Clarifications for Merchants: FAQs on BBPS, AePS, and Paytm Payments Bank Business Correspondent Services
FAQs for Merchants using Paytm Payments Bank to Receive Payments: Clarifications for Business Owners(Clarifications for Merchants: FAQs on BBPS, AePS, and Paytm Payments Bank)
As the deadline for certain transactions with Paytm Payments Bank approaches, merchants utilizing Paytm’s services may have queries regarding the continuity of their payment setups. Here’s a comprehensive guide to address their concerns:
Q: I am a merchant using a Paytm QR code, Paytm soundbox, or Paytm POS terminal linked to another bank account (not with Paytm Payments Bank). Can I continue using this setup after March 15, 2024?
A: Yes, if your receipt and transfer of funds are linked to any bank account other than Paytm Payments Bank, you can continue using this arrangement even after March 15, 2024.
Q: I am a merchant using a Paytm QR code, Paytm soundbox, or Paytm POS terminal linked to my bank account or wallet with Paytm Payments Bank. Can I continue using this setup after March 15, 2024?
A: No, after March 15, 2024, you will not be able to receive any credit into your bank account or wallet with Paytm Payments Bank, except for refunds, cashbacks, sweep-ins from partner banks, or interest. To avoid any inconvenience or disruption, it is suggested that you obtain a fresh QR code linked to an account with another bank or wallet to receive payments. Additionally, you may change your bank account details (in which you receive payments) through your service provider.
These FAQs aim to provide clarity and assistance to merchants utilizing Paytm’s services for receiving payments. By understanding the implications of the upcoming changes, merchants can make informed decisions and take necessary steps to ensure a seamless transition in their payment processes.