Having credit card with huge bill or need money for some short time without paying any extra money, then this post is special for your. You are small merchant and want POS machine at your shop without any extra charge, then this post is special for your.
At the time of note-ban PayTM give leverage to their users to withdraw paytm wallet money to their bank account without any charges. Lots of business owners start using PayTM to accept money from user as they don’t need to pay any extra charge for transferring money into bank account. As note-ban ends they impose transaction charges when merchant transfer money in their bank account which was 2%, now it’s 3%.
Why they start taking charges?
They start taking charges because some user who are not merchants start exploiting this opportunity to earn rewards from credit card companies. Because whenever you transact on adding cash from credit card or debit card PayTM have to transaction charge as MDR fees. Which makes loss to PayTM.
What happen to merchants?
As PayTM start taking charges on account transfer, real merchants those accepting PayTM money. As they don’t want pay extra on account transfer. To overcome from this issue PayTM comes up with PayTM business account. Now PayTM agents visiting to shop owners and creating their business account, so that they can start taking paytm money from PayTM customers.
Benefits of PayTM business account
PayTM business account have special feature, unlike previously they created separate identity from their current paytm wallet account.
- Previously paytm money get deposited into their paytm wallet account from where they can transfer money to their account. In business account you need not to transact money will automatically transfer to your bank account whichever is linked with your business account.
- Since PayTM becomes payment bank itself it will associate its own bank with your business account, if you have PayTM payment bank account or you can register any of your bank details you have account with.
- PayTM business will not charge anything from merchants for transferring money into your account. Yes, its completely free.
- They created separate app to manage business account and transaction details. you can download the QR scan code or generate new QR.
- Currently business account have limitation on accepting up to 20k in single day and 50k in month.
Now users wants to pay credit card bill with another credit card can become merchant on PayTM and use the benefits of business account or could find one of their friend have it.