable insights. Information can be accessed anytime and anywhere.

4. Lowest setup and transaction cost Since we have been a start-up and an SME along our journey, hence we acutely understand that cost is always a primary concern. If you are able to find a lower cost and more efficient solution than ours, we will reduce your initial costing to zero! That’s our promise.

Interested? We bet you should be!

Simply contact us today to talk about your needs and how we can help you. We have already helped more than 100 businesses achieve full scale potential in managing their business.

Look forward to more awesomeness as always!

Looking for money management solutions for your business? Please fill out a quick survey to understand your requirements — https://mypoolin.typeform.com/to/Pll82a.

Cheers Mypoolin Team

[wibmopay]

The story of uncomfortable You Owe Me's

It all started 22 years back. It was my first birthday and I was so excited to open my birthday gifts than to cut my cake. 

I got a lot of gifts. Problem- I either had them already or didn't like them at all.. 

I had lost all hope and my life was 'colorless' and deserted. 

I realized there's no use of crying. 

When I saw how depressed my best friend was after witnessing the debacle at my birthday, I kept my hand on his shoulder & promised I wouldn't let the same happen to him. 

So, I asked our mutual friends to chip in money to 'Gift as a Group' and gifted him that bottle of Scotch which led to his priceless expression!

This the revolution, ladies and gentlemen. Come and experience it right here. Check out how we are re-defining Group payments on Mypoolin.

[wibmopay]

How to rock that wedding gift!

As the wedding season is getting started, it’s time to sit and think about the people who will suffer the most. Not the bride and groom but you, their dutiful guests.

If you are not sure of whether an envelope with some money inside will make a suitable gift, don’t fret because here’s our pick from the tried and tested classics to the cool, contemporary and down right unusual gifts—

1. For the couple who enjoys the thrill of a good adventure, you could give them the awe inspiring experience of skydiving! 

2. If they are the one that moons at the rom-coms, gift them vouchers for a cruise. No one can forget the spectacular dining experience set amidst the gorgeous blue waters.

3. In case ‘Arts & Culture’ rocks their boat, help them with vouchers to the coolest play or art exhibition in town.

4. Else, in the last but not the least scenario, the classic route works the best. How about choosing from over 100+ gift cards from our huge collection to kick-start their happily married life.

Excited? We bet you are. To get started, hit up our app or website or choose that elusive gift voucher from our partner Makemytrip to help your couple friends start their new chapters with a travel experience.

Time to bring in all your friends and make that gifting experience as one to remember, and not one to dread.

You can simply create a pool and invite your friends within seconds.

Everybody can put in their own share using any mode of payment — UPI / debit / credit cards /net-banking.

This will allow you to pool in a large sum to give one memorable and awesome gift, rather than tiny lookalike gifts.

At the end of the day, its all about sharing and caring! Or for yours truly, its kind of all about the gift.

Let’s make this the best group gifting experience ever. Check it out on our app or get started on website.

Cheers Mypoolin Team

[wibmopay]

Life is what you make of it. #lifestyle #ambitions #adventure (at Starbucks India)

[wibmopay]

The #journey of creation. #enterprise #emotional #fun #life (at Crown Interiorz Mall)

[wibmopay]

The #reactions nowadays if #friends try to pay in #cash. #digitalrules #demonetization (at Delhi, India)