Regulate Payment Certificate For Free

A payment gateway that allows for instant processing means a higher risk for chargebacks. Aggregators can be slightly paranoid about account holds. Even the smallest hint of irregular activity can lock your account.

Fundamental Framework of the Guidelines Minimum Capital Requirement. ... Governance Mechanism. ... Prevention of Money Laundering ? Anti Money Laundering Systems. ... Boarding Merchant Process. ... Settlement & Escrow Account System. ... Framework for Customer Complaint Resolution. ... Risk management and safety Guidelines for preventing fraud.

In simple terms, a payment aggregator empowers merchants by providing them the means to accept credit card payments and online money transfers without an individual merchant account with a bank or financial services provider.

The RBI regulates and supervises digital payment systems in India, such as electronic cash transfers, prepaid payment instruments, and card payments. It offers rules and regulations concerning digital payment system security, risk management, client protection, and other factors.

Although not a legal document, the Payment Certificate drives payment from the contractor to the subcontractor and can be issued either as an Interim Payment Certificate, showing the project's financial details up to that point in time or a final Payment Certificate, when the works are completed.

Regulated payment services generally include provisions relating to payment accounts, executing payment transactions, issuing payment instruments, acquiring services, and typical open banking services. PSPs that do not comply with relevant regulations can face financial or criminal penalties.

Typically a payfac offers a broader suite of services compared to a payment aggregator. While both models allow businesses to accept payments, a payfac might provide additional services such as payment gateway integration, hardware for in-person payments, fraud protection, transaction reporting, and customer support.