We understand that the card application is fairly long which is why we save it at all steps so you can come back later to complete it. We hope you will submit your card application ASAP. We are open to constructive criticism as comments to this blog post or via email to contact@zaakpay.com.

What is Webpay?

Webpay is the name of Zaakpay’s credit card and debit card processing product.

How do I get started?

1. Sign Up on our website Zaakpay.com
2. Checkout the Developers section for API documentation. Do a test integration and tell us what you think!

3. Login and submit a card processing application.

Why do I need to submit a card processing application?

In order to accept credit and debit card payments on your website you need a merchant account with Visa and Mastercard. The administration of merchant accounts is done by acquiring banks (banks that are members of Visa and Mastercard networks). The closest analogy to getting a merchant account is getting a credit card. The bank decides based on your risk profile whether to give you a credit card (a line or credit) or not. Similarly, the acquiring bank decides whether or not it should give you a merchant account. This is important because: Lets say the bank gives you a merchant account. Sometime in the future your business has a lot of chargebacks to deal with and is unable to pay back. In this case the bank that gave you the merchant account is liable to pay off your chargebacks.

We have made the process of submitting a card application super easy for Indians. Just login in to your account and go through the step by step application. It saves at each step, so you need not finish it in one go! Once you submit an application, Zaakpay takes over. We help you get the merchant account. We help you complete the integration and testing. We help you go live. More importantly we keep you posted at every step via email and your Zaakpay dashboard.

In order to complete the card processing application you will need the following information:

1. Company details like registration, category, website (For individuals, go with Single Proprietorship)
2. People details like name, contact and Pan number of the directors
3. Business details like ticket size, turnover, delivery and refund policy
4. Bank account details of your company
5. Scanned copies of company PAN card, address proof, promoter ID proof

Explain the Webpay pricing structure.

The most important points on pricing are:

1. In order to submit a card application or to do a test integration you do not need to spend any money. Yes this is very different from our competitors!

2. The one-time account fees charged in the market varies from Rs 10,000 to Rs 1.5 lacs; its called signup fee or integration fee. We want to make it easy for startups to get going and this fees has never made sense to us. So we have kept it Rs 5000 because $99 is what Visa/Mastercard charge worldwide for new merchant account setup. Really, we are not evil!

3. The transaction discount rate (TDR), also called transaction charge also called card rate is on a sliding scale; as your monthly turnover keeps increasing, your card rate keeps going down. In contrast with market rates from 2% to 7%, our pricing ranges from 2.25% to 3%. And to show our startup love, our paid plan for customers with monthly total payment volume (TPV) less than or equal to Rs 5 lacs is 3%.

4. We do charge a monthly subscription fee because we believe we want to provide a superior product and superior customer experience. Our monthly fee is a very small amount and far more efficient for you as a customer than a higher card transaction rate.

We hope you will appreciate our line of thinking and will submit your card application ASAP. We are open to constructive criticism as comments to this blog post or via email to contact@zaakpay.com.