What are the payment options for small businesses in India?

For established businesses, a merchant account in bank would be necessary to open an online payment processing instrument from a payment gateway. In case of small business say a small mom and pop store in your locality, he may not be having a merchant account in bank, may only be having a savings account in a bank. Worst of all, the merchant might not have a bank account as well. What are the possibilities that, this merchant could successfully introduce online payment methods (the transaction can happen via debit/credit cards, mobile wallets) for his customers? For example consider the example of Ezetap, MSwipe (alternatives for Square Inc. in India). As a merchant, would a simple savings account from bank could be enough to sign-up as a merchant? Regards
Answer:

Make one thing clear - The first and most important thing required to do a tie up with online payment gateway is having a company bank account. If you don't have one, you need to create one. After creating an account, Payment gateway will integrate your bank account with other available banks. Once it is done, all your customers would be able to make the payment through their payment gateway using different banks and transfer the payment to your registered bank account. All the best.

Abhishek Sayam at Quora Visit the source

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