Document checklist for payment gateways

In today's ultra-competitive business world, a key focus is on reducing customer friction during the purchasing process. Given the current contactless climate, it is even more critical to eliminate human interaction from this process. Businesses are increasingly relying on online payment methods rather than the traditional cash-first approach. They are now collecting payments from customers through methods such as UPI, wallets, point-of-sale machines, and online payment gateway. Using a payment gateway is now one of the most popular methods because it provides the customer with a variety of payment options.

If you are an Indian business owner with questions about the documents needed to sign up for a payment gateway for your company, then this document checklist is for you.

Business filing status - Individual

• Individual/business owners Pan Card

• A copy of the individual Aadhar card

• For  business address proof the individual Driving License, Voter ID, or Passport (Anyone)

• Original canceled cheque of bank account with IFSC code and name

• Bank account statement for the last 3 months

Business filing status - Proprietorship 

• A copy of the proprietor's Pan Card

• A copy of the proprietor Aadhar card

• A copy of business address proof such as Driving License, Voter ID, or Passport (Anyone)

• Canceled cheque of bank account, IFSC code, and name or account statement 

• A copy of government business proof. This could be either a GST certificate or Shop Act

Business filing status - Partnership

• A canceled cheque of current bank account, IFSC code, address, and firm name 

• A copy of the Pan Card from each authorized signatory

• A single copy of address proof identity card such as Driving License/Voter ID/Aadhaar Card/Passport of all the authorized signatory

• A copy of the respective firms pan card

• A copy of certificate of Incorporation is mandatory for LLP or partnership deed as business proof

• A copy of the GST certificate or Partnership deed with the name of the firm and address as business address proof

Business filing status - Private Limited or Limited Liability Partnership firm

• A copy of the MOA and AOA of the firm as business address proof

• Canceled cheque of bank account, IFSC code, and company name or bank account statement for the last 3 months 

• Certificate of Incorporation or GST certificate as business registration proof 

• Business Pan Card

• Authorized signatories PAN Card

• Authorized signatories driving license or passport and Aadhar Card

Business filing status -Trust or Society

• For business address proof Trust Deed or Society registration certificate, MOU, Bank account statement with the name of the trust or society and address or GST certificate (Anyone)

• Canceled cheque or bank account statement for the last 3 months with the society or trust name and address

• For business registration proof, Trust Deed or Society registration certificate

• Pan Card of the trust or society 

• Pan Card copy of the authorized signatory

Things to consider before submitting your documents to enroll in your best payment gateway India:

• At your address, please include your name order/spelling as well as your date of birth. If the proof does not match the details on your Pan Card, send an original copy of the affidavit mentioning the name and DOB as on the Pan Card and Address, followed by declaring the correct spelling of both names and DOB are of the same person.

• Before you begin collecting money, make certain that all documents have been submitted and are in accordance with what has been requested. A mismatch in these documents may cause settlements of collected funds to your bank account to be delayed.

• Make sure to read the payment gateway's terms and conditions before signing up, as some business segments are not eligible for their services.

• Collect payments online with a variety of payment methods!

• Payment links that accept online payments