The growth of digital payments in India has been phenomenal in the last few years and has gone through many levels of iterations over the last few years.
In the financial year 2022, the volume of digital payments in the country reached 72 billion from the previous year’s 44 billion. In fact, India is one of the fastest-growing nations in the world when it comes to digital payments.
According to a March 2021 report by ACI Worldwide, India was the leading market for real-time payments transactions with 2,550 crore payments, followed by China and South Korea.
A large number of customers, whether they live in a metro city or a tier 2/3 city, expect to pay for their purchases online. With the Indian government and the Reserve Bank of India supporting digital payments, if you are not accepting money from customers through digital means you are losing out on business more than you can imagine.
Recommended Read: Types of Digital Payment Methods and How Businesses Can Use Them
Paytm for Business has been the pioneer of digital payments in the country. Not only has it simplified the way consumers pay for their offline as well as online purchases, it has made digital payments secure and intuitive for users across the country.
Thus, it is absolutely essential for you, as an online business owner, to accept digital payments.
What documents are needed to create a Paytm for Business account?
Creating a Paytm for Business account is quite simple and does not require much time.
Recommended Read: How Payment Gateways Assess High-Risk Merchants?
You are requested to provide a self-attested photocopy of the PAN card which is either in the proprietor’s name or business name, along with bank account details. Just these two documents are enough to sign up with Paytm for Business.
However, if you need to sign up with a plan that has higher monthly limits please provide the following documents:
1. Company Proof
Provide any one of the following documents:
- Registration document of the company
- Shop Establishment Act certificate
- Regional State Registration certificate
- Municipal Corporation Department Certificate/Licence
- GST certificate
- Any of the following utility bills (two months old ): electricity bill, water bill, gas bill, phone or internet bill.
You should ensure that the bill must be in the name of the business. The same goes for the registration certificate of the company. It should include the registered address as well.
2. PAN Card of the proprietor:
While uploading the PAN card, you should check the following details:
- The name mentioned in the PAN card should match the proprietor’s name
- PAN card’s image should have enough clarity that texts can be read clearly
- You can also upload the photocopy of the PAN card as long as it is self-attested with the proprietor’s signature
3. Bank account details:
Any one of the following documents will be accepted:
- Cancelled cheque
- Bank attested letter
- Bank passbook
- Account statement signed and stamped by the bank
You should ensure that the cheque book, bank passbook, or bank account statement has the name of the business or the proprietor’s name. It should also have the IFSC detail printed on these documents. In case these details are missing, you are requested to get an attested letter from your bank.
4. GST document
GST Certificate or Declaration of GST Non- Enrollment.
Please ensure the following requirements are met:
- GSTIN should be clearly visible
- Company / Trade name and business address should be visible
- The trade name should match with “Registered Business Name” and the legal name should match with “Name of Proprietor”
- The declaration should be on the company’s letterhead with authorised signatory’s sign and the company’s stamp
- GSTIN should be active on the GST portal
5. KYC of the authorised signatory
To complete the KYC process, you are required to provide the self-attested photocopy of the back and front of any one of the following documents:
- Driving Licence
- Aadhaar Card
- Voter ID Card
- Nrega Card
Standard guidelines to be followed for every document:
- Documents uploaded should be clear and valid
- Documents should be less than 2 MB in size
- All the documents should be in jpg, png, or PDF
- Photo should be taken from the front and information should be clearly visible
- Documents should not be handwritten
Once you submit these documents, we will verify them and begin the activation process. After verifying your submitted documents, we do an additional compliance verification of your business, which usually takes two to three working days. Your account will be automatically activated or upgraded once all the process is completed.
You can visit https://dashboard.paytm.com/ and log in using your existing Paytm account or create a new one to start accepting payment digitally.
Frequently Asked Questions
Question: Is it mandatory to get my company registered to sign up for Paytm for Business?
Answer: Yes, Paytm for Business only onboard companies that have valid registration with the Registrar of Companies. The company must also have a valid Indian bank account.
Question: What do I do if there is an error while trying to activate my account?
Answer: Chances are you might have received one of the three types of error messages:
- Bank account number does not match with PAN: This error prompt means that Paytm is unable to verify that the bank account and the PAN belong to the same person. Please check if the name and other details on both documents match and images can be read.
- Bank account is already registered with Paytm: This error prompt comes when users upload bank account details that are already registered with Paytm. As a policy, only one bank account can be mapped to one Paytm for Business account. If you see this error, please provide another bank account that is registered under your or your business’ name.
- PAN is already registered with Paytm: Similar to bank accounts, only one PAN number can be mapped to one Paytm for Business account. If you see this error, the PAN you are trying to enter is already registered with Paytm.
Question: Can a Paytm for Business account get activated if my company doesn’t have a GST certificate?
Answer: GST document is not required for merchants whose annual turnover is less than Rs. 20 lakhs. If your turnover is more than that and does not have the GST document, you can give us a declaration of GST non-enrollment or a Provisional GST certificate.
Question: What should I do if my application is rejected?
Answer: You would have received an email with details of the reasons your account could not be activated. You are expected to fix the errors in your documents and again upload those documents to activate your Paytm for Business account.
Question: If I already have a Paytm account as a customer, do I still need to create a new account as a merchant?
Answer: No, you can use the same account details to sign in as a merchant. Simply enter your registered mobile number and password and sign in for Paytm for Business.