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How to Open a Merchant Account?
Posted on Wednesday, June 8th, 2022 | By IndusInd Bank
In the past few years, there has been a change in the way we carry on our financial transactions. The demonetisation, subsequent COVID-19 pandemic and the payments infrastructure that India has built supported by the Unified Payments Interface or UPI are reasons why digital modes of payments include debit/credit cards, mobile wallets, and internet banking.
With this drastic change in how consumers make payments for their goods, businesses need to have the facility to accept digital payments. But how do you start accepting payments using credit/debit and other digital modes of payments as a small business? This is where a merchant account plays an important role. Read on to find out more.
What is a Merchant Account?
A Merchant account is a business bank account that lets you accept and process electronic payments made using credit cards, debit cards, or payment apps.
Whenever a customer makes a payment electronically, a whole process is initiated wherein the merchant bank provider and the card network (such as VISA and MasterCard) work together to authenticate the transaction and transfer the amount from the customer’s bank account to your Merchant account.
How to open a Merchant Account?
You can open a Merchant account with almost all the banks. However, every merchant accounts have different fee structures and settlement periods. This is why you need to research and figure out the bank and merchant account that works best for you. Once of figure out a bank, it is just a matter of applying online or visiting the bank’s branch and applying for one there.
With IndusInd Bank, you can apply for a merchant account right here. You need to fill out a form with your necessary details and select your preferred merchant account. Submit the required documents and you are good to go.
Requirements for opening a Merchant account
With IndusInd Bank, the customers that can apply for a Merchant account include:
- Individuals
- Sole proprietorships
- Partnerships
- Limited company/Limited liability partnerships
- Trusts/Associations/Societies/Clubs
The documents that you will be required to submit when applying for an IndusInd Bank Merchant account include:
- Photo ID proof
- Address proof
- PAN card
About Indus Merchant Solutions
IndusInd Bank offers Indus Merchant solutions, a one-stop-shop for you to carry out all your digital transactions. It includes the necessary merchant services that your business needs such as a merchant account, POS machines, payment gateways, and a mobile app to keep track of all your payments. Applying for Indus Merchant Solutions is super easy. The best part is you can fill out the application online. To know more about Indus Merchant Solutions, click here.
Last words
With many changes introduced in the way people make payments, it is best to switch to the latest methods or else you could be losing out on your customers. Even if you are a small business owner, it is advisable to start accepting payments digitally. To apply for a merchant account today, click here.
Disclaimer: The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information.
