Types of Payment Gateways That Help Your Business

These days everyone is taking benefit of online business and for that what is needed is a payment gateway. If you wish to improve your sales by making your business cashless, then you will need a payment gateway to facilitate this. To identify and help you get into the online business, you may take IT support for business growth and enter the online market. To make it a bit easy for you, let’s see here the types of payment gateways that are available for you to choose.

Hosted Payment Gateways: 

In this type of payment gateway, the customer is taken to another website from your website for the payment transaction and then again sent back to your website for the checkout process. Once, the user or customer selects the pay now button on your website, the customer will be taken to the payment service provider (PSP) page. There the customer has to fill in the payment details that are required and when the payment is completed, the customer is again redirected to your website.

IT support professionals will help you in deciding the type or option of a payment gateway that best suits your business. In the hosted type of payment gateway, there is another option also, where the customer fills a form created by the payment service provider that is inserted into your website. This form called ‘iframe’ facilitates your website in accepting card payments without storing card information on your website. The iframe is hosted on the PSP which receives all the information related to payments.

Self Hosted Payment Gateways:

In this type of payment gateways, you will only collect customer’s payments details on your own website. Once the customer provides all the payment details, your website will pass this data to the payment gateway’s website. 

Non-Hosted Payment Gateways:

These gateways are also known as API payment gateways. This type of payment gateways is for those businesses that don’t want their customers to check out from their page because payments are made directly at the merchant’s website. In this type, the card details can be entered in your website and then process payments using their APIs or with the use of some HTTPS queries.

These are the basic types of payment gateways and to decide upon the one that suits the best for you, approach IT consulting firms that can help you with their expertise. Accuprosys has some of the top IT consultants in Hyderabad who can address all your payment gateways issues.

Outsourcing Your HR Statutory Compliance Requirements

Every organization has to abide by certain rules and regulations that are statutory and HR department in every organization has to deal with the HR statutory compliance regarding employee welfare and benefits. Adhering to the legal framework with respect to all the employees in an organization like provident fund, ESI, minimum wages etc. is the HR statutory compliance and abiding by these laws is mandatory for all the business establishments in India so as to avoid any legal hassles. No business can take the risk of non-compliance with these statutory requirements. Every small enterprise that cannot bear the burden of a human resource department of its own can outsource its requirements to HR consultancy services to avoid the risk of non-compliance with statutory requirements and getting involved in legal battles. 

There are many areas that are covered under compliance including insurance requirements of employees, financial reporting requirements, legal requirements, and safety requirements. HR consulting firms have professionals who are well versed with all the laws and regulations and hiring them for statutory matters will relieve you from these responsibilities. Here is a list of some common statutory requirements.

Minimum wages: Every organization has to follow the rules and regulations given by the Minimum Wages Act. Wages have to be fixed considering both the central government and respective state governments rules. Wage rates are defined per the sector, occupation and nature of employment. It is mandatory to pay wages according to the Minimum Wages Act at least once a month.     

  

Provident Fund: Many employees prefer working in an organization that has provident fund (PF) facility as they see it as a good source of savings for a long term. PF is a fund that is created from the monthly contributions from both employee and employer. Per the Employee’s Provident Fund Organisation (EPFO), every organization that has a minimum of 20 employees should register for the PF. Any non-adherence to the rules of EPFO may attract penalties. Small enterprises may outsource their PF responsibilities to HR consultancyservices to be in the good books of EPFO and also gain employee satisfaction.

Employee’s insurance: Another key statutory compliance component in India is the health insurance provided as social security scheme in accordance with the Employees’ State Insurance Corporation Act. Every enterprise with more than 20 employees whose gross salary per month is less than Rs.21, 000 should register for this insurance. For the ESI both employee and employer contribution are included in the calculation of employee’s salary.

Gratuity: According to the Payment of Gratuity Act, all enterprises with more than 10 or more employees are liable to pay employees the gratuity, an amount equal to 15 days wages for each year of completed service not exceeding 10 lakh. The gratuity amount is a fixed contribution of the employer and thus a part of CTC of the employee.

Bonus: All enterprises that employ more than 20 employees have to pay a bonus to eligible employees according to the Payment of Bonus Act, 1965. Per the Payment of Bonus (Amendment) Bill, 2015, the employees drawing a salary below Rs.21, 000 are eligible for the bonus. The provisions for calculating bonus are mentioned in the Payment of Bonus Act.

Professional Tax: Professional tax (PT) is a tax levied by the state governments and collected by the employer as a deduction from employee’s salary. Since it is levied by state governments, the charge for PT differs from state to state. However, it is usually around Rs.200.

The sheer complexity of the nature of compliance makes it a nightmare for many small enterprises to handle these responsibilities. Such enterprises can concentrate on their core business and HR consulting firms like Accuprosys will take care of the statutory compliance.

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Performance Appraisal and Its Importance

One of the biggest tasks for an employer is evaluating employee’s job performance and giving a monetary value to the evaluated performance. The process of the evaluation and documentation of job performance is referred to as performance appraisal or performance review. In some organizations, it is also referred as performance evaluation or employee appraisal. Whatever, the name of the process is, the task of evaluating employee performance is a critical part in employee development and is the most required to bring out the best of employees capabilities and boost their morale. Performance evaluation is a systematic procedure that involves the assessment of an employee’s performance with that of certain set standards and organizational goals. The criticality of performance appraisals is such that many organizations are seeking expert services from HR management consulting firms.

Performance: From the above discussion we understand that appraisal means evaluation. Then what is performance? Evaluating whether an employee is performing well or not is the core of performance appraisal. We can evaluate performance only when we know what it is. According to the dictionary, performance means the action or process of performing a task or function. Employees are meant to have performed well when they are productive, i.e. they are efficient and effective in the task they perform without creating troubles for the organization.

Importance: What is the need of performance appraisal? A big organization with all the resources does not need to worry about performance appraisals because it has a strong HR department which carries out this function for them. But a small organization which does not have its own team may have doubts regarding the necessity of performance appraisal because it needs some special skills for this and has to approach HR consultancy services. The importance of performance appraisals is that it helps an organization to find the deviation of employees’ performance from that of the set standards for them. It also helps them to evaluate how the employees are performing with minimal loss to the organization with respect to finances, time, and material. Top HR consulting firms with their expertise can help organizations in their employees’ performance evaluations and guide them in taking appropriate decisions regarding promotions, demotions or pay revisions. Performance appraisals also help in identifying the need for training and development programs for the employees depending on their skill sets and the organization’s future requirements.

Frequency:

Usually, performance appraisals are done on a yearly basis. In some organizations, they are done half yearly or quarterly also. The frequency of the performance evaluations depends on the size and nature of the organization. However, many professionals in HR consultancy services opine that appraisal should be a continuous process that is not limited to once in year review. This kind of system is very useful for organizations that are more subject to changes, have new employees or have staff whose performance is below the acceptable standards.

HR management consulting firms say that whatever the size and nature of the organization are, one thing that is inevitable is the performance appraisal of employees. Employees also wait for the appraisal anxiously because it gives them an opportunity to understand their strengths, weaknesses and their overall performance. It gives them a sense of pride if they are appreciated for their work or gives them the motivation to work even better if there is some deviation in their work from what is expected of them. Accuprosys, one of the top HR consulting firms in Hyderabad has all the expertise to help you with your employee performance appraisals.

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