I am looking for a payment gateway that can accept and disburse payments globally for my marketplace. Can anyone suggest a global partner who operate in India. Checked with Stripe and they are doing some pilot with selected users now and not ready for India market yet. Below are my criteria, any suggestions would be highly appreciated. 1. Accept and disburse payments in max countries. 2. Ability to accept payment from 1 client and split disbursement to 2 parties. (commission payouts) 3. Operates in India since business is registered here. 4. Low fees and hidden charges 5. Has the option to send link for payments and invoices 6. Can also be integrated with marketplace build on Ruby on Rails. Thank you! Best, Nitin
Hi Nitin, I am a business performance expert and past finance department manager. One option available to you which gives you big benefits is to get (or use) an online accounting software system with good Accounts Receivable and Accounts Payable features which also perform multi-currency transactions. Why is this important?
1) Automation of billing (An Accounts Receivable feature set) makes the transaction easy, reduces your overhead efforts and reduces costs (with links allowing invoicing with paired electronic auto payments by clients/customers, auto-recordkeeping and auto-bank deposits)
2) Disbursements to two or more parties in the way you describe (through Accounts Payable) may be easily done, in any currency, and with an electronic payment without much overhead cost or effort.
3) Your sales costs and profit figures may be automatically directed to your books where any reporting such as sales, costs and financial statements may be quickly retrievable due to no need to redirect transactions past the initial automated transaction.
4) All of the above allows you to eliminate unnecessary administrative tasks and focus on your best use of your time.
Many of today's online accounting software systems may do this. Also, there are newer and lower cost transaction processing services embedded in the payment processing features so these transaction costs are coming down from the past high fees of PayPal and other online processors. Also, traditional credit card transaction fees (Mastercard, American Express, Visa) are beginning to feel big pressure from competitors (these are your better options to evaluate) so fee reductions are happening almost anywhere you look in the marketplace. You can thank Bitcoin (or all cryptocurrencies) for pressuring these traditional processors into lowering their fees.
For low transaction processing fees, I suggest you attempt some kind of aggregated purchasing power through this kind of accounting software with the features you desire. Why is this an advantage? Because hundreds or thousands of others use this same system, you can gain collective purchasing power, and lower transaction fees, by having a significant number of users using your same system, all demanding lower fees and additional options. Next day bank deposits are also happening, compared to the past transaction settlement time of 2-4 days.
While QuickBooks may or may not be you preference, this system may provide this larger feature set you describe. Other online accounting software competitors in your home country may also provide these same features...just look for a large user base, a history of operating a good company, Software as a Service (Skas) business model, and the full accounting features you mention above for features supporting your best automation of Accounts Receivable, Accounts Payable and rapid reports. Other larger accounting software providers (such as Microsoft Great Plains, Workday, etc) and more, are also offering these kinds of features.
If you want to get a detailed list of these online accounting software systems in the marketplace today, please see this link for small/medium businesses accounting software offerings. Most, or all of these should have the features you seek.
Rodger Stephens, CPA, CGMA
Business Performance Expert