Public sector banks

State Bank of India
State Bank of Bikaner & Jaipur
State Bank of Hyderabad
State Bank of Indore
State Bank of Mysore
State Bank of Patiala
State Bank of Travancore
Allahabad Bank
Andhra Bank
Bank of Baroda
Bank of India
Bank of Maharashtra
Canara Bank Central
Bank of India
Corporation Bank
Dena Bank
Indian Bank
Indian Overseas Bank
Oriental Bank of Commerce
Punjab & Sind Bank
Punjab National Bank
Syndicate Bank
Union Bank of India
United Bank of India
UCO Bank
Vijaya Bank

Commercial Documents Required For Payment Gateways

If Sole Proprietor
1. Proof of proprietorship
2. ID Docs of the proprietor
3. Ecommerce Agreement
4. Risk Monitoring Acceptance in the company letter head
5. Charge Back Dispute & Acceptance in the company letter head6. Balance sheet for the past 2 years duly signed by your auditor
7. Profit / Loss Account for the past 2 years duly signed by your auditor

If Partnership

1. ID Docs of Authorised Partners as specified in the partnership Auth letter
2. Photocopy of the partnership deed
3. Company Pan no
4. Ecommerce Agreement
5. Risk Monitoring Acceptance in the company letter head
6. Charge Back Dispute & Acceptance in the company letter head
7. Balance sheet for the past 2 years duly signed by your auditor
8. Profit / Loss Account for the past 2 years duly signed by your auditor

If Private Limited

1. Copy of ID proof of all the directors with " Company For Seal and Signature of all the directors "Any one of the following is accepted as ID proof;
1. Voters ID
2. Pan Card
3. Drivers License
4. Passport

2. MOA and AOA documents along with Certificate of Incorporation. If certificate of incorporation is not included in MOA or AOA, it can be provided separately.

3. If all the directors are not mentioned in MOA or AOA, then Form 32 must be provided for directors who are not mentioned in the MOA or AOA.

4. All the directors must sign the Ecommerce Agreement and Board Resolution in each page with For Seal of the company.

5. Risk Monitoring Acceptance in the company letter head

6. Charge Back Dispute & Acceptance in the company letter head

7. Balance sheet for the past 2 years duly signed by your auditor

8. Profit / Loss Account for the past 2 years duly signed by your auditor

Types of Payment Gateways

There are three financial components in a Payment Gateway.
1. Set Up Fee [ Usually one time fee ]
2. Annual Maintenance Fee
3. Per Transaction Fee
Payment Gateways in general can be classified as follows;

Dedicated Payment Gateways: This type of payment gateways are directly issued to the vendor. Usually the per transaction fee will be lowest for this payment gateways. Billing is done in the Vendor Name Itself. Hosting environment needs to be setup specially for running sites with Dedicated Payment Gateways. This consists of Economy and Premium Packages.

Shared Payment Gateways: This type of payment gateways are issued as a third party payment processing to the vendor. The per transaction fee is very high when compared to Dedicated Payment Gateways. Billing is not done in the vendor name. Hosting environment does not require any special environment setting to be done. This consists of Economy and Premium Packages.

