As a payment scheme, your role is to enable vendors to get their products certified and start running transactions in the field.
You will have to be agile in doing this. This would make it successful both for the vendors and the schemes.
Look at the success of UPI transactions in India. The success can be attributed to the ease of use and ease of implementation of the infrastructure.
This is a question that most payment schemes are grappling with, except for the big boys like MasterCard, Visa, Discover, Amex, and JCB.
The payments industry is a regulated one. Every product before they are introduced in the market needs to be certified to perform transactions.
This means there is an extensive certification process the payment scheme will have to follow, which is both time-consuming and complex for the vendors.
Vendors will have to:
There are two main challenges that a vendor faces:
This invariably results in lost time for the vendors.
Payment schemes can provide test simulators that vendors can use to debug their products before booking the certification slot with the scheme. This will ensure they get the certification in the first iteration itself.
Besides, they should have a certification management system to be on top of the certification process – both the payment scheme, as well as the vendors, will have visibility on onboarding, certification status, pass/ fail scenarios, and timelines.
We have a platform that can:
We are putting together a Webinar on the topic, “The why, what, and how of simulators in validating acquirers, issuers, and networks.”
Payhuddle Consulting has got you covered. Our Level 3 consulting focuses on acquirer needs, with remote consulting services available in 35 countries. We help banks avoid testing pitfalls and handhold them through testing and certification. Our consultants are available during their work time, and we've helped banks undergo certification across various terminal types. Trust us, our credentials speak for themselves - we are an EMVCo-qualified Level 3 tool provider, Discover Accredited E2E certification service provider, and Visa accredited CVES provider. Contact us today to learn more.
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