Here's how to switch to business account in PhonePe
What's the story
Moving to a business account on PhonePe supercharges your business by letting you accept digital payments like a pro. This step-by-step guide is for Android users who want to switch without a hitch. Follow these steps to the letter, and your business will be ready to rock with PhonePe's all-in-one payment solutions.
Update
Begin with updating your app
Before you start the process, make sure your PhonePe app is updated to the latest version. Developers regularly push out new versions with added features and improved security. Go to the Google Play Store, check if there are any updates available for PhonePe and install them. That way, you're sure to have all the newest features, including the ability to switch to a business account.
Setup
Setting up your business profile
After updating the app, tap on the "Account" option at the bottom of your screen. Select "Account Type" or "Business Profile" to get started with setting up a merchant account on PhonePe. You'll be prompted to enter details such as your name, business name, and contact info. Make sure to enter these accurately as they're key for verification and transaction purposes.
Verification
Completing KYC and bank verification
You need to complete KYC by submitting documents such as a PAN card, a GST certificate, and address proof. This ensures you meet legal requirements for transactions. Also, you have to add and verify your bank details to receive payments. A small transfer from PhonePe will verify your bank account and its connection to your mobile number linked with PhonePe.