30 Dec 2019, 09:40 — 8 min read
In our previous article, we explained how integrated payment gateways on GlobalLinker’s ecommerce platform, facilitate easy online transactions on your e-store.
In this article we will explain:
Before you start with the application process you need to ensure your line of business is eligible for accepting online payments.
Most payment gateways does not support certain businesses. Here is a list by CCAvenue www.ccavenue.com/faq_ccav.jsp
Fill in basic business details to apply for payment gateway. Razorpay supports instant activation in most business categories where as CCAvenue will take about 2 to 5 working day to get your account activated.
In order to approve your application, payment gateway requires you to upload at least 5 products and enable basic store policies. This step and information are a prerequisite for payment gateway provider to verify the line of business and customer policies which is mandatory for risk approval from banks. For your ease we have pre-drafted the policies for you, however we strongly recommend that you read each one carefully and make necessary amendments before enabling them.
Once your account application is submitted, your account will get activated either instantly or within 2 – 5 working days depending on payment gateway provider and business category.
Once you account is activated:
Activating your account enables you to start receiving payments from your customers. However, the pay out to your bank account will be processed only after you complete the KYC process with the payment gateway provider.
Below are the list of documents required for payment gateway verification depending on your business type:
Photo proof - Pan card copy, passport copy, driving license or election card)
Office address proof - For own property - Electricity bill, For rental property - rent agreement copy & electricity bill, Bank Account : Statement OR Passbook
Cancelled cheque - For the bank account into which you will be receiving payments.
Financial proof - Current Account statements for last 12 months with bank seal and bank logo. OR Audited balance sheet with P & L account statements for last 2 years.
Additional Documents - For the below business entities, please see https://www.ccavenue.com/document_reqd.htm
Proof of business - Certificate of Incorporation, Partnership Deed, Service Tax, GST registration document
Firm/Company PAN (Not for Proprietorship)
Promoter's PAN - Proprietor/Director
Cancelled cheque / Bank account statement in the name of the business
Authorised signatory address proof (Passport/AADHAR/DL/EC)
For sellers who want to sell their products overseas, payment gateways offer multi-currency support for payments made through cards issued by overseas banks for all the major networks like Visa, Mastercard and Amex.
To avail multi-currency you can raise a request to firstname.lastname@example.org and we will get in touch with you for assistance.
Read below to know more about the foreign currencies supported by each payment gateway (including INR, USD, EUR and SGD)
CCAvenue supports 27 currencies, details as mentioned here
Razorpay supports 92 foreign currencies, details as mentioned here
Accept payments through all leading methods such as debit cards, credit cards, wallets, EMI/Pay Later and UPI are supported.
For offline orders/transactions you can generate both GST-complaint and non-GST Invoices/payment link using which your customers can make online payments.
To know more on how to create an invoice on Razorpay dashboard click on this link
Once you have started receiving online payments, it’s important to know how to manage the payment gateway account for performing activities such as verifying payment status, processing refunds and creating invoices.
Order status are of following types:
Successful transaction ready for order fulfillment
Pending transaction status can mean one of the following 3 scenarios:
Payment attempted has failed or rejected from bank and has to be reattempted. Order cannot be fulfilled.
Further if you are still unsure of you can cross check payment status on your payment gateway account. Details are as follows:
For domestic transactions the payment settlement is processed to your bank account in T+2 days.
For International transactions the settlement period is T+7 days.
Note: Post KYC verification, payout to bank account will begin only once amount due is more than INR 500.
To know more refer to payment gateway FAQs given below
Processing and receiving payment is a simplified process thanks to integration of payment gateways with banks and GlobalLinker’s ecommerce platform. Our team of experts are always happy to help you with any clarification or help you might need. We are with you from your first payment to many more!
Image source: shutterstock.com
Posted byGlobalLinker Staff
We are a team of experienced industry professionals committed to sharing our knowledge and skills with small & medium enterprises.
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