Paytm is an Indian E-commerce giant which was founded by Mr. Vijay Shekhar Verma (founder and CEO of Paytm) with a capital of $2 Million in the year 2010. It provides a payment system and is digital wallet facility. Initially when it was introduced it only offered mobile recharge facility. However, over the years it has grown manfold and included facilities like bill payments, ticket bookings , financial services, banking facility, gaming, gifting facilities and even has its own Paytm shopping mall.
With the promise it shows it has secured funding from various venture capitalists and institutional investors like Alibaba, Softbank etc. With its growth it has even acquired various promising startups working in different fields like messengers, travel, healthcare etc. few such startups are Jugnoo, QorQL, Plustxt etc.
What is Paytm seller Registration?
As we discussed Paytm has also started its own e-commerce domain in the form of Paytm Mall. With its wide reach and popularity it has been acknowledged by the wide customer base. You can also reach such varied customer base without actually moving into different geographical markets through Paytm seller Registration. You can list your products on their e-commerce portal after successful Paytm seller registration. You are required to remit a percentage of the sale done through the portal to Paytm. Here, we will discuss about all the relevant issues related to Paytm Seller Registration.
Minimum Requirements for Paytm Seller registration
If you are planning to register as a Paytm seller then following minimum requirements are to be met with:
- Pan Card
- Business Registration
- GST Registration
- Bank Account
The applicant making Paytm Seller registration application is required to provide a copy of Pan Card as it is a mandatory requirement.
It is another important required. Thus the applicant for Paytm Seller Registration must be legally registered in any form like One Person Company, sole proprietorship, Limited Liability Partnership, Company, Partnership firm etc.
Goods and Service tax registartion is mandatory if you are willing to go for Paytm seller registration.
The business must have a current bank account in its name. As all the financial transactions are done online and through such specified bank account of the applicant.
Who can apply for Paytm Seller Registration?
Every legally acknowledged person is eligible to apply for Paytm Seller Registration:
- An individual trader can apply for this Paytm Seller Registration in their own capacity if they are managing their business by themselves.
- Any Partnership Firm can also apply.
- Limited Liability Partnership can apply through its partner.
- Any company can also apply including a One Person Company, Private Company, Public limited Company etc.
Benefits of Paytm Seller Registration
Paytm is one of the largest online payments applications and mobile wallet in India. Hence there are different forms of benefits of Paytm Seller registration in India. The following are the benefits of Paytm Seller registration in India:
Being one of the largest payment applications in India, Paytm would definitely have 24/7 constant customer support. Hence securing Paytm seller registration would be beneficial for your business.
Easy to Use-
Paytm application is easy to use. The process of registering as a seller with Paytm is simple, just by linking the bank account of the customer. Hence using different processes and procedures in this application is simple.
There is limited compliance requirement for sellers registered on this form of application. Only limited documents are required for the process of Paytm seller registration. Hence the amount of compliance required under this process or system would also be limited for the seller.
All businesses whether it is a small scale industry, kirana shops or large businesses utilise Paytm for payment transactions. It is quite straightforward to utilise this form of application. Moreover, utilising such systems would increase the reputation of the business in the eyes of the public. Even small time vendors and kirana shops utilise the system of Paytm.
Inventory Management and Catalogue Management-
Paytm payments application not only supports payments but also supports other forms of products. A business utilising the services offered by Paytm would secure the benefits of all these products. Sellers registered on Paytm can concentrate on the main areas of the business while their catalogue is managed by Paytm.
Sellers can also avail different forms of allied benefits and promotions through the Paytm application. Such benefits and incentives would definitely improve the reputation of the seller.
Information/ Documents required for Paytm Seller Registration
The applicant is required to submit a copy of Pan Card. Sole proprietors are required to submit their own pan card and in case of legal entities Pan card of the organization is required.
GST Registration Certificate
As GST registration is a necessary required for selling on e-commerce portals thus providing a goods and service registration certificate is very important.
Copy of Cancelled cheque
For providing the current bank account details the applicant is required to submit a copy of cancelled cheque. Name of the account holder/applicant must be mentioned on it.
Following information is verified through cancelled cheque:
- Bank Account Number
- Accout type (savings/Current)
- IFSC Code
- Name of the account holder
At the time of making the Paytm seller application the applicant is required to provide its contact details including Mobile number and Email ID. Such mobile number and email id must be operational as they are verified at the time of Paytm seller application processing.
Paytm Seller Registration Process
Without much capital inflow in the business you can access larger markets through registration as a seller on such e-commerce portals. Here we have listed out the steps involved in Paytm Seller Registration;
- Step 1: Business registration
- Step 2: Bank Account opening
- Step 3: GST Registration
- Step 4: Register on Paytm Website
- Step 5: Sign Partnership deed
- Step 6: Setup seller dashboard and start selling
If you are operating in a non formal manner and willing to market your products through e-commerce platforms then the first step will be Business registration in any form like Company registration, LLP registration etc. A registered business entity portrays stability and credibility in the business.
As soon as the business registration work is completed you shall visit the bank of your choice for opening a current bank account in the name of the business. For this purpose you are required to submit incorporation document along with other necessary documents for bank account opening.
Once business registration and bank account opening formalities are done with then next step is to apply for GST registration. This is an essential step as GST registration is made mandatory if you are planning to sell on any e-commerce marketing platform. Thus for Paytm seller registration having a valid GSTIN is a necessary requirement.
Once all the pre requisites are met with you can proceed with submission of Paytm seller registration on its portal https://seller.paytm.com/login Provide all the details including name, contact details, GST information, Bank account details etc. and submit the documents required to complete the Paytm seller registration.
Once the Paytm seller registration is done online a partnership deed with Paytm is executed stating the terms.
When done with all the formalities the seller shall set up their dashboard for the website and catalogue the products offered by them with pictures and details and start selling on the website.