If you are a businessman or planning to be one, you must be quite aware of today’s trend of payment via online or debit card or credit card. It means you cannot think of growing higher without accepting payment cards. So to be a successful businessman you would need to know how it works in a secure way. Today when every small shop has to accept money via a reliable payment platform, it is must to have a merchant account.
What does Merchant Account mean?
Merchant account is a bank account that allows businessmen to accept payment through debit cards or credit cards. When a customer makes payment, it directly goes to the merchant account via payment gateway and then in the stipulated time eventually to business bank account. When a customer buys a product or services, at times it is very likely for the amount to be refunded by the merchant, at that time to avoid hustle bustle or in order to save time, the money is deducted from the merchant account. In the time period of a day or week the funds are transferred to business bank account.
Internet Merchant Account
If you are ready to accept credit cards and debit cards online too, then you need to have an Internet merchant account. Just as even if you have a bank account you have to activate internet banking.
How does it work?
First of all it is the job of the acquiring bank to get authorization for customer transactions from issuing banks. Steps are as follows:
- At the end of the day, the merchant processor tallies up the approved transaction amounts from each issuing bank and requests that the funds to be paid.
- Then the funds are distributed to your merchant account.
- From there it goes to your business bank account.
Getting merchant account in a reliable payment platform
After the digitization of India it is seen that more or less every shopkeeper has a merchant account of a trusted payment platform. The reason is that to accept payments via a reputed payment platform is quite easier than any other way.
Steps to accept money from a payment platform are:
- Choose whether you want to apply for our online payment solutions, or start accepting a trusted payment platform in your retail store.
- To accept and use a payment platform in your shop, click on “Get your payment platform QR code” and sign up for your free payment platform account.
- Fill up the simple online form and you’ll receive our payment platform sticker that you have to stick on your store.
We have categorized the merchants into two types to make the process smooth.
For Small and Medium Merchants
- KYC merchants is entitled to have up to INR 20K as A reliable payment platform wallet balance which lets you save up to INR 1 Lac at any time.
- The A reliable payment platform sticker at your store helps you keep a tab of payments easily
- Up to INR 25K can be transferred to your bank account every month. There are no hidden charges for accepting or sending money.
For registered Business
- No limits to how much you transfer to your bank account.
Do visit a payment platform to have a merchant account and enjoy hassle free money transactions.
So don’t wait for anything and use a reputed payment platform.