Myntra provides excellent possibilities for business advancement through online selling and marketing. However, this isn’t the only reason Myntra is India’s most popular online store. Let’s dive deeper into selling through Myntra’s much-loved eCommerce platform.

Table of contents

• Benefits of selling on Myntra
• Who can sell on Myntra? Eligibility criteria
• What can you sell on Myntra?
• How to start selling on Myntra
• Documents required for registration as a seller on Myntra

Why sell on Myntra? Benefits sellers on Myntra get

Being one of the largest online marketplaces in India has its perks. You too can enjoy these when you sell your products via Myntra. Below are some of these benefits:

• Myntra has a massive customer base of over 40 million users, servicing more than 17000 pin codes, and your brand can get exposure to the same.
• You will have full control over your merchandise – handling orders, cataloging, product quality, etc.
• Myntra supports its sellers with fulfillment models, cataloging, and supply chain management.
• You do not have to dedicate the time, effort, and resources to set up and run an online storefront. Leverage Myntra’s user-friendly interface to market and sell your products more effectively.
• You also don’t have to set up a payment gateway. Myntra will process payments through its payments partner.
• Through Myntra’s Partner Insights, you can get real-time data insights and tools for strategic selling.
• Myntra provides great customer service, including quick and easy returns, exchanges, and refunds. You too can provide an enhanced customer experience when you sell via Myntra.
• You don’t have to worry about shipping and delivery, saving a ton of logistics costs.

Who can sell on Myntra? Eligibility criteria

To start selling on Myntra, you need to have a registered business of the following types:

• partnership firms
• private limited companies
• sole proprietorship firms
• limited liability partnerships

Keep the scanned copies of the documents ready with you to speed up the steps of registration.

What can you sell on Myntra?

You can sell a range of products on Myntra. Such as:

• Clothing
• Jewelry
• Accessories
• Home décor
• Beauty and personal
• and more

How to sell on Myntra

To register your business as a seller on Myntra, you must create an account. Here are the steps to create a seller account:

1. Go to Myntra’s partner info page.
2. Click on the ‘Register Now’ button on the menu bar. You will be directed to an application form.
3. Enter your mobile number and verify it.
4. Enter your email address and verify it using the OTP sent to this ID.
5. Set a password.
6. Press the ‘Submit’ button.
7. Then, use these details to log in to your Myntra seller account.
8. Now, fill in the required details to complete the process.

You will receive a response from Myntra’s team once the application is evaluated. If your business meets Myntra’s set parameters for sellers, you will be contacted with information degrading the next steps. You will also get access to Myntra’s Partner University for all relevant details on completing the onboarding process. Once you have Myntra seller login details, you can start managing your products.

Documents required for Myntra seller registration

Here are the documents and details you need to complete the Myntra seller registration process:

• GSTIN
• Warehouse details (address, contact number, etc.)
• Current bank account details, including a copy of a canceled cheque for verification with your registered business name printed on it
• Brand details
• Trade Mark Certificate, in case of brand owners or manufacturers
• No Objection Certificate, in case of distributors, resellers, importers of a brand

Get the Myntra seller advantage for your business

Myntra will work directly with you to bring your brands to the marketplace as swiftly and efficiently as possible. If you want to know how to sell your products on Myntra, their dedicated support team can guide you and help you receive orders as soon as possible. You will be responsible for the upkeep of your products. Myntra’s delivery partners will pick up and deliver the products from your warehouse to the customer’s doorstep.

The post How to sell on Myntra: Step-by-step guide for online seller registration appeared first on PayU Blog.

What is Priority Settlements?

As the payment settlement process is time taking, we built a product that eases the problem of cash crunch in your business. PayU Priority Settlements enable you to get your online customer payments any time of the day in just 15 minutes. It works 24×7, supports all payment modes, and enables you to choose your settlement cycle.

Features of Priority Settlements

With Priority settlements, you get:

Round-the-Clock Settlements

Get round-the-clock payment settlement as it works 24 hours a day*, on weekends and on bank holidays

*All your settlements between 01:00 AM – 09:30 PM will be processed on the same day. Settlements between 09:30 PM – 01:00 AM will be processed in the next available batch.

Flexible Payment Settlement Cycles

Change your settlement cycle from T+15 minutes to T+1 day, as and when needed. Maintain cash flow in your business when required.

On-Demand Transfers

Transfer the preferred amount instantly when required to use it for your business operations. Get money on demand without worrying about payables & receivables.

Easy to Use

Activate priority settlements with a single click from your PayU dashboard. Ease the process of maintaining cash flow for your business.

Complete Clarity

View all your settlement charges on your PayU dashboard. Get complete clarity on all your receivables & payables right on your dashboard.

No Limits

Get settlements unlimited times in a day. Manage the financial needs of your business on the go without worrying about the cash flow crunch.

Benefits of Using Priority Settlements

Priority settlements by PayU enable:

Timely Payments

Make all the payments to your partners, vendors, and agents on time without giving second thoughts about your cash flow.

Consistent Cash Flow

Meet all your working capital expenses hassle-free without worrying about getting all your receivables on time.

Instant Refunds

Refund money instantly to your customers during large-scale cancellations easily and keep your customers happy.

How to Activate Priority Settlements for Your Business?

Here’s how you can activate priority settlements for your business:

Step 1: Open your PayU Dashboard and click on “Activate Now”.

Step 2: Choose your settlement cycle. 

Step 3: Once activated, you can see settled transactions on Priority settlements and filter as per your need. Click on any transaction to view the break-up of charges.

The post Benefits & Features of Priority Settlements that You Should Know! appeared first on PayU Blog.

Mivi is an audio electronics brand that started in 2016. The origin of the name Mivi comes from the names of Co-founders, Midhula Devabhaktuni and Viswanadh Kandula. Mivi is a D2C brand & that makes products with customer preferences by manufacturing and designing all products in India. They have more than 850 plus members on their team.

How Did Mivi Begin Its Journey?

Mivi started as an electronics brand. There were no technicians. They started with developing an Id team, then a design team, tech team taking a step forward one by one. In 2020, they started their manufacturing unit in Hyderabad. They were the first & the only brand to begin manufacturing in India. Hence finding a workforce that has experience wasn’t possible.

How Was Working with the Indian Workforce for Mivi?

At Mivi, they ensured that every employee has to be an Indian. It’s a core principle that they wanted to do something for India & this was their chance to do it. On being asked what the experience was like, Midhula said, “It was worth it”. Adding to this, she said, “It’s a very open environment; everyone is Indian, focused & driven”.

They started with a single line & 70 people in December 2020 & that’s when we launched their first product. They had eight lines and about 700 people within the next ten months. By the end of this year, they’ll have 1300 people on their team. It was a step-by-step journey. They figured out the entire process and took the leap of faith.

Here’s where Midhula talked about learning for every entrepreneur. She said, “It’s important for every entrepreneur to take the leap of faith because you are just starting it. Else the hustle in the process increases.”

How has the Customer Response Been for Mivi?

They launched their first Made in India product on 16th December & they manufactured units for a month. As “Made in India” is a very strong sentiment, they were able to give a better-quality product at better pricing & that’s what any customer looks for. Since then, their customers have a stronger relationship & bonding with the brand now. They truly support Made in India initiative.

What Makes Mivi a Unique Indian Brand?

Every country is different & so is India. India has unique tastes, preferences & environmental conditions. When it comes to electronics, devices sold in India are not made for Indians. Indians love bass and thrive on bass. In India, we get products based on the West’s preferences. & here’s where Mivi came in. They make a product first by figuring out what their audience needs, even environmental conditions. For example, a waterproof rating makes it dustproof & dust spoils electronics quickly. This makes Mivi different than the rest.

Midhula’s Advice to Budding Entrepreneurs

Here are the most significant learnings from Midhula for those starting their business journey:

• Don’t plan for where you are today but plan to where you want to get in tomorrow. It slows down your growth.
• There is no right time. Take a leap of faith.
• Today is the best time because you don’t have to risk everything to start a business

Check out this video to know more about their conversation.

The post Success Story of a Made in India Brand, Mivi appeared first on PayU Blog.

What is Priority Settlements?

Priority Settlements is a PayU product that solves the cash flow problems of your business. Get your online customer payments instantly & run your business 24×7.

Why Do You Need It?

As the payment settlement process takes time, it’s difficult to receive your online collections instantly. Here are a few problems that PayU Priority Settlement mainly solves for your business while reducing the payment settlement time:

• Making timely payments
• Needing cashflow to meet capital expenses
• Providing instant refunds to your customers

How Does it Work?

Once a customer pays you, the money is deducted from their account instantly. Money moves from your customer’s bank to your bank via the payment gateway. With PayU Priority Settlements, these customer payments come to your bank account in just 15 minutes.

Know more about priority settlements in this video.

The post Boost Cash Flow for Your Business with Priority Settlements by PayU! appeared first on PayU Blog.

A generic payment settlement cycle can be time taking but having a payment partner that can help you settle your customer payments quickly is a boon. Priority Settlements from PayU offers a comprehensive solution, transparency & flexibility for your business. It enables you to run your business 24×7 and keeps you from facing a cash crunch. Let’s understand what makes it better than normal settlements.

How is PayU Priority Settlement Different Than Normal Settlements?

Maintaining a healthy cash flow is very important in running any business. Often you can feel bogged down by delayed settlements on bank holidays and weekends. These features of priority settlements will help you maintain a healthy cash flow: 

Amazing right? Having a product that enables you to save time and ensures you don’t get into a cash crunch is always a good choice. Click here to know more benefits of using PayU Priority Settlements. 

Frequently Asked Questions

The post Is PayU Priority Settlement the Right Choice for Your Business? appeared first on PayU Blog.

PayU has upgraded the app for Shopify! Check it out here.  

It allows you to do much more with payments and covers you way beyond 31st July 2022. You simply have to follow the steps given in the video. 

Why Choose PayU’s Upgraded App for Shopify?

With the upgraded PayU app for your Shopify store you can: 

• Start accepting payments within minutes from over 150+ payment methods. 
• Grow your business by embracing the popular payment methods of India like UPI, wallets, BNPL, and EMIs along