How Can I Accept Payments Into My Bank Account?

You can accept payments on Shopo directly into your bank only if your Freecharge account (which you connected with Shopo) becomes KYC compliant.

KYC Stands for “Know You Customer” which demands submission of certain documents. These can be submitted right from the Shopo app now.

Importance of KYC : 

  • If you submit KYC documents, your customer pays through Freecharge and the money directly gets transferd into your bank account
  • You can increase your transaction limits so that you can accept any payment on Shopo seamlessly
  • Rs 10,000 is the Monthly Limit for wallet users (KYC non Complaint) which increases to Rs 1,00,000(Monthly) if you submit your KYC documents

 Steps to submit KYC Documents through Shopo app 

  • After FC + Registration you will be prompted about submitting KYC Documents :-

  • If you are already connected with Freecharge, you can go to Manage Shop > PaymentSettings > Click Manage button on Freecharge, and you will see the below screen. 
  • Click on Upgrade Monthly Limit to go ahead.
  • Please note: Business name should be same as your registered shop name (if any), address should be same as one in your address proof document and bank details same as the one in your bank proof document

  • After clicking on upgrade Monthly limit you will be directed to a new page for adding bank details & submitting KYC documents 
  •  Update your bank details because Money received from online orders will be deposited here

  • Now Click on Submit KYC Details :-
    • FOR KYC you need to submit ID proof, Address proof & Bank account proof (Any document you submit must be Self Attested - Document Signed by you and scanned)
      • For ID Proof you would be needing following two proofs:
        1. Pan card or Aadhar or PAN or Passport
        2. Input ID number & photo proof as well

      •  For Address Proof, you would be needing copy of any two of these (Any document you submit must be Self Attested - Document Signed by you and scanned) :-
        1. Shop Registration certificate (You can get one easily in 3 taps through Udhyog Aadhar Registration: http://udyogaadhaar.gov.in/UA/UdyogAadhar-New.aspx
        2. Electricity Bill (date should not be greater than 3 months)
        3. Water Bill (date should not be greater than 3 months)
        4. Landline Bill (date should not be greater than 3 months)
        5. PostPaid Bill (date should not be greater than 3 months) Note: FC account should be with same number as the one on postpaid bill
        6. Tax registration
        7. Sales Tax Return
        8. IT Return 
        9. Municipality Certificate
        10. CST Certificate
        11. VAT Certificate

 

 

      • For Bank Proof you would be needing any of these (Any document you submit must be Self Attested - Document Signed by you and scanned) :-
        1. Cancelled Cheque 
        2. Bank Letter
        3. First page of Passbook (Must include the IFSC code and the bank account number and the bank name)

 

 

 

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