Google Pay is an incredibly useful tool that allows you to quickly and easily send money to friends, family, or anyone else who has a bank account. It’s easy, fast, secure, and free to use!
When it comes to using Google Pay for a business, it can be a helpful and efficient way to manage your cash flow. But how do you go about setting up Google Pay for your business?
We are going to be taking a look at exactly how you can do this, as well as what Google Pay is in general.
Let’s get started.
What Is Google Pay?
Google Pay has been around since 2011 though its form as we know it now was released back in 2018. The service allows users to make payments through their smartphone with just a few taps on their phone screen.
The service works by scanning the QR code of any payment card (or credit/debit) and then transferring the funds from the user’s linked bank account to the merchant’s bank account. This makes it one of the easiest ways to transfer money between people.
Google Pay has been designed to work across all devices – including smartphones, tablets, laptops, desktops, smartwatches, and more.
Google Pay also offers a number of additional features, such as:
- Payment history tracking
- In-app purchases
- Offline support
Why Use Google Pay For A Business?
There are many reasons why you may want to use Google Pay for your business. Let’s take a closer look at some of these benefits.
Easy To Set Up
Setting up Google Pay for your company is extremely simple.
All you need to do is download the app from the App Store or Play Store, create a Google Wallet Account (if you don’t already have one), add your credit cards and then link them to your Google Wallet Account.
Once this is complete, you should be ready to start sending payments.
When you use Google Pay for your company, you can rest assured knowing that your financial data is safe.
Your credit cards are encrypted before they reach the server, so no one but you can see them. They are then destroyed after processing so that no one can ever access them again.
With Google Pay, you can make payments within seconds. No longer will you have to wait days to receive funds into your bank account.
Payments are processed instantly and sent straight to the recipient’s bank account.
Google Pay doesn’t cost anything to set up and run. There are no monthly fees to worry about, either. So, if you choose to use Google Pay for a business, you won’t have to spend a penny.
Google Pay is not only great for businesses, but it can also be used by individuals too. If you own a small business, you could offer discounts to customers who pay for goods and services via Google Pay.
Or, if you are a freelancer, you could use Google Pay to collect payments from clients.
Setting Up Google Pay For Your Business
There are several ways to set up Google Pay for your own business. However, we are going to focus on one of the most popular methods, which is called “Payment Setup”.
The first step when setting up Google Pay for a business is to create a merchant ID. If you already have a Merchant Account, then you won’t need to worry about creating a new one.
However, if you don’t currently have a Merchant Account, then you will need to head over to Google’s Merchant Center page and sign up for one.
Once you have signed up, you should receive a confirmation email from Google. Click on the link inside the email to confirm your registration.
Once confirmed, you will now be able to access the Merchant Center dashboard. Here you will see a list of all the accounts that you have created. To add a new account, click on “Add New Account” and follow the steps listed below
Step 1: Enter A Name
Enter a name for your new Google Pay account. This will appear in the top right corner of your screen as well as on invoices sent out to customers. You can enter any name you like. We suggest using your full legal name.
Step 2: Select An Organization Type
Select the type of organization that you belong to. If you are a sole trader, then select “Individual”. If you are part of a partnership, then select “Partnership”. If you work for a larger corporation, then select “Company”.
Step 3: Choose A Tax ID Number
This is where things get tricky. The tax ID number is what allows Google Pay to identify your business. It is important that you enter the correct number here.
If you are unsure of how to find yours, then check with your accountant or tax advisor.
If you are unsure of how much money you owe in taxes each year, then you can visit this website to calculate your estimated income.
Step 4: Add A Bank Account
Now that you know exactly how much you owe in taxes, you can start adding your bank account details. In order to do so, click on “Manage Accounts” at the bottom of the page.
You will then be taken to a page that shows all of your current banking information. From there, simply scroll down until you find the section titled “Bank Account Information”.
Click on the blue button next to the bank account you wish to add. Then, enter the following information into the relevant fields:
- Account Name – This should match the name of your bank account.
- Branch – This is the branch of the bank you want to use.
- Sort Code – This is the three-digit code on the back of your debit card.
- IBAN – This is the international bank transfer format (IBAN) for your bank account.
- IFSC – This is the International Financial Services Center (IFSC) for your bank account
- Swift/BIC – This is the Swift/BIC code for your bank account. These codes are usually found on the back of your ATM cards.
Step 5: Save Changes
The last thing you need to do is save the changes by clicking on the green tick icon.
Your new Google Pay account should now have been successfully added! Now it’s time to go through the process of linking your bank account to your Google Pay account.
To begin, log into your online banking portal. On the left-hand side, click on “Payments”. Next, click on “Link Payment Methods”.
On the next screen, you will be asked if you would like to link your Google Pay account to your existing payment methods. Click on “Yes”.
On the next screen, you must confirm which method you would like to use. For example, if you have a credit card, then select “Credit Card”. If you have a PayPal account, then select “PayPal”.
Once you have selected the method you would like to link, you will be given the option to either cancel or continue. Click on “Continue”.
Next, you will be prompted to enter your login credentials. Make sure you remember them because they will be required later when you try and make a purchase from your Google Pay account. Once you have entered your login credentials, click on “Login”.
From here, you will see a list of all of your linked accounts. You will also see a message stating whether, or not, your transaction was successful.
If everything went according to plan, your business now has access to Google Pay!
Google Pay is an easy way for businesses to accept payments without having to worry about dealing with cash or credit cards.
As long as you have a valid business tax ID and a bank account, you can easily set up your own Google Pay account and implement it into your business.
Paul Martinez is the founder of EcomSidekick.com. He is an expert in the areas of finance, real estate, eCommerce, traffic and conversion.
Join him on EcomSidekick.com to learn how to improve your financial life and excel in these areas. Before starting this media site, Paul built from scratch and managed two multi-million dollar companies. One in the real estate sector and one in the eCommerce sector.