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With several payment wallets and options available across the board, thanks to digitisation, the customer prefers to do transactions with businesses that provide them with the safest and easiest solution. This is where having a Google Pay option can greatly benefit your businesses irrespective of whether you operate online or have a physical store.
What is Google Pay and How does It Work ?
Google Pay is a payment service app designed by Google and launched for public use in 2018. The service uses the UPI systems and sees over 67 million users every month. Businesses can simply download the app and link their bank accounts directly. Google Pay remotely verifies the businesses by asking vendors to upload the name of the business along with the pictures of shop signs and inside the store. This allows Google to ratify the address and ascertain the category of the business without having to send an agent.
In-Store Payments
With the help of Google Pay, making payments at the store is now even easier. The customer does not need to pay in cash. All they require is their smartphone.Customer can simply open their Google Pay app and scan the QR code put up by the vendor in their store. Additionally, the vendor can also use the POS machine and use the Google Pay option to generate a digital QR code which then can be scanned by the customer. Google Pay has entered into a partnership with all major POS system providers. Payments can also be done by phone numbers.
Online Store Payments
Online stores can now add the option of paying with Google Pay at the checkout stage. The customer can just click on the Google Pay button and pay directly from the app on their mobile. This makes the payment procedure fairly quick and easy for the customer instead of asking him to type in a bunch of information. Online vendors can activate this option in either of the following two ways:
- If you are well versed with simple coding, or you have a tech team in place, you can simply apply to Google for your unique Google Merchant ID. This will allow you to integrate Google Pay service directly into your systems with the help of API.
- If you don’t wish to go through the trouble of coding, you can choose from a host of online POS service providers that come pre-loaded with Google Pay options such as RazorPay, Stripe, Shopify, and more.
Features And Benefits of Google Pay for Business
Google Pay has evolved, since its launch, to become more than regular wallet service. The app gives a lot of gifts and rewards to its customers to make them choose Google Pay every time.
- The customer receives gifts or rewards on every transaction made through the Google Pay app. This comes in the following ways:
- Customers can now find out which stores near them use Google Pay option via Google Maps. So, if your business is registered with Google Pay, the customer can easily locate you.
- If you are a business that sells tickets and passes for movies or other programs, you can enable the Google Pay API to store the tickets on your customers’ smartphones. This ticket can then be scanned at the venue through its barcodes.
- Businesses can directly share any offers or upcoming promotions with customers with the help of Google Pay’s business channel.
- Google Pay secures your transactions with an advanced security feature called Google Pay Shield.
Fees and Payments through Google Pay
Google Pay for business is absolutely free to use for any kind of commercial payment. The service does not deduct or collect taxes like VAT, sales tax, etc.Nevertheless, it is the responsibility of the seller to ensure that any applicable government taxes, such as GST, are included in the bill and remitted to the government.
Other alternative options
Merchants may choose to utilize additional payment options alongside Google Pay due to potential downtime or maintenance issues. It has become increasingly common for merchants to offer multiple payment options such as Paytm, PhonePe, BharatPay, and others to prevent negative impacts on their business in the event of an issue with one of the providers.
Final words
Whether you are an established physical/online business, or you are a newcomer trying to find the best payment method, Google Pay is one of the best options available. The platform provides a risk-free and easy payment method and helps you connect with your prospective customer.
FAQS - FREQUENTLY ASKED QUESTIONS
How to set up google pay for business ?
The first step is to sign up for a Google Pay for Business account either through their website or mobile app. This step may require you to provide your business information, including your business name, address, etc. Next, link your bank account with your business account on which you would like to accept payments. At this step, Google Pay will deposit a nominal amount to verify the bank details.
To verify the details, go to your Google Pay account and access the Unified Payments Interface (UPI) verification screen. Enter the amount that Google deposited in your bank account. If the amount matches, then you have successfully verified your bank account.
Now, wait for the Google Pay team to review your details and email you with either an approval or request for more information within 48 hours. After this, either you can accept payment through QR code or you can also integrate Google Pay into your app or website with the help of the steps provided earlier.
Is google pay transaction tax free ?
There is no additional tax levied on Google Pay transactions per se. However, GST would be applicable to the purchase of goods and services, as it would be included in the bill amount. Additionally, income tax may be levied on individuals or businesses based on their income and other factors.
What is the disadvantage of google pay for business ?
Google Pay for Business has several notable drawbacks that businesses should be aware of. First and foremost, the service's limited availability in certain countries may be a significant disadvantage for companies with global operations. As a result, some businesses may opt not to use Google Pay altogether.
Moreover, any downtime experienced by Google Pay can have a severe impact on a business, especially those that rely heavily on digital transactions. This issue can cause financial losses and inconvenience for both the business and its customers.
Another potential drawback is the limited customer support offered by Google Pay. While the service attempts to address most questions through its FAQs, some businesses may require more in-depth assistance, which may not be readily available.
What is the transfer limit of google pay for business ?
Google Pay does not impose a limit on the amount businesses can accept as payment. However, according to the Google Pay website, it allows you to receive payments of up to Rs. 50,000 per month at no cost. However, if you exceed this monthly limit, your bank may impose fees or additional requirements on your account. It's important to check with your bank to understand the applicable limits and any potential fees associated with transactions beyond the monthly limit.
On the other hand, there are limits on the amount an individual can pay in a single day. Google Pay users may encounter a daily limit if they attempt to do any of the following:
Send more than 100,000 rupees in one day across all UPI apps.
Send money more than 10 times in one day across all UPI apps.
Request more than 2,000 rupees from someone.
How much GST we need to pay for transaction on Google Pay ?
At present, there are no fees charged for using Google Pay for commercial payments. However, it is the responsibility of business owners to collect and pay any applicable taxes, such as the Goods and Services Tax (GST), which may vary depending on the nature of the product or service being offered. Therefore, businesses should ensure they are aware of the relevant tax requirements and comply with all applicable laws and regulations.
How many transactions are free in Google Pay ?
All transactions conducted through Google Pay are currently free of charge, including commercial payments. Therefore, businesses can use Google Pay to send and receive payments without incurring any fees. However, it's important to note that other fees and charges may apply, such as those imposed by the bank or any applicable taxes.
What documents are required for google pay business account ?
To open a Google Pay Business account, you will need to have a Google account, a bank account, and a mobile number linked to that bank account. Additionally, you will be required to provide certain details such as your business name, address, phone number, and primary contact name. These details are necessary for setting up and verifying your account.
Can we use google pay and google pay for business together ?
Yes obviously we use google pay and google pay for business together, While Google Pay Business is specifically designed for businesses to accept payments, and individuals can also use Google Pay to pay for a variety of goods and services.
Can one number have 2 google pay business accounts ?
It's important to note that a single mobile number can only be linked to one Google Pay Business account. However, businesses can add multiple bank accounts to their Google Pay Business account.
The information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. Aditya Birla Capital Group is not liable for any decision arising out of the use of this information.
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