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Razor pay procure bank current account and GSTIN | Razorpay integration #
Razorpay integration: To integrate Razorpay as a payment gateway for Ledgerely, a bank current account, and a valid GSTIN are required. Below are the key steps involved in the setup and KYC process:
Bank Current Account and GSTIN Procurement #
Bank Current Account Requirement #
A current account is essential for business transactions. The account should be in the business’s legal name, as required by Razorpay. To set up the current account, provide the following details:
- Business Name: Must match official registration documents.
- Beneficiary Name: The registered business owner or entity name.
- IFSC Code: Identifies the bank’s branch.
- Account Number: The unique bank account number.
GSTIN Requirement #
A valid GST Identification Number (GSTIN) is mandatory for processing payments. It must match the business name on Razorpay. Contact Jeevan or Balu Uncle to obtain or verify the GSTIN.
Razorpay KYC Requirements #
Business Information #
- Business Type: Define the business structure (e.g., Proprietorship, Partnership, Private Limited).
- Business Category: Select the category that best describes Ledgerely’s industry.
- Business Description: Provide a clear, concise description of Ledgerely’s services.
Business Details #
- Business Address: The registered office address as per government records.
- GSTIN: The official tax registration number.
Bank Account Details #
To receive payments, the following details must be submitted:
- Beneficiary Name: Must match the current account holder’s name.
- IFSC Code: The branch identification code.
- Account Number: The official business account number.
Document Verification #
Razorpay requires certain documents for verification:
- Aadhaar Card: Identity verification for business owners.
- Company PAN: Mandatory for tax compliance.
- Business Registration Certificate: Proof of business incorporation (ask the auditor for assistance).
Website Policies for Razorpay Compliance #
For Razorpay’s approval, Ledgerely’s website must include specific legal policies:
Terms and Conditions #
- Outline the rules and regulations governing transactions on Ledgerely.
- Define user responsibilities, payment terms, and service limitations.
Privacy Policy #
- Explain how Ledgerely collects, processes, and protects user data.
- Cover data security, third-party sharing, and user rights.
Refund Policy #
- Define conditions for refunds, including eligibility and timelines.
- Specify whether refunds are full, partial, or conditional.
Shipping Policy #
- Describe how digital or physical products/services are delivered.
- Include estimated delivery times, methods, and tracking details.
Contact Us Page #
- Provide official contact details for customer support.
- Include an email, phone number, and office address.