List of Payment Gateways

Anacom, Anacom Merchant Services, United States
Authorize.net, Authorize.net, United States
Banco Comercial Portugues, Banco Comercial Português, Portugal
Bank Merchant POS (BMP), Bank of China, China
Beanstream, Beanstream Internet Commerce, Inc., Canada
Bibit, Bibit Internet Payments, Netherlands
Bill4me.com, Facilitate I.T. Inc., Canada
Biz*Star PX, Shanghai Shared Data Network Co. Ltd (SSDN), Singapore
Business Gateway Service, WorldCom, Japan
Buy-Line, Bank of New Zealand, New Zealand
CAFIS, NTT Data Corp., Japan
Cambist, Cambist Merchant Solutions, United States
Camtech, Camtech Corp., Australia
CCNow, CCNow, Inc., United States
Chinatrust, Chinatrust Commercial Bank (CTCB), Taiwan, Province of China
CIBC, Canadian Imperial Bank of Commerce, Canada
CIPAS Indonesia, PT. CIPAS Indonesia, Indonesia
CitiBank India, CitiBank India, India
ClearCommerce, ClearCommerce Corp., United States
ClickBank, Keynetics Inc., United States
ClickPay, Professo, LLC, United States
CMB, China Merchants Bank, China
Comtrust, Comtrust, United Arab Emirates
CyberCash, VeriSign Payment Services, United States
CyberMUT, Groupe Crédit Mutuel, France
CyberSource, CyberSource Corp., United States
DataCash, DataCash Ltd., United Kingdom
DirectLink, Plug 'n Pay Technologies, Inc., United States
DnB, DnB - Den norske Bank, Norway
E-Commerce Africa, E-Commerce Africa, Netherlands
E-Payment, Interactive Worldwide Limited, Australia
e4Sure, e4asia Inc., Thailand
EBS, Electronic Billing Systems AG, Germany
Ecgate, Ecnet, South Africa
ECHOnline, Electronic Clearing House, Inc.,
eops, eops AG, Germany
ePagos, ePagos Merchant Services, United States
ePDQ, Barclaycard Merchant Services, United Kingdom
eSec Payment Service, eSec Ltd., Australia
eStores, Bank of America, United States
EuroDebit, Moreband Corp. NV, Netherlands Antilles
FirstEcom, First Ecom, HongKong
GestPay, Banca Sella S.p.A., Italy
HDFCBank, HDFC Bank, Ltd., India
I.N.G, Internet Networking Group, Netherlands
iBill, Internet Billing Company, Ltd., United States
IntelliPay, IntelliPay Inc., United States
IPGS, Visa, United States
iVeri, eCompany Ltd., South Africa
JustGiving.com, Justgiving, United Kingdom
Ka-Chingg and TPG, iPayment Technologies, United States
Kagi, Kagi, United States
LinkPoint, CardService International, United States
LiveProcessor, Paymentplus, Inc., United States
MultiCards.com, De Postel BV, Netherlands
NetBanx, NetBanx Ltd., United Kingdom
Netbilling, Automated Billing Services, United States
Online Charge, Innuity, Inc., United States
OrderButton, OrderButton.Net, Inc., United States
Pago PAY, Pago eTransaction Services GmbH, Germany
PAY@db, Deutsche Bank, Germany
PayCash.ru, Alkor Group of Companies, Russian Federation
PayControl, Netcetera AG, Switzerland
PayFlow, VeriSign Payment Services, United States
Paymentservice, Paymentservice.at, Austria
PayPal, PayPal, United States
PaySeal, ICICI ePayments Ltd., India
PayWare, Trintech Group plc, Ireland
PayWay, Nobil IT Corporation, Canada
PlanetPayment, Planet Group Inc., United States
QPAY and QTILL, QENTA paymentsolutions GmbH, Austria
QSI Client Class, QSI Payments, Australia
Secure-e-pay, Global Tele-Systems Ltd., India
SecurePay, SecurePay Pty Ltd., Australia
SecureTrading, SecureTrading, United Kingdom
Setcom, Setcom (Pty) Ltd., South Africa
SIPS, Siam Commercial Bank PCL., Thailand
Solo e-payment, Solo Market/Merita Bank Plc, Finland
Speedpay, E Commerce Group, United States
SurePay, SurePay LP, United States
Telecharge Canada, TeleCharge Canada, Canada
Telecommerce, France Telecom, France
Thirt, Thirt.com, South Africa
TOPGate, Shanghai Bankcard Network Services Corp., China
USA ePay, GorCorp Inc., United States
VIP, Virbus AG, Germany
WebCollect, GlobalCollect, Netherlands
Webmoney.ru, WebMoney Transfer, Russian Federation
Webpay, Transbank, Chile
WorldPay, WorldPay plc, United Kingdom

e-Commerce Merchant Accounts

An e-Commerce merchant account allows any (or almost) online business (also known as an e-Business or e-Commerce business) to accept credit cards/debit cards, gift cards and other forms of payment cards online. e-Commerce merchant accounts can also be referred to as: online credit card payment accounts, online credit card processing accounts, credit card transaction accounts, and others. An e-Commerce merchant can get an e-Commerce merchant account from a merchant bank or a merchant service provider in his/her local area (city, state, country) or in another country (offshore/international e-Commerce merchant account).
The process of acquiring, or applying for, an e-Commerce merchant account is different and depends on the provider itself (terms, guidelines and conditions), the type of e-Commerce merchant account and the e-Commerce merchant. For example, some types of e-Commerce merchant accounts can be setup in just a few minutes, while others will take days to approve a merchant. Fees and rates will also differ much.
Some of the types of e-Commerce merchant accounts are:
* Direct e-Commerce merchant account – a type of account usually applied for directly at a merchant bank.

* Local e-Commerce merchant account – an e-Commerce merchant account in one’s home country.

* Offshore e-Commerce merchant account – an account outside the country of the applying e-Commerce merchant. Also known, in some cases, as an international merchant account.

* High-risk e-Commerce merchant account – a merchant account for online businesses with a high percentage of chargebacks and returns; for example, adult, IP telephone cards, internet gambling, etc.
* Pharmacy e-Commerce merchant account – a specialized merchant account designed specifically for online pharmacies and drug e-Stores.

Payment Gateway

A payment gateway is an e-commerce application service provider service that authorizes payments for e-businesses, online retailers, bricks and clicks, or traditional brick and mortar. It is the equivalent of a physical point of sale terminal located in most retail outlets. Payment gateways encrypt sensitive information, such as credit card numbers, to ensure that information passes securely between the customer and the merchant.

