SaaS is a software distribution model in which software applications are provided over the internet as a service, typically on a subscription basis.

The scope of digital content, goods and services may include Subscription to digital content, Subscription/In-app purchases for social media application, Initial subscription/Participation fee towards skill-based Gaming or Gaming as a service (Purchase of virtual merchandise), Subscription or application fee for digital learning (Short online courses for skill enhancements), subscription or payment for web/mobile apps (SaaS) and Online advertisement or marketing fees, purchase of eBooks, digital movies, music, tv shows, podcasts, digital art and photography. movies, streaming media, fonts, logos, photos, graphics, electronic tickets etc.

ViniPay will be acting as Merchant of Record(MoR) for Overseas Companies in the space of Digital Goods and Services offering their services to Indian Consumers. A Merchant of Record (MoR) is a financial and legal entity that assumes responsibility for processing and accepting payments on behalf of another company or merchant. The MoR acts as an intermediary between the customer, the merchant, and the payment processors, ensuring smooth and compliant payment transactions.

Here are the key roles and responsibilities of a Merchant of Record:

Payment Processing: The MoR handles the entire payment process, including authorization, settlement, and reconciliation of customer payments. They facilitate transactions through various payment methods such as credit cards, debit cards, electronic wallets, and other alternative payment methods.

Compliance and Risk Management: The MoR is responsible for ensuring compliance with relevant financial regulations, data privacy laws, and payment card industry standards (e.g., PCI DSS). They implement appropriate security measures to protect sensitive customer data and mitigate fraud risks.

Legal and Financial Liability: As the MoR, they assume legal and financial responsibility for processing payments on behalf of the merchant. This includes assuming the risk of chargebacks, refunds, and any potential disputes arising from payment transactions.

Tax and Regulatory Compliance: The MoR handles tax calculations, tax collection and deposit, and remittance in compliance with applicable tax laws and regulations. They may also be responsible for fulfilling other regulatory requirements related to payments, such as Know Your Customer (KYC) and Anti-Money Laundering (AML) checks.

Currency Conversion and Settlement: In cases where the merchant operates in multiple currencies, the MoR may provide currency conversion services, ensuring that customers can pay in their Local currency. The MoR also settles funds to the merchant's account after deducting fees and other charges.

Reporting and Analytics: The MoR provides the merchant with detailed reports and analytics related to payment transactions, chargebacks, refunds, and other relevant data. These insights help the merchant analyze sales performance, identify trends, and make informed business decisions.

Customer Support: Depending on the agreement, the MoR may handle customer support inquiries related to payment transactions, billing issues, and general payment-related queries. This allows the merchant to focus on their core business operations.