Online Electronic Payment Gateway (Fintech Solution)

CLIENT REQUIREMENT:

Client needs an online electronic payment gateway as client is an e-commerce marketplace start-up company positioning itself to become the market leader by offering online merchants and consumers a uniform and trouble-free platform to perform transactions.

Client wants a Fintech division by having their own payment gateway to enhance trust between buyers and sellers i.e. a payment gateway where customers avoid paying the seller directly online. Instead, the payment is made to the system.

Client required following Features and functions in desired Payment gateway:

  • Client want that after a rigorous verification to ensure it is the right product that is being shipped and quality assurance,
  • Then admin/super admin authorize the payment to the online merchant.
  • The online merchant gets the bank transfer via the payment system.
  • If the product being delivered does not match the product being ordered, the marketplace refunds the money to the buyer’s bank account promptly.
  • Thus the buyer does not need to argue with the seller if they want their money back.

Additionally, client also wants to be able to provide this service as a third-party to other e-commerce platform using our APIs. However, they want to have other normal functionality of the conventional payment gateway, where sellers can get payment directly without an escrow service. The Escrow service should not be a default, should only be implemented when asked for by a merchant. This will also enable them provide this service to other non-marketplace platforms.

SOLUTION PROVIDED BY ADEQUATE INFOSOFT

We develop desired Fintech Division as a Payment gateway as per the given details:

1. User Roles

  • Visitor
  • Customers
  • Merchant/Seller
  • Staff of Administrator
  • Administrator /Super Administrator
  • L1/L2 Support

1. Flow Diagram and Proposed Model for Payment Gateway

We proposed a model of electronic payment gateway on the basis of requirements of an electronic payment gateway.

There are five interfaces.

  • Customer Interface
  • Server (e-payment Gateway) Interface
  • Client Bank Interface
  • Merchant Bank Interface
  • Merchant Interface

Online Customer will connect to e-payment gateway through Internet. Gateway will connect to the Bank and check whether its bank accounts are enough to buy the required product. Online customer can also visit Merchant’s website through Gateway.

Detailed model Following diagram will explain working of electronic payment gateway in detail.

3. Transaction process management

An Example of Credit Card Process by considering our proposed model:

  • i. The customer submits his credit card for payment.
  • Payment Gateway manages the complex routing of the data on behalf of the merchant through the following steps/entities.
  • Payment Gateway passes the secure transaction information via a secure connection to the Processor.
  • The Merchant Bank's Processor submits the transaction to the credit card network (like Visa or MasterCard). The credit card network routes the transaction to the bank that issued the credit card to the customer.
  • The issuing bank approves or declines the transaction based on the customer's available funds and passes the transaction results back to the credit card network.
  • The credit card network relays the transaction results to the merchant bank's processor. The processor relays the transaction results to Payment Gateway.
  • Payment Gateway stores the transaction results and sends them to the website for the customer and merchant to see.
  • The merchant delivers goods or services to the buyer.
  • The issuing bank sends the appropriate funds for the transaction to the credit card network, which passes the funds to the merchant's bank.
  • The bank then deposits the funds into the merchant's bank account. This is called 'settlement', and typically the transaction funds are deposited into the merchant's primary bank account within two to four business days.

TECHNOLOGIES USED

  • Hardware:-
    CPU Cores @ 3.1 GHz, 32 GB memory, 1TB storage
  • Software:-
    Microsoft .Net, C#, HTML5, CSS3, Bootstrap, JavaScript, jQuery, Angular JS, ETC.
  • Database :-
    MS SQL, 3 NF format, JSON file instead of SQL Query

PCI/DSS COMPLAINT:

The core of the PCI DSS is a group of principles and accompanying requirements, around which the specific elements of the DSS are organized:

We support accompanying following requirements (Developer and System Admin).

  • Build and Maintain a Secure Network
  • Protect Cardholder Data
  • Maintain a Vulnerability Management Program
  • Implement Strong Access Control Measures
  • Regularly Monitor and Test Networks
  • Maintain an Information Security Policy
;

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