A payment gateway facilitates the transfer of information between a payment portal (such as a website or IVR service) and the Front End Processor or acquiring bank.

When a customer orders a product from a payment gateway enabled merchant, the payment gateway performs a variety of tasks to process the transaction:

A customer places order on website by pressing the 'Submit Order' or equivalent button, or perhaps enters their card details using an automatic phone answering service.

If the order is via a website, the customer's web browser encrypts the information to be sent between the browser and the merchant's webserver. This is done via SSL (Secure Socket Layer) encryption.

The merchant then forwards the transaction details to their payment gateway. This is another SSL encrypted connection to the payment server hosted by the payment gateway.

The payment gateway forwards the transaction information to the processor used by the merchant's acquiring bank.

The processor forwards the transaction information to the card association (i.e., Visa/MasterCard)

If an American Express or Discover Card was used, then the processor acts as the acquiring bank and directly provides a response of approved or declined to the payment gateway.

The card association routes the transaction to the correct card issuing bank.

The credit card issuing bank receives the authorization request and sends a response back to the processor (via the same process as the request for authorization) with a response code. In addition to determining the fate of the payment, (i.e. approved or declined) the response code is used to define the reason why the transaction failed (such as insufficient funds, or bank link not available)

The processor forwards the response to the payment gateway.

The payment gateway receives the response, and forwards it on to the website (or whatever interface was used to process the payment) where it is interpreted and a relevant response then relayed back to the cardholder and the merchant.

The entire process typically takes 2-3 seconds

The merchant must then ship the product prior to being allowed to request to settle the transaction.

The merchant submits all their approved authorizations, in a "batch", to their acquiring bank for settlement.

The acquiring bank deposits the total of the approved funds in to the merchant's nominated account. This could be an account with the acquiring bank if the merchant does their banking with the same bank, or an account with another bank.

The entire process from authorization to settlement to funding typically takes 3 days.

Graduate Management Admission Test (GMAT)

The Graduate Management Admission Test is a Standardized test that measures verbal, mathematical and analytical writing skills. Business schools commonly use the test as one of many selection criteria for admission into an MBA program. It is given at various locations in the United States, Canada and around the world. Nearly 900 management institutes all over the world (almost all of them in the US) require GMAT scores from each applicant. The GMAT tests the fundamental skills - Reasoning and Comprehension included - and does not require any subject-specific theoretical study. As of 2007, the fee to take the test is U.S. $250 worldwide.

Exam Measures:-

Basic Verbal
Mathematical
and Analytical writing skills

Test takers are given 3.5 hours to answer questions in each of the three tested areas, and there are also two 10-minute breaks; in general, the test takes about four hours to complete. It does not measure specific knowledge of business, job skills, or subjective qualities such as motivation, creativity, and interpersonal skills.

Scores are valid for five years (at most institutions) from the date the test taker sits for the exam until the date of matriculation (i.e. acceptance, not until the date of application).

The maximum score that can be achieved on the exam is 800, and the 2005/2006 mean score was 533.

The verbal section consists of 41 multiple choice questions, which must be answered within 75 minutes. There are three types of questions: sentence correction, critical reasoning and reading comprehension.

The quantitative section consists of 37 multiple choice questions, which must be answered within 75 minutes. There are two types of questions: problem solving and data sufficiency. The quantitative section is scored from 0 to 60 points and the current mean score is 35.0/60.

The Analytical Writing Assessment (AWA) section of the test consists of two essays. In the first, the student must analyze an argument and in the second the student must analyze an issue. Each essay must be written within 30 minutes and is scored on a scale of 0-6. The essay is read by two readers who each mark the essay with a grade from 0-6, in 0.5 point increments with a mean score of 4.1. If the two scores are within one point of each other, they are averaged. If there is more than one point difference, the essays are read by a third reader.

The "Total Score", comprising the quantitative and verbal sections, is exclusive of the analytical writing assessment (AWA), and ranges from 200 to 800. About two-thirds of test takers score between 400 and 600. The score distribution resembles a bell curve with a standard deviation of approximately 100 points, meaning that the test is designed for 68% of examinees to score between 400 and 600, while the median score was originally designed to be near 500.

Registration and preparation

The test taker can register in either of the following two ways:

Online at http://www.mba.com/mba test registration by credit card
By calling one of the test centers listed on http://www.mba.com/mba

To schedule a test, an appointment must be made at one of the designated test centers. While it is possible to make the appointment even just a few days before you would like to take the test, it is better to schedule a few weeks in advance to ensure an appointment that is convenient for the student.

GMAT

Directory of GMAT exam sites

mba.com/ - Official site gives detailed information on GMAT exams.

gmac.com/ - Graduate Management Admission Council Official website.

GMAT EXAM FREE TIPS - Offers Advice, Strategies and Preparation for GMAT Exams.