Paytm for Business will allow merchants and business partners to register on the platform, allowing them to track payments, maintain a ledger of payments and also generate a unique QR code for the business.
According to a blog post, the app will also allow registered merchants to track settlements made to their respective bank accounts without any hassle. Other options include segregation of statements on a daily, weekly and monthly basis along with access to information such as UTR numbers of settlements, duration of the bank settlement etc.
The interface of the app is similar to the regular Paytm app, making it easier for merchants who are already used to the Paytm interface. What is also impressive is that Paytm will charge no commission when transferring funds to the bank. The app is currently available only for Android users on the Google Play Store and comes with support for 10 regional languages.
Signing up for the app is simple and the company is also providing the option for active Paytm users to using their existing account. Once logged in, the user is asked for his/her PAN number or Aadhaar Card details which is a must for users to proceed further with the setup process. The app then asks for more details about the business including a GST Number if applicable. The last step involves entering relevant details for the bank account which the merchant wishes to associate with the account.
Transactions on 'Paytm for Business' does come with an initial monthly receiving limit of Rs 50,000 which can be further increased on request by the merchant. Apart from payments through Paytm, the app also allows transactions through debit card, credit card, and UPI. The post also mentions that registered merchants are allowed to raise support requests in addition to access to a dedicated helpdesk for any queries.