Paytm is one of the most popular wallets for accepting payments for your Business. In this guide, you will get the step by step process on how to get a Paytm Merchant Account (also called as Paytm Business Account) and register / activate it. You will also get information on Paytm Merchant Account Benefits, Limits, Charges etc.
What is a Paytm Merchant Account? Paytm Merchant Account is an account that you open with Paytm to start accepting payments from your customers via Paytm at your shop etc. It is also called as a Paytm Business Account.
With a Paytm merchant account, you get a unique QR code which you can display at your shop or place of business. Your customer can easily make payment to you simply by scanning the QR code with Mobile. You can even accept other payment modes (apart from Paytm Wallet) like payments through UPI, credit card, debit card. This helps you save time on your collections and also gives the customer a convenient way to pay.
How to get Paytm Merchant Account?
You can easily get a Paytm Merchant Account by downloading Paytm Business App on your mobile and completing the signup process. You can also go to https://dashboard.paytm.com/ on your computer/laptop to complete the registration. Alternatively, you can contact Paytm for Business on their official website if you face any queries.
Steps to register Paytm Merchant Account using Paytm Business App
- Step 1: Download Paytm Business App from Android Playstore or Apple Appstore (if you use an iphone)
- Step 2: Next you need to select your preferred language which can be English, Hindi, Tamil etc. as per your choice
- Step 3: Press get started and select “Yes” for any permissions
- Step 4: Next you need to enter mobile no. and email on which you want to register for business. You can also use your existing Paytm mobile number and password which will then be converted to Paytm Merchant Account on successful registration.
- Step 5: Click on “Get QR code” now
- Step 6: You need to enter Aadhar Details and Name as per Aadhar Card. These details are not required and is auto-filled when you are using any existing Paytm Account which already has Full KYC.
- Step 7: Next you need to enter your Business Details like Business Name, Shop/Display name, Business category, Business subcategory, add business address and GST No. (Optional)
- Step 8: Next you need to enter your Bank details or use your existing bank details if you have already updated the same in Paytm
Some videos which will help you understand the process for Paytm Business registration are shown below:
Video in Hindi
Documents required to register Paytm Merchant Account (Paytm Business account)
- Personal or business PAN number
- Bank account details
- GST Number (if registered)
For plans with higher monthly limits, you can refer to https://business.paytm.com/document-requirements
Fees on Paytm Business Account
There are no one-time or monthly charges for opening and running your Paytm Business account. However, there are some transaction charges on receipts through credit card / debit card and net banking.
I see an error while trying to activate my account – Bank account name does not match with PAN
You see this error because we are unable to verify that the bank account and the PAN belong to the same person. Please contact Paytm if you think this is a mistake.
My account activation documents were rejected. What can I do now?
In case your application documents get rejected after a review, you would have received an email from Paytm with the rejection reasons mentioned. You can fix the rejection issues and resubmit those documents so we can reconsider your application.
Benefits of Paytm Merchant Account
Becoming a Paytm merchant comes with a lot of advantages, Some of the advantages of Paytm Merchant Account
- With a Paytm Business Account, you can transfer money to bank account anytime, anywhere. Paytm Business Account usually offers 0% transaction charges for transferring money to Bank Account, unlike the normal Paytm Account which has a highly expensive 4% charge.
- You get a QR code which you can download and print using the App. Alternatively, you can even order the QR code sticker using the App. Customers can make payments by easily scanning the QR code with their mobiles which is convenient for them as well as faster for you. It also helps promote your shop brand visibility.
- You can accept all type of payments like UPI, Paytm Wallet, Credit Card, Debit Card, Paytm Bank. Note that while UPI and Paytm Wallet payments are free, there are transaction charges if your customer makes payment using a Credit Card/ Debit Card or Netbanking.
- You can accept payments directly from the customer’s bank account
- You get special offers that Paytm announces from time to time exclusively for Paytm Business Account
- You can view/edit details from the Paytm App/Merchant Dashboard
- You can get support from Paytm’s 24×7 Merchant Helpdesk
What are the charges on Paytm Merchant Account?
You have a free plan for starters where Paytm claims to have 0% transaction charges. Although there are paid plans too as displayed on Paytm Business Website, there are 3 types of plans.
The starter plan is the cheapest one with 0% transaction charges (for wallet / UPI payments) and there is monthly cap on acceptance up to Rs.20,000/- per month but there is no limit for UPI payments.
- Starter Plan– It has 0% transaction charges for UPI, Wallet payments or Paytm payment bank payments. However, there are transaction charges for payments via credit card, debit card and net banking which 1.75% + GST. There is a cap of ₹20,000/- for wallet payments while there is no limit on payments via UPI and Paytm Payment Bank.
- The Standard and Enterprise plans are the paid plans meant for large business customers who want to accept more than ₹20,000 per month through Paytm Wallet. There are transaction charges Note there is no cap for wallet acceptance via UPI.
You also get an option where you can view the transaction charges applicable for your account in the Paytm Business App. There are 3 simple steps to view these charges that are shown in the below pic.
Paytm Business Account Features
- Easy and Instant Activation
- Fast Bank Settlements
- Business Growth Insights
- UPI / Credit Card / Debit Card Payment Acceptance, Netbanking, Paytm Wallet Acceptance
- Secure Payments with Anti-Fraud Technology
- 24 x 7Customer Care Assistance
Paytm Merchant Account Customer Care
Paytm has displayed the following customer care number for Paytm Merchant Account Holders on their Paytm Business Website-
They also have a Facebook page for Paytm Business and offer support at their Paytm Business Website. You can reach them at either of these three options.
Related Queries and Experiences
While Paytm Merchant Account is growing fast, the experience offered by the Customer Care still needs a lot of improvements. This is based on my own experience and also on what I gather from the reviews on their Facebook Page. Although Paytm is taking efforts to increase visibility and spread awareness about the Paytm Merchant account and their benefits. However, the customer care support team needs to improve and be more responsive to the needs and complaints of the merchants. It needs to be giving clear information and address some of the trust issues and concerns faced by the users.
Paytm as a brand has its credibility so hope they bridge the gap here. Overall, the Paytm Merchant Account network is one of the biggest that has grown hugely with the increasing digital payments especially post demonetization.
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