How to Avail Merchant Services Along With Current Account

Posted on Friday, August 2nd, 2024 | By IndusInd Bank

The digitisation of the economy has revolutionised banking transactions. Businesses are seeking ways to optimise their operations and enhance customer convenience. One such way is accepting debit and credit card transactions, as nowadays, customers avoid carrying around cash. So, if businesses do not step up and start accepting debit or credit cards, they will be losing potential customers. This article lets us understand how to avail merchant services and a current account.

What is a Merchant Account?

A merchant service is required for businesses to accept card payments. A merchant account acts as an intermediate account between the business’s current account and the customer’s bank account. With merchant accounts, businesses receive card payments instantaneously.

How Does a Merchant Account Work?

Merchant service is an intermediary between the business and the customer. When a customer pays for a transaction using a card, the intermediary provider of the merchant account shall confirm the customer’s bank funds. Upon confirmation, the merchant account provider shall pay for the transaction to the business owner. Apart from enabling card payments, a merchant service provider also offers QR code for businesses. If you were wondering how to get a QR code for a shop, here’s your answer.

Key components of availing merchant services.

• Streamlined Payments: Merchant services facilitate card payments for businesses across different platforms, such as in-store card swiping machines, online card payments, and payment gateways. Additionally, the merchant provider offers UPI QR code generator services.
• Multiple Payment Methods: Merchant services allow businesses to accept payments through various mediums, such as mobile payment, credit and debit cards, and digital wallets.
• Security and Fraud Prevention: Merchant providers implement strict measures against fraudulent transactions, ensuring the security of both businesses and customers in a financial transaction.
• Additional Services: A merchant account provider may offer reports and analytics of customer spending and usage patterns, offering an add-on service to optimise businesses.

Also Read: Understanding The Merchant Services Provided By Banks

How to Avail Merchant Services Along With Current Account

The following is a step-by-step process of availing it along with the current account

• Research: It is important to carry an extensive research for all the merchant service providers and the facilities they offer. Consider factors like charges, fees, services, customer support, and the merchant’s compatibility with your business.
• Banking Partner: If the bank with which the business is holding a current account offers merchant services, then it is best to consult the bank to see what merchant services they offer.
• Leveraging the Offered Services: Every business is different, and so are the banking needs. Explore all the services offered like online payment, offline swipe machines, and payment gateways for e-commerce platforms, etc., by the merchant service provider and incorporate them that best suit the business.
• Application Process: Upon selection, the next step is to apply for it. The business owner needs to fill out the required application form completely and correctly along with submitting the required necessary documents. Documents related to the business, financial history, etc., are a few important papers of the application process.
• Verification of Documents: Once the application form and the required documents are furnished, the merchant service provider shall verify the documents before providing the services.
• Integration: After the verification process is complete, the merchant bank will allow the business to integrate it with your current account by linking your account.

Also Read: Open A Current Account Online

Availing merchant services along with current account is beneficial as it offers myriad services. So now business do not have to worry about how to get QR code for shop or swipe machines or open current account. Thus, by integrating merchant services along with current account helps businesses to stay ahead in today’s competitive business era.

Conclusion:

Availing merchant services along with current account is beneficial as it offers myriad services. So now business do not have to worry about how to get QR code for shop or swipe machines or open current account. Thus, by integrating merchant services along with current account helps businesses to stay ahead in today’s competitive business era.

Disclaimer:  The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information.