Payment collection from International Buyers of IndiaMart

For sellers, IndiaMart has enabled collection of Payment from International Buyers.
Mentioned below are the answers to some of the frequently asked questions:

Getting started

What is Tazapay on IndiaMART?

IndiaMART has partnered with Tazapay to enable collection of International Payments for our Paid Sellers. Tazapay on IndiaMART is an International Payment Platform through which IndiaMART Exporters can accept Payment from International Buyers by sharing the Payment Link. Tazapay Protects Both Buyer and Seller in transaction making it 100% Risk-Free.

Why should I collect International Payments on IndiaMART through Tazapay? 

1. 100% Payment Protection – Help Build Trust with Foreign Buyers
2. Low Transaction Fees with Best FX Rates
3. Avoid Non-Payment Risks from your overseas Client
4. Secure Full amount from Buyer with Tazapay before shipping
5. Simple Process for Buyer also to pay without any Hassle

How can I collect Payments from International Buyers through IndiaMART ?

Step 1: Login to https://seller.indiamart.com/

Step 2: Click on ‘Collect Payments’ Option.

Step 3: Click on ‘Collect Export Payment’ Tab.

Step 4: Enter the currency and amount along with Buyer details.

Step 5: Copy and share the Payment link generated to Buyer via email, chat, WhatsApp.

Step 6: Once the buyer pays through the link shared, you will receive a mail from Tazapay with your login Credentials to complete your KYC and Update Bank Details. You can login in your Tazapay Dashboard – https://app.tazapay.com/signin using your IndiaMART registered ID.

Step 7: You will have to upload proof of shipment in your Tazapay dashboard. Proof of shipment may include an air waybill or bill of lading, packing list, commercial invoice, and certificate of origin.

Step 8: Once the document is uploaded, funds will be transferred to your account within 24-48 business hours.

Please click on https://www.indiamart.com/international-payments/ to know more.

FAQ’s – https://www.indiamart.com/international-payments/help.html For any further queries, do reach out to InternationalPayments@indiamart.com or call +91 80-4876-7580

How much does it cost?

Get the Lowest FX Rates and Transaction Fees starting from 0%

• Local Bank Transfer – 0%
• Credit / Debit Cards – 3%

Transaction fee will be deducted from the Total Amount Received from the buyer and then will be transferred to Seller’s Bank Account.

Please note if a Seller opts for settlement in USD, an additional A $15 fee may be applicable per payout in USD. Additional bank charges may also apply.  No additional charges will be levied if a Seller has opted for settlements in INR.

Who all sellers can use Tazapay service?

All IndiaMART paid sellers with IEC

Benefits of Local Bank Transfer over Cards: 

1. No Transaction Fee (Lowest FX Rates)
2. Protection from Chargeback
3. Higher Transaction Limits

Difference between Bank Transfer and Wire Transfer?

• Local Bank Transfer simply involves sending money directly from one bank account to another bank account (just like NEFT in India)
• In Wire Transfer, the sender’s bank acts as an intermediary, sending information about the transfer to the receiver’s bank before the money is moved

What documents are needed for KYC?

To complete onboarding, the seller has to share the below information/documents.

Sole Proprietor:

1. GST document
2. Proof of ID (National ID / Passport)

Partnership business / LLP:

1. GST number / GST document
2. Partnership deed/ document displaying contribution by partners
3. Proof of ID (National ID / Passport) for all partners

Private limited company:

1. Business registration and incorporation documents / GST certificate
2. Document displaying the share structure and director/officer list
3. Ultimate beneficial owner (UBO) information and ID proof (Individuals holding 25% or more shares in the entity are the UBO’S, ID proof accepted are Passport or National ID)

In what cases will the KYC get rejected?

• If the nature of the business is not supported by Tazapay like Pharmaceutical Medicines, Medical Equipments, Ayurvedic Medicines, Herbal Products, Hookah, Tobacco etc
• If the documents do not meet the requirement like address mismatch on GST and IndiaMART documents

When should the seller ship the product? 

The seller is advised not to ship the products before the KYC is approved. The seller will receive a KYC completion mail from the Tazapay team after which the seller can ship the products.

How to update bank account details in the Tazapay portal? 

• Log in to www.tazapay.com
• On the left side of your dashboard, click Bank Details.
• You will be presented with two options. One for local currency bank accounts (INR) and one for USD bank accounts. 
• Update your desired bank details and make it as your primary bank account to receive funds in that respective account.

Payment

I want money to get credited in INR/USD. How can I update which currency I want the funds for?

• To receive money in a specific account make that account as your Primary Account
• To receive funds in INR make your Local Bank Account as primary
• Similarly if you want to receive funds in USD make your USD bank account as primary

Please note if a Seller opts for settlement in USD, an additional $15 fee may be applicable per payout in USD. Additional bank charges may also apply.  No additional charges will be levied if a Seller has opted for settlements in INR.

I want to take the advance payment from the buyer. What document do I have to upload?

• After receiving your advance payment, Upload Performa Invoice with Advance Payment Percentage mentioned.
• Upload the performa invoice with clear terms and conditions

Can an Indian Buyer make payment using International Payments Service on IndiaMART ?

No, Tazapay on IndiaMART supports only International Payment from Foreign Buyers. You can use “Pay with IndiaMART” to collect Payments from Indian Buyers.

Buyer wants to take delivery from the shop/store but wants to make payment through Tazapay. Is it possible?

Tazapay is an online payment company, and we do not recommend offline/in-store payments.

However in some exception cases, the following steps need to be followed:

• The buyer has to send us an email from their registered email id (that was used for this transaction) stating that they have received this product physically from the shop while they were in India
• The buyer has to provide a photo of himself holding the card that he makes the payment from and the product in his hand as proof of delivery

Which modes a buyer can use to make payment with Tazapay and what is the limit?

Depending on Buyer’s country, Payment can be done using the following payment methods:

Depending on Buyer’s country, Payment can be done using the following payment methods:

• Local Bank Transfers / Wire Transfers: 1 Million USD*
• Credit / Debit Cards: 15000 USD*

*The limit for Bank Transfer and Cards will depend on Buyer’s country and card limit.

How much time does it take to get the payment credited in my account?

After you upload the proof of shipment, payment will be transferred to your bank account within 48 business hours.

Will Tazapay Provide FIRC (Foreign Inward Remittance Certificate)?

No, Tazapay will only provide NOC and all other supporting documents required by banks to provide FIRC.

Who will bear the transportation charges?

Transportation charges are mutually decided between Buyer & Seller.

What Foreign Exchange rate will be used?

Foreign Exchange rate on the “Payment Release Date” will be applicable to the Amount received by Seller in their bank account.

Buyer has already made the payment but it is still not updated in the Dashboard?

Credit and Debit card Payments are reflected instantly in Dashboard whereas Bank and Wire Transfers can take upto 3 days (Maximum) to be reflected. In case of any further delay, please immediately share with Support@tazapay.com and InternationalPayments@indiamart.com .

Disputes

What can I do when a buyer raises a dispute?

Seller can connect to his buyer and resolve his issue. In case both the parties fail to reach an agreement, kindly contact Internationals payments at IndiaMART and Tazapay Support.

You can contact customer service at
Support@tazapay.com and InternationalPayments@indiamart.com .