In our last post “How do I get started with Webpay?” we briefly talked about what is required to submit an online card (credit card and debit card) processing application. In this post we focus on it in detail. Before you submit a card application on Zaakpay.com you will need a few things:

I. An up and running eCommerce website

This means all links on your website will be live, clickable & will open if clicked. In case your website is not live, your card application can not be processed by the bank so its best you apply once your basic site is up.

The website must include specific content such as:

  • privacy policy
  • terms and conditions
  • refund and cancellation policy
  • delivery and shipment policy or FAQs

The website must have the following features:

  • A clear user signup form that requires a new user to create a login and password
  • Clearly explained products or services with the pricing per product shown upfront
  • the ability to generate an e-bill or e-invoice which is shown to user at the time of payment as well sent to user via email/sms
  • the company’s legal or brand name clearly mentioned at the points of purchase, payment and the ebill

II. Data and documents about your business
For faster risk assessment and verification of your company (leading to a faster approval) its advisable to have the following documents ready before you submit your card application:

1. Business Details

Upload any 2 documents from the list below

  • Company Pan Card (Sole Proprietor can use personal PAN))
  • Partnership Agreement (Mandatory, if partnership firm)
  • Company Rent Agreement
  • Certificate of Incorporation (Mandatory if private limited)

2. Promoter Identity Proof

Upload any 1 document from the list below

  • PAN Card
  • Valid Passport

3. Address Proof

Upload any 1 document from the list below

  • Electricity Bill (< two months old)
  • Telephone Bill (< two months old)
  • Letter from your Banker verifying name, address, signature.

4. Business Model & Projections

Please upload a single PDF document which includes:

  • Your Business Model: what goods/service will customers pay you for? Mention the delivery time, and whether you own the inventory.
  • Your Revenue Projections: A forecast for the next 9 months, or a statement of the last one month’s payments. You can make a simple forecast yourself using the sales forecast excel provided.
  • For new startups, its important to show credibility so we strongly recommend providing promoter, board and advisor bios.

We understand that the card application is fairly long which is why we save it at all steps so you can come back later to complete it. We hope you will submit your card application ASAP. We are open to constructive criticism as comments to this blog post or via email to contact@zaakpay.com.

Thanks,
Upasana Taku
Founder CEO
Zaakpay - Simplifying Payments in India