All about aid payments
With the expansion of online purchases in recent years, the use of online payment methods especially online payment gateways has been increasingly developed. Many companies, especially companies operating in the context of e-commerce, have switched to using this new payment method. However, undergoing complex legal procedures and submitting the necessary permits to register and receive payment gateway services from the companies that provide these services, which we know as PSP companies, has left many small businesses unable to access these services.
Therefore, with the aim of further expanding online transactions, as well as the flourishing and development of various businesses operating in the field of e-commerce, payment companies appeared. Indeed, in accordance with the rules and regulations of the Central Bank of the Islamic Republic of Iran, companies with the name of subsidy payment companies, for example, Rayan Pay, began to operate online with a subsidy payment licence. These companies have contributed a lot to the development of the e-commerce space by providing a payment gateway under the supervision of the Central Bank and the Shoprak network.
According to the documents available in the Central Bank, help pay It is defined as:
“Paying yard” means a legal entity operating under the Document and on the basis of the contract with companies providing payment services and the Memorandum of Understanding with Shoprak. Pay Yar receives cardless payments, including in-app payments based on the mobile infrastructure, and sends them to the Shoprak network.
It is a natural or legal person who sells his goods or services by concluding a contract with payment of subscriptions and using the payment gateways at the disposal of these companies. Simply put, it is accepted by a natural or legal person who has an online business such as online stores, mobile applications, selling products and services through social networks, etc.
Legal aid payment mechanisms
In general, Yari payment companies must first obtain the necessary legal permits to start their official activities, and then connect to the electronic payment network, i.e. Shoprak network, by concluding a business contract with payment service providers, i.e. PSP companies. Then they can provide online payment services indirectly to their applicants.
With this description and in accordance with the regulations and laws related to the activity of Yari payment companies, companies that apply for a Yari Payment license must take measures to start their activities in the electronic payment network in the country.
- Documentary study on “Requirements, rules and implementation process for payment activity to donors and supported acceptors in the country’s payment system” from the portal of the Central Bank of the Islamic Republic of Iran
- Choose one of the payment service providers approved by the Shoprak network and register an application for a Yari Payment License.
- Receipt of the necessary documents from one of the 12 companies that provide direct payment services (PSP)
- The procedure for preparing the necessary documents, as well as the necessary documents that will be required by the payment service provider company.
- The procedure for concluding a contract with a company that provides direct payment services (PSP)
- The procedure for opening a special account for the payment of assistance in one of the branches of banks or financial and credit institutions approved by the Central Bank of the Islamic Republic of Iran.
- Entering into an agreement between the Shoprak network and a person or company requesting a license to pay assistance
What are the legal provisions related to the disbursement of aid?
- Pay friends are not entitled to conduct banking or similar activities.
- It is prohibited to issue any kind of electronic money and to carry out foreign exchange operations to pay donations.
- If an online payment instrument is issued by an authority other than a bank, Yar Payment Company will not have the right to process and transfer the transactions of that authority.
- Yar payment companies must consider themselves legally obligated to comply with all circulars and instructions issued and to accept possible modifications and changes in the laws of the Central Bank.
- Yar Payment Companies shall operate in the field of AML/CFT in accordance with the laws of the Islamic Republic of Iran.
- Payroll companies are legally required to provide and keep records of their acceptors’ activity. Records such as their transaction receipts and all FiMabin contracts.
- The task of supporting possible disruptions in the work of electronic payment instruments as well as fully monitoring their work will be the responsibility of companies providing an intermediary payment gateway, i.e. Pay Yar.
- Yar Payment Companies can legally combine all transaction amounts of their Payment Service users into a specific account previously registered and approved in an agreement between Yar Payment and Shoprak. However, the use of any other type of account to collect transaction amounts will be prohibited.
- According to the law, the total operations of Yar payment companies operating under the supervision of a payment service provider must not be less than twice the total equity of the company during one day.
- All Payment Auxiliary Companies shall always be legally accountable to such Payment Service Providers in order to ensure that the Direct Payment Service Provider Companies can monitor their performance and provide the necessary cooperation to carry out periodic inspections.
How to make money for subsidy paying companies
Pash Yar can collect fees from Sponsored Acceptors based on its contract with Sponsored Acceptors in one or a combination of the following methods:
- Get a fixed amount per transaction.
- Obtaining a fixed percentage of the amount of each transaction (with or without a cap)
- Obtaining a variable percentage with a certain ceiling of the transaction amount.
What is an intermediary payment gateway?
Dargah Wasit is actually an online payment gateway service that is provided to applicants by Yar payment companies. Now, the question here is probably, what does “intermediary” mean in this type of payment gateway? The problem is quite simple, in fact, as we have described, Pay Yar acts as an intermediary between users and companies that provide payment services, or PSP companies, and their main goal is to modify the conditions and licenses required to receive an online payment gateway .
Intermediate payment gateway has significant differences with direct payment gateway, which makes different companies want to use this online payment service. Although the direct payment gateway is free and does not charge transaction fees, and the settlement is done directly, but as we mentioned, the long and complicated process of receiving the direct gate is the main reason why applicants prefer the payment broker gateway. they are friends. but that is not all.
The functional and side features of an intermediary payment gateway is another reason that encourages applicants to receive this service from Yayar Payment. Reputable payment companies like Ryan Pay, by providing facilities like ability to share, report transactions, online invoicing, create money items, e-wallets, etc. Many companies have attracted their services.
On the other hand, the stability of more than 95% of transactions and the extraordinary speed of this service, which supports 99 transactions per second, as well as the 24-hour responsive online support system, are other features of the intermediary payment gateway, which can be compared with the direct gateway which they remembered.
Source: Aid payment / IBNA