Guide to completing Payment KYC with Razorpay

  • Updated

To activate online payment methods such as cards, UPI, net banking, and wallets on your SmartBiz website, it is imperative to undergo KYC verification with Razorpay.

In this article, we will cover-

  1. Mandatory store creation checklist

  2. Documents needed for payment KYC

  3. Steps to complete KYC verification with Razorpay

1. Mandatory store creation checklist:

Before submitting your documents for KYC, you will need to update your store name, location, business categories, store logo, store description and add a minimum of 5 product listings. If your business is registered, add the trade name as per GST on your storefront as well. These are mandatory pre-requisites for KYC completion.

2. Documents needed for payment KYC:

Following is the list of Know Your Customer (KYC) documents Razorpay needs to verify your KYC. You need to upload scanned photocopies (soft copies) of these documents.

- LLP/Private Limited/Public Limited:

Proof Required Supporting Documents
Proof of Business Identity Certificate of Incorporation
Proof of Business Existence Income Tax Registration (Company PAN Card)
Proof of Identity of Business Owners and Authorised Signatory
  • Government-approved authorised signatory identity proof (like Aadhar Card/Voter Card/DL/Passport and so on.)
  • Authorised signatory PAN Card details.

- Partnership:

Proof Required Supporting Documents
Proof of Business Identity
  • Registered Partnership Deed
  • Any one of Sales Tax Registration Or VAT /TIN Registration Or Shops and Establishments Certificate Or Trade License
Proof of Business Existence Income Tax Registration (Company PAN Card)
Proof of Business Working
  • Current Account Statement (past three months) Or
  • Cancelled cheque Or first page of settlement account
Proof of Identity of Business Owners and Authorised Signatory
  • Government-approved authorised signatory identity proof (like Aadhar Card/Voter Card/DL/Passport and so on.)
  • Authorised signatory PAN Card details.

-Sole Proprietorship:

Proof Required Supporting Documents
Proof of Business Identity and Existence VAT Registration Or Shops and Establishments Certificate Or Trade License, TIN Or Sales Tax Registration Or GST Certificate.
Proof of Business Working
  • Current Account company bank statement (past three months) Or
  • Cancelled cheque Or first page of settlement account
Proof of Identity of Business Owners Income Tax Registration (PAN Card)
Proof of address of Business Owners Government-approved identity and address Proof of Proprietor (like Aadhar Card/Voter Card/DL/Passport).

-Individual/Unregistered Businesses:

Proof Required Supporting Documents
Proof of Identity of Business Owners and Authorised Signatory
  • Government-approved authorised signatory identity proof (like Aadhar Card/Voter Card/DL/Passport and so on.)
  • Authorised signatory PAN Card details.

 

3. Steps to complete KYC verification with Razorpay

  1. Navigate to the 'Profile' section on your SmartBiz account dashboard.
  2. Within the profile section, select "Manage Payment."
  3. Under 'Manage your payments options,' click on "Setup Online Payment" powered by Razorpay.

4. Choose your Business Type and update your Business Legal Name; then, click "Save and continue." 

5. Upon successful application for the Razorpay payment gateway, a notification will confirm the setup completion.

6. Your account setup concludes, and the Account ID (e.g., Nfpe4NaKl8etOV - Sample account ID) becomes visible.

Note: An email from Razorpay will be sent to your registered email ID.

7. Access the email and click on "Create Password" to reset it.

8. Upon password reset, you'll receive a confirmation email from Razorpay.

9. Return to the 'Profile' on your SmartBiz account dashboard.

10. Under the profile section, click "Manage Payment," where Online Payment should now be marked as "Activated." Click "View details" to proceed with KYC on Razorpay.

11. Select "Complete KYC with Razorpay" and log in to the Razorpay dashboard.

12. Within the Razorpay dashboard, if you see "You're in Test Mode," it indicates KYC is pending.

13. Click on "Submit KYC" and update Business details, including the Business Owner's PAN, name, and address details; then, click "Submit."

14. After submission, a notification will prompt for additional KYC details for payments and settlements.

15. Click "Complete KYC" to update "Bank and Business Details" and upload necessary documents.

16. In the Bank Details section, provide Beneficiary Name, Account Number, and IFSC code. Click "Next" after updating.

17. Upload required documents and click "Submit and Verify."

18. Upon completion, you will see a confirmation page.

Note:

  • All features will be activated simultaneously, starting with Debit, Credit cards, UPI, Net banking, and wallets.
  • KYC completion may take 2-4 business days.
  • All KYC-related updates will be communicated to the registered email ID.