What is a Merchant Account?

A Merchant Account is a bank account that helps businesses access funds from credit and debit card payments. Simply put, this account acts as a middleman between the buyer’s bank account and your Business Account and helps facilitate quick and seamless fund transfers.

Is it mandatory to take POS with Merchant Account?

No, it is not mandatory to take POS with a Merchant Account.

How do Merchant Accounts work?

When a buyer initiates a transaction using a cashless payment mode, the transaction details are sent to the Merchant Account of the seller. The bank with the Merchant Account receives this information and dispatches it to the buyer’s account. Next, the buyer’s bank checks if the buyer has enough money and approves the transaction accordingly. The Merchant Account then transfers the transaction funds to your Business Account in advance and collects the funds sent from the buyer's account.

How can I open a Merchant Account online?

You can easily open a Merchant Account online with IndusInd Bank. To do this, go through the various Merchant Account types we provide and choose a Merchant Account that best suits your needs, then click on the ‘Apply Now’ button. This will take you to the Merchant Account online application form. Fill in the details as prompted, select a payment solution and submit the form.

How to get a Merchant Account in 10 steps?

Here’s how you can get a Merchant Account with IndusInd Bank in ten steps-

• Choose the type of Merchant Account you want based on your requirements by going through the extensive product catalogue at IndusInd Bank.
• When you find an account of your choice, click on the ‘Apply Now’ button. You will be directed to the Merchant Account Application portal.
• Now, carefully fill in your details in the respective fields.
• Select the type of business you own from our dropdown list.
• Select the payment solutions you want with your Merchant Account.
• Remember to check if you are an IndusInd Bank Member and submit the form.
• If you are not an IndusInd Bank member, you will need to fill in additional details to complete your application process.
• Next, submit the necessary documentation as prompted.
• Finally, submit the application form.

We send you a notification as soon as your account is set up, so you can start using your IndusInd Bank Merchant Account immediately.

What is needed for a Merchant Account?

To open a Merchant Account with IndusInd Bank, you need to fulfil the eligibility criteria specified by the bank and submit a few mandatory documents.
The customer types eligible for a Merchant Account include-

• Individual
• Sole Proprietorship
• Partnership
• Limited Company/ Limited Liability Partnership
• Trust/ Association/ Society/ Club

The basic documents required while opening a Merchant Account include-

• Photo ID Proof
• Address Proof
• PAN Card, etc.

What are the benefits of a Merchant Account?

Some benefits of a Merchant Account for business owners like you are as follows.

• Seamless card payments
  A Merchant Account cuts the hassles of fund transfers via card payments by acting as an intermediate and facilitating quick and efficient fund transfers. Since transactions are more convenient, customers are more likely to make cashless payments, increasing your business cash flow.
• Lower check bounces
  Card payments help you bypass the problems caused due to bounced checks, and a Merchant Account makes this easier.
• Better money management
  Since cashless payments are recorded automatically, accepting them can help you streamline your business transactions. A Merchant Account facilitates this process.<
• Secure payments
  With a Merchant Account, cashless transactions are quick and secure, abiding by the transaction security regulations.

What are the types of Merchant Accounts?

At IndusInd Bank, we offer Merchant Accounts tailored to the stage of your business and your average monthly balance requirements.
We offer-

• Basic Merchant Account- These accounts are for small and medium-sized business entrepreneurs having an Average Monthly Balance (AMB) Requirement between 0 to Rs. 50,000. The Merchant Accounts are built-in with a range of practical features to help you scale your business.
• Merchant Select Account- These are Merchant Accounts for medium-sized businesses with an Average Monthly Balance (AMB) Requirement of up to Rs. 1 lakh. They offer several perks and help you create more value with your business.
• Merchant Exclusive Account- These accounts are suited for large businesses having an average monthly balance requirement (AMB) of over Rs. 5 lakhs. They come with a range of curated offers and privileges too.
• Merchant Pioneer Account- These accounts are tailor-made for large businesses having an average monthly balance requirement (AMB) of over Rs. 10 lakhs. They come with innovative solutions and best-in-class privileges to help businesses grow.

Do I need to pay for POS if I take Merchant Account?

When you take a POS with a Merchant Account, there is a one-time set-up charge and a monthly rental and maintenance fee, depending on the terminal type. These costs are borne by your bank.  Once you start using the POS, you will need to pay a transaction cost as well.

What does branch transaction include?

Branch transactions include cash transactions including deposit and withdrawal, online transactions like NEFT, RTGS, etc., and DD/ PO payments done at the branch.

Can existing Merchant Account migrate to other Merchant Account?

Check with your Relationship Manager to know if you can upgrade your IndusInd Bank Merchant Account to another Merchant Account with higher limits. Connect with us via email or telephone and find all the contact details you need here.

How much does it cost to open a Merchant Account?

You can open a Merchant Account for free with IndusInd Bank and effectively manage your business transactions in one place. However, keep in mind that you will have to bear transaction charges and account maintenance costs, depending on the account type.