At PayG.in (PayG), we facilitate a transparent and efficient merchant onboarding process to expedite payment acceptance and consequent revenue generation for businesses. As a merchant, you can expect continued support and guidance from our sales and account management teams when establishing a relationship and throughout the payment lifecycle thereafter.
PayG is a Payment Aggregator (PA) and adheres to the Know Your Customer (KYC) Direction, 2016 Guidelines. You can thus trust that all your payment transactions with us will be secure and safeguarded against several risks such as fraud, money laundering, terrorism financing, etc.
Through PayG’s fast and frictionless signup process, merchants can start accepting payments with ease; however, they need to ensure that their basic details and requirements are available and updated.
The following are the requirements that need to be adhered to by the merchants for availing PayG's payment gateway services.
Your Onboarding journey begins when you express an interest in PayG solutions and services and continues beyond account activation for tracking periodic updates and continuous due diligence.
Your Onboarding journey begins when you express an interest in PayG solutions and services and continues beyond account activation for tracking periodic updates and continuous due diligence.
You can express interest in PayG services by:
1. Sending an email to sales@payg.in
2. Contact to your Reseller
Our Sales team collates the online forms or emails and forwards them to the
Relationship
Management team members to initiate the merchant registration
process.
Post-registration, you are assigned a Relationship Manager (Sales Person) who will act as a primary Point of Contact (PoC) throughout the onboarding process. The Sales Person will understand the nature of your business and explain the KYC requirements accordingly.
You can submit a duly signed Merchant Application Form (MAF) and other supporting documents to the Sales Person. The Sales Person will perform an initial check of these documents with the originals and submit them to the PayG Merchant Onboarding Team for further verification.
PayG's KYC (Merchant Onboarding) policy aims to establish the merchant's identity, address and existence by verifying documents. The documents that need to be submitted depend on the constitution type of the merchant.
KYC Documentation List - Onboarding
Note: All the documents of the legal entity need attestation by an Authorized Signatory of the entity. To establish that the Authorized Signatory has the authorization to transact on behalf of the legal entity, a Board / Authority Resolution and Power of Attorney is required.
In addition, PayG also needs to identify and know the particulars of the Beneficial Owners of the entity. Beneficial Owner is (are) the natural person(s) who has/have a controlling ownership interest in the entity - Refer clauses 3(a) iv and 34 of RBI Master Direction.
You must submit the KYC documents of the Authorized Signatory and Beneficial Owners. Refer KYC Documentation List - Onboarding (Link will change) to know the document list related to your business.
During acceptance, a PayG employee marks documents received as 'Original seen and Verified' by a PayG employee during acceptance.
You can begin your payment journey with PayG once the following verifications are completed:
A Merchant ID (MID) will be issued to you after the completion of the KYC process. Your submitted documents and other information will be retained during the course of the business relationship and at the end of the business relationship as per the RBI guidelines.
You can help us expedite the KYC verification process by providing your Centralised Know Your Customer (CKYC) identifier. In addition, we also need your explicit consent to retrieve your documents from the CKYC portal.
If you have provided these details, we will not require you to submit these documents unless:
1. There is a change in information and / or the current address of the merchant
is required to be verified. and / or
2. PayG considers it necessary to:
a). verify the identity or address of the merchant,
or
b). perform enhanced due diligence
or
c). build an appropriate risk profile of the customer
and / or
d). additional document(s)/information are required
as per the KYC policy
We perform regular checks with regulatory databases and risk categorization of our Authorized Signatory and Beneficial Owners. We also undertake Re-KYC for existing merchants on a periodic basis and the periodicity depends on the Merchant's Risk category. We also conduct regular monitoring of transactions to ensure compliance with the PMLA Act and the Rules.
These background activities are conducted on a periodic basis while you continue to use our payment products and services to accelerate your digital business and revenue growth.
Merchants' Website Compliance
As per the set standards, the following details must be available on the merchants’ website/mobile app/electronic invoice raised to collect payments from the customers.
Registered Company Name as per the submitted business KYC must be mentioned
Website Name needs to be specified
Mode of Refund, Refund Scenario's, Refund Timelines must be
specified
Registered Business Address must be specified along with Support
Contact number and Email ID
Not Mandatory
Banned Business Categories
At the initial stage itself, the Merchant is informed by our team of the list of businesses for which payment processing services will not be offered by PayG. He must check whether his business falls under the prohibited list or not, and proceed accordingly.
Click here to view detailed information on the prohibited businesses.
Document Submission
Once the merchants have provided their business, contact & bank details through the online signup process, they need to upload their KYC documents to complete their registration.
This section lists the KYC Documents that merchants need to submit for verification during the merchant on-boarding process.
NOTE: Payg.In (PayG) shall verify each of the duly self-attested KYC documents submitted by the merchant and compare them with the original. An authorized officer of PayG shall also maintain a record on the copy as 'Original Seen and Verified'.
This section provides the list of KYC documents required for Individual, Beneficial Owner (BO), Authorized Signatory (AS) or Power of Attorney (PoA) holder (related to a Legal Entity) and Sole Proprietor. Certified copies of each of the following documents are required:
OVD includes the following documents:
Where the referred person submits their proof of possession of Aadhaar number as an OVD, they may submit it in such form as issued by the Unique Identification Authority of India.
In case of Non-Resident Indians (NRIs) and Persons of Indian Origin (PIOs) - PayG shall seek to obtain the original certified copy of the above-mentioned documents as defined in the Foreign Exchange Management (Deposit) Regulations, 2016 {FEMA 5(R)}, alternatively, certified by approved authorities/officials in the Directions.
In case, the OVD presented by a foreign national does not contain the details of address - PayG shall accept the documents issued by the Government departments of foreign jurisdictions and letter issued by the Foreign Embassy or Mission in India as Proof of Address.
Section 2(62) of Companies Act defines a one-person company as a company that has only one person as to its member. Furthermore, members of a company are nothing but subscribers to its memorandum of association, or its shareholders.If you have Individual Company then certified copies of each of the following documents are required:
Must be printed on the Company Letterhead
An individual business, also known as a sole proprietorship, is a business structure owned and operated by a single person. The individual, known as the proprietor or sole proprietor, assumes complete responsibility for all aspects of the business, including its management, operations, profits, losses, and liabilities. The individual is both the owner and the operator of the business and retains full control over decision-making.If you have Proprietorship company then Certified copies of each of the following documents thereof shall be obtained:
Must be printed on the Company Letterhead
A partnership firm in India is a legal business entity formed by two or more individuals who enter into a partnership agreement to carry on a business together. The partnership is governed by the Indian Partnership Act, of 1932.If you have Partnership company then certified copies of each of the following documents are required:
Must be printed on the Company Letterhead
All Partners signature is mandatory
An LLP (Limited Liability Partnership) company is a partnership in which the partners have limited liability. It is governed by the Limited Liability Partnership Act, of 2008. Unlike a traditional partnership, where the partners have unlimited liability, an LLP offers the advantage of limited liability protection for its partners.If you have LLP company then Certified copies of each of the following documents thereof shall be obtained:
Must be printed on the Company Letterhead
HUF (Hindu Undivided Family) is a legal and tax entity that comprises members of a Hindu family. It is governed by the Hindu Succession Act, of 1956, and the Income Tax Act, of 1961. HUF represents a joint family business structure where the family members pool their assets and collectively manage the affairs of the family.If you have HUF company then certified copies of each of the following documents thereof shall be obtained:
Must be printed on the Company Letterhead
A private limited company is a legal entity formed by a group of individuals with a minimum of two members and a maximum of 200 members. It has a separate legal identity from its owners (shareholders) and is considered a separate legal person under the law. The liability of the shareholders is limited to the extent of their shareholdings, which means their personal assets are not at risk in case of any company liabilities or debts.If you have Private Ltd. company then certified copies of each of the following documents are required:
Must be printed on the Company Letterhead
A public limited company is a business entity that is owned by shareholders and offers its shares to the general public. It is registered under the Companies Act, 2013, and has certain features and requirements that differentiate it from other types of companies.If you have Public Ltd. company then Certified copies of each of the following documents thereof shall be obtained:
Must be printed on the Company Letterhead
A trust company in India refers to an organization or entity that acts as a trustee for trusts established under Indian law. It serves as a fiduciary entity responsible for managing and safeguarding the assets of the trust in accordance with the trust deed and applicable laws.If you have Trust company then certified copies of each of the following documents are required:
Must be printed on the Company Letterhead
An NGO, or Non-Governmental Organization, is a legally registered entity that is formed by individuals or groups with a common purpose to address social, developmental, or humanitarian concerns. NGOs in India are primarily driven by a mission to serve the community and work towards the betterment of society.If you have NGO company then certified copies of each of the following documents are required:
Must be printed on the Company Letterhead
A society company in India, also known as a registered society or nonprofit society, is a legally recognized organization formed by a group of individuals who share a common goal or interest. The society is registered under the Societies Registration Act, 1860, and operates for the promotion of literature, science, art, education, charity, religion, or any other socially beneficial objective.If you have Society company then Certified copies of each of the following documents thereof shall be obtained:
Must be printed on the Company Letterhead
* PayG reserves all rights to approve or disapprove any merchant at its sole discretion.