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Checklist of documents for payment gateways

Making the purchasing process less complicated for clients is a crucial goal in today’s fiercely competitive corporate environment. Making this process human interaction-free is even more crucial in light of the current contactless environment. Companies are now relying more on online payment methods than the traditional cash-first strategy. Customers’ payments are now collected utilizing channels including UPI, wallets, point-of-sale devices, and payment gateways. One of the most widely used tactics in use today is the employment of a payment gateway, which offers the customer a variety of payment options.

The following document checklist is for Indian business owners who have queries regarding the paperwork needed to register their company for a payment gateway.

Business filing status – Individual

  • A person or business owner’s Pan Card.
  • A copy of the person’s Aadhar card.
  • The person’s driver’s license, voter ID, or passport is required to prove their business address (Anyone).
  • Authentic canceled bank check with an account name and IFSC code Bank account statement for the previous three months.

Business filing status РProprietorship 

  • A copy of the owner’s Pan Card.
  • A copy of the owner’s Aadhar card.
  • A copy of a document proving your place of business, such as a driver’s license, voter ID, or passport (Anyone).
  • A canceled bank check, the name and IFSC code of the account, or an account statement.
  • A copy of a government business document. This could be a Shop Act or a GST certificate.

Business filing status – Partnership

  • A canceled check with the current bank’s IFSC code, location, and business name.
  • A copy of each signatory’s Pan Card.
  • One copy of each authorized signatory’s identity card serves as evidence of address, such as a driver’s license, voter ID, Aadhar card, or passport.
  • A copy of the business’s PAN card.
  • For LLPs or partnership deeds, a copy of the certificate of incorporation is required as evidence of the business.
  • A copy of the GST certificate or a partnership deed containing the company’s name and address serves as a confirmation of the business address.

Business filing status: Limited Liability Partnership or Private Limited Company

  • As verification of the company’s business address, provide a copy of the MOA and AOA.
  • Canceled bank check, IFSC code, business name, or bank account statement for the previous three months.
  • Incorporation certificate or GST certificate as evidence of business registration.
  • Pan Card for Business.
  • Approved signer, PAN Card.
  • Driving license, passport, and Aadhar Card as authorized signatures.

Business filing status -Trust or Society

  • Trust Deed or Society Registration Certificate, MOU, Bank Account Statement with the Name of the Trust or Society and Address, or GST Certificate are acceptable forms of identification for businesses (Anyone).
  • Canceled check or three-month bank statement containing the society’s or trust’s name and address.
  • Trust Deed or Society Registration Certificate for Business Registration Proof.
  • Pan Card of the Society or Trust.
  • A copy of the authorized signatory’s Pan Card.
Things to consider before submitting your enrollment documents for your payment gateway
  • If the name order/spelling and date of birth on your Address Proof do not match those on your Pan Card, send an original copy of an affidavit stating the name and DOB as they appear on your Pan Card and Address. This will be followed by a declaration that the names and DOB are spelled correctly and belong to the same person.
  • Before you begin to collect money, make sure all of the documents are presented and meet the requirements. An inconsistency in these documents could prevent the collected monies from being transferred to your bank account on time.
  • Before joining up with a payment gateway, be sure to read the terms and restrictions as some business categories may not be eligible for their services.
In conclusion

The document checklist presented above is for use by any business owners who intend to install payment gateways like Cashfree, PayU, Razorpay, Instamojo, and others. The dashboard of each payment gateway will have a comprehensive document checklist. Always make sure you do your research and select a payment gateway that is acceptable for your business and has a smooth onboarding procedure.

 

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