Indian companies are moving global, and they are expanding rapidly than ever before. It’s quite common to find Indian E-Commerce businesses selling products and services to clients in the United States of America, European Union and other parts of the world. Because of this, the Indian companies require to know about multiple payment systems available across different nations. India and the United States perform a high magnitude of trade, and many of these Indian companies are small and medium exporters based in India. Likewise, for companies based in the United States, they are also focusing on capturing a more significant segment of the Indian market share as they gradually see competition from Chinese companies. In this detailed article, we will talk about ten essential steps for successful echeck usage for any Indian company.
Step 1: Being ready for echeck in India. Businesses must evaluate if they have a substantial sales percentage in the United States of America. This is the key reason why they would evaluate alternative modes of payment processing apart from regular way like Credit credit card processing. If a business located in India performs substantial sales with US-based customers, then they may undoubtedly evaluate echeck for Indian companies.
Step 3: KYC documents. The processing company based in the USA would require the Indian Company to provide by documents that include Proof of business registration, Utility bill of the directors, Utility bill of the business premises, Cancel check of the business bank account, Processing statement if available with your previous credit card or echeck processing company and a business plan. Apart from this the third party ACH processing company may also ask for supplier agreement if the applicant company does not manufacture the product. A suppliers agreement is usually mandatory for selling tangible products.
Step 4: Application process. After the merchant has established of the website and is getting some traffic, then the merchant needs to approach a third party echeck processing company based in the United States of America. The Indian Company can establish a US company to get directly connected with a US-based processor. Some third-party ACH processing companies also offer services to non-US based companies on a case by case basis. You can apply directly, or you can take assistance from an independent reseller like quadrapay. We will be happy to let you know about the best options available in the market.
Step 5: Analyzing The Agreement. After the successful underwriting and approval of your account, the processing company will send you a detailed contract also known as merchant account agreement. It is vital for every business to evaluate all the clauses listed in the contract. In case if you are not comfortable with some terms, then you can certainly go back to the processing company and request modification. Honestly, in most of the cases, the processing company will not modify the contract terms, but there is no harm in you trying for it. After the successful analysis of the contract you may sign the agreement.
Step 6: The final approval. Once the merchant sends the signed contract to the processing company, then the processing company will further evaluate your application. If everything goes well, you will get the username, password and integration guidelines for the gateway.
Step 7: Integration process of echeck for Indian companies. Once you get the logins to the Gateway, your technical team can easily integrate the Gateway on your website. Most of the times the process is very straightforward and involves uploading one or two code files on your web server. These files must have the credentials listed. Our team will be happy to assist you with the integration process if you get the echeck account from one of our processing partners with our referral.
Step 8: Letting your customers know that you accept echeck. No one can deny that Credit Card processing is undoubtedly the most popular mode of payment processing in the world today, but you must be aware that you will have to educate your customers that you have the alternative payment method available that is Electronic check. Many businesses offer a small percentage of discount to the customers if the order is placed through electronic cheque. Once your customers know that you accept echeck, then you will see higher echeck orders on your website.
Step 9: Accepting transactions. After the successful integration of the electronic check payment gateway on your website your customers need to process the orders online for the same. You will be getting detailed information about transactions on your merchant account panel. You can easily track the number of transactions submitted on your website. The merchant account panel gives you detailed information about successful sales, refunds request, failed transactions as well as settlements.
Step 10: Getting paid. Mostly echeck processing companies offer weekly payouts to International Merchant. The processing company will deduct the transaction fees as well as additional charges as it appears on your account agreement. After deduction you will be paid by the processing company on a weekly basis. Most processors also implement 7 days of arear for international Merchants. High Risk Echeck merchant account may be subject to a 10% of Rolling reserve.
Now that you know how to get an electronic check processing solution for your Indian business it’s time for you to apply for one. you can send us an email on [email protected].