Know-How to Link Your ICICI Business Account To the Payment Gateway
You are required to establish a distinct bank account for your company regardless of whether you are a large franchise or a lone entrepreneur running a small business. Because personal checking accounts, as well as business bank accounts, are afforded different protections under federal law, it is imperative that you open the appropriate type of account in order to safeguard your legal standing in the event that you need to file a dispute regarding the contents of your account.
It is quite likely that the restrictions of your bank account say that you are not permitted to utilize personal accounts for professional purposes. This is done by banks to ensure that they are in compliance with state and federal law and provide you with the appropriate services and prices. Your bank may terminate your account if you violate the rules of your account, which might have a negative impact on your company if it suddenly becomes impossible for you to accept payments or pay your suppliers. If you have your personal assets mixed in with the assets of your firm, you expose yourself to the possibility of being sued.
What is meant by the term “payment gateway”?
Payment gateways make it easier to do business online while ensuring the privacy of critical cardholder data. Customers are able to make purchases from your shop in complete safety and without fear of having their personal information stolen.
Payment gateways may be compared to a middleman standing between your online business and the credit cards used by your customers. As eCommerce and other forms of online commerce continue to rely on credit card payments as well as other forms of general payment solutions to streamline the payment process, this kind of solution is becoming an increasingly crucial one.
In addition to the many different payment methods, the owner of a modern business needs to give some thought to different facets, including payment processor partners, PCI compliance, as well as point of sale transactions. This is because credit card transactions and general commercial activity are continually evolving.
Why you really should have an ICICI payment gateway linked with an ICICI business account on your website
A payment gateway is required in order to process customer payments made through the Internet. Nevertheless, you don’t want to settle for any old payment gateway; rather, you want one that works seamlessly with your website. If this is not the case, your clients will be required to navigate to a different page in order to finalize their payment, which may lead to an increase in the percentage of clients who abandon their purchases, as well as a reduction in the level of security provided (keep in mind that you have less than three seconds!).
Keeping track of your payments with only one dashboard
If you use multiple payment providers for a variety of payment methods, you can find yourself with three distinct dashboards from each of the payment businesses you use. When you have a lot of cash coming in and going out of your business, keeping track of it all may become tough and complicated very fast.
You will be able to readily observe which payment method is by far the most popular, where the majority of your money is coming from, and anticipate cash flow if you use a single ICICI payment gateway that incorporates a variety of different payment methods.
Here’s how you can link your ICICI business account with the payment gateway
Contact a third-party payment gateway service provider
Look for the best payment gateway service provider who can easily provide you with the best payment gateway. You can look online for such providers and get in touch with them.
Provide the business account details to the selected service provider. The provider will use those details to create a pathway for integrating your business account with the ICICI payment gateway for your online business.
Finally, the API will be integrated with your website, where your ICIC business count will be linked. You will be getting all the payments in your ICICI bank accounts when any customer makes the payments.
Linking your business account with the ICICI payment gateway will help you seamlessly; by collecting the payment.