Payment aggregator registration guide
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Corpzo is a corporate compliance organization with a global presence that aims to ease business compliance and facilitate growth. It has expertise in various areas including finance, legal, investment, and environmental compliance. The organization has assisted over 1000 clients with business incorporation and obtained licenses for over 150 clients in financial businesses. It offers end-to-end support for obtaining a payment aggregator license, including preparing the application and supporting documents, liaising with regulators, and ensuring compliance requirements are met.
Payment aggregator registration guide
- 1. Easing Compliance Incubating Growth +91- 99991 39391 reach@corpzo.com www.corpzo.com COMPLIANCE | FINANCE | LEGAL | INVESTMENT | GROWTH | ENVIRONMENT www.corpzo.com
- 2. Financial BUsiness Incorporation +91- 99991 39391 reach@corpzo.com www.corpzo.com www.corpzo.com P a yment aggregator license
- 3. ACCELERATING BUSINESS EVOLUTION ✓ We are a Corporate Compliance organization having our presence across the globe aiming to ease compliance and assist in business evolution. ✓ We ensure that your business is up to pace with todays hyper-dynamic corporate legal structure(s) ✓ We take care of your compliance, so you can focus on your business. ✓ We are a corporate compliance organisation with expertise at providing pollution related and waste management advisory. ✓ Our experts have facilitated the incorporation of more than 1000 clients. ✓ We have facilitated more 5000+ clients in attainment of there business licences and registrations and more than 150 clients in obtaining SEBI/RBI licences for financial businesses like NBFC, Payment Gateway etc) throughout India. ABOUT US
- 4. WHAT IS a P a yment aggregator? A payment aggregator (a.k.a. merchant aggregator) is a service provider that aggregates and offers multiple payment acceptance services to retailers. In that account, one big distinction between a gateway and an aggregator is when a gateway is for e-commerce websites/ applications, an aggregator digitises online and/or offline payment touchpoints. As per the RBI guidelines Payment Aggregators are entities that facilitate e-commerce sites and merchants to accept various payment instruments from the customers for completion of their payment obligations without the need for merchants to create a separate payment integration system of their own. PAs facilitate merchants to connect with acquirers. In the process, they receive payments from customers, pool and transfer them on to the merchants after a time period. For achieving this, a Payment Aggregator undergoes a comprehensive process of integration with all the payment service providers and consolidates this on a single platform. 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. Read More
- 5. P a yment gatewa y vs aggregator PARAMETER PAYMENT GATEWAY PAYMENT AGGREGATOR ROLE Intermediary Interface TOUCHPOINTS DIGITIZED Online touch points including Website/ App Online and/ or offline touch-points PAYMENT OPTIONS Restricted Multiple INTEGRATED SOLUTION Yes Yes PAYMENT SUCCESS RATE (PSR) As much as the payment gateway can manage Significantly higher payment success rate OWNERSHIP Owned by public and private banks, merchants, vendors, and payment aggregators Owned by Fintech players PERMISSIONS RBI authorisation under the Payment and Settlement Systems Act, 2007 (PSSA) Payment aggregator requires the requisite certification as per the Payment Card Industry Data Security Standard (PCI-DSS)
- 6. Pre-requisites for P a yment Aggregator License ✓ Applicant should be a registered company as per the Rules, Regulations and Provisions of the Companies act, 2013 or the earlier Companies Act 1956. ✓ Minimum two directors and two members ✓ Minimum capital requirement net-worth of 15 crores till 31.03.2021, which should be increased to 25 crores by 31.03.2023 ✓ The credit profile of the Company, its promoters and directors should not be in a default state. ✓ Address Details of the Business ✓ Address System flow and code testing report by software certifying agency of the Business
- 7. 1. Self-attested documents of Directors & Shareholders: o Copy of ITR of the past 3 years o Net worth statement & Credit report o Proof of Highest Educational Qualification 2. If the Company is already incorporated then we would need: o Certificate of Incorporation of the Company applying for registration o A copy of the latest Memorandum and Articles of Association of the Company attested by the directors. 3. Certificate of PCI-DSS Compliance 4. Auditors Report Certifying the Net Worth of the Business/Company. 5. Business plan for 3 to 5 years mentioning detailed projections and operational plan of the proposed business. 6. Bank Statement of the Company for the last 12 months duly signed and stamped by the banker. 7. A certificate of Chartered Accountant regarding details of group/ associate/ subsidiary/ holding companies along with details of investments in other businesses as shown in the Proforma Balance Sheet 8. Business/ Career profiles of all the directors 9. Self-declaration by the directors for not being charged with any penal action. 10. Balance Sheet and P&L for the Last 2 years and provisional statements for the current year Documents for p a yment aggregator license In case any further information or document is required, Our Compliance team will collect the same within 7 days begin the process.
- 8. Steps for p a yment aggregator license FORM A Scrutiny Processing of Application Review of the duly signed and executed Documents by the Department Officials followed by preparation of business plan and requisite documents/attachments The approval/rejection of the application is the sole discretion of the RBI. The RBI may conduct such inquiry as it deems fit for the purpose of verifying the authenticity of the details of the application. Preparation and submission of FORM A (Payment Aggregator Registration Form) along with the prescribed attachments/documents and information as prescribed by the RBI. According to the Section 4 of the PSS Act, The RBI is required to process the application within a maximum stipulated time period of 6 (SIX) months from the date of application. If the RBI is satisfied that the terms and conditions prescribed under the PSS Act are fully complied with by the applicant the Certificate/Authorisation will be granted to the applicant in FORM B. Collection & Verification of Soft Copy of all the relevant Documents & Information.
- 9. SCOPE OF WORK ✓ END TO END Advisory for Payment Aggregator Authorisation ✓ Preparation of 3 year and/or 5 Year Business Plan by our experts ✓ Preparation of Draft Application and Attachments ✓ Submission of Application and prescribed fees ✓ Pre-submission scrutiny of documents/attachments of all the promoters and advisory regarding the proposed board of directors. ✓ Pro-active follow up with the department ✓ Assistance in attainment of prerequisites for the successful approval of payment aggregator licence ✓ Advisory pertaining to implementation of recommended security measures.
- 10. 01 02 03 05 04 LICENCES & REGISTRATIONS RELATED SERVICES ACCOUNTING & BOOKKEEPING FEMA COMPLINACE ANNUAL FILING FINANCIAL ADVISORY 06 BUSINESS LICENCES
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- 12. OUR APPROACH Our processes are aimed at solving most complex business problems, reducing risk and gain a competitive advantage by achieving good governance and financial control Understanding the client’s business needs and analyzing the requirements on call or in person as the need be ASSESSING REQUIREMENTS We align a professional to ensure to discuss in detail the compliance requirements of your business and thorough assistance throughout the process. DEDICATED PROFESSIONAL We thrive to keep you apprised about the status of your application until its completion. Every development on your application is brought to your attention. REGULAR UPDATES We share the estimated expenses and a service level agreement for the requested service SIGNING OF SLA Following the SLA the necessary documents and information are collected from the client DOCUMENTS & INFORMATION Stage 1 Stage 3 Stage 5 Stage 2 Stage 4
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- 15. Who we are We believe in empowering businesses. Corpzo Ventures Private Limited is an initiative aimed at simplifying the business journey for startups, Corpzo encompasses a team of more than 1000 legal, finance and banking professionals, set out to assist entrepreneurs around the globe in their business quests. We believe that every business needs nourishment in its budding stages. Ensuring smooth navigation through the bumpy ride of legal compliance, financial risks is what we are good at. We understand that the journey of an entrepreneur begins with his idea of a business. We, at, Corpzo, offer a complete range of professional services and tailor-made solutions for the evolution of your business ranging from incorporation compliance, legal, financial, taxation, technology, Intellectual Property Management, Registrations, Licensing and Marketing. We assist you in choosing the best suited mode of business, get appropriate protection for your intellectual property, attain all the relevant mandatory and voluntary registrations, approvals, permits and certifications. We also assist in managing the accounts, taxation, finance and funding aspects of your business. In essence we wish for you to concentrate on your idea while we focus on the rest for you. Our team of experts aims at easing Compliance and incubating your business growth with maximum efficiency & minimalist timeline. ALL YOU NEED TO DO IS CALL US AND LET US WORRY ABOUT THE REST !! IT’S THAT EASY!! Technology Based Compliance Platform
- 16. +91- 99991 39391 reach@corpzo.com www.corpzo.com Corpzo Ventures Priv ate Limited www.corpzo.com NOIDA || DELHI || LUCKNOW || BENGALURU || HYDERABAD || MUMBAI || PUNE || NETHERLANDS || CANADA