Shivkrupa Pathpedhi | Mumbai

Merchant Savings Account

Businesses conduct frequent and large transactions. A merchant account allows businesses to carry out transactions from various online and offline payment methods


A merchant account is a business account that enables business enterprises to use electronic transactions. Business enterprises must partner with a bank that helps process and manage electronic payment transactions in a merchant account. These accounts are crucial for online businesses, while it is optional for offline companies as they can accept payments in cash.

What is a Merchant Account?

Merchant accounts are commercial bank accounts that help process online transactions for businesses. It allows companies to accept card payments, including other electronic transactions. A merchant account relationship is required for online businesses if they perform online transactions.

 it also offers a range of services and facilities for payments and transactions.

How does a Merchant Account work?

Merchant accounts are essential for most businesses and merchants to conduct their business smoothly. A merchant can choose an array of services and facilities

Benefits of a Merchant Account

A merchant account offers numerous benefits in addition to accepting online payments. A few significant benefits are mentioned below.

  • Large transaction limit
  • Offers a Interest on Balance amount as per rule..
  • Facilitates performing frequent transactions
  • Easy to process payments and transactions
  • Eliminates the hassles of cash handling and maintaining physical records
  • Makes business run smoothly with streamlined cash flow management
  • Offers a Merchant QR code in business name to access funds conveniently on the go

Who can apply for a Merchant Account?

Any business that plans on accepting online payments through UPI, and other electronic fund transfer facilities can apply for a merchant account. Following are the applicant categories eligible to apply for a merchant account.

  • Individuals
  • Hindu undivided family (HUF)
  • Partnership and sole proprietorship
  • Limited Company and Limited Liability Partnership
  • Clubs, societies, trusts, and associations

How to apply for a Merchant Account?

After checking your eligibility, you can contact offline channels and request to open a merchant account. The society will ask for proof related to business, business owner, address, annual turnover, etc.

Once you submit the required documents and merchant account application, the society will verify the details and activate your merchant account. Subsequently, you can choose the type of payment services you wish to implement for your business using your bank account.

If you are running a business, you know the importance of online transactions. It is not only fast and secure but also convenient for customers and clients. Therefore, it is always advisable to go for a merchant account to give a boost to your business.

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Plot No-R 225, T.T.C. Industrial Area, Opposite Hotel Vrushali
Rabale, Navi Mumbai
Maharashtra 400701


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022 69221111

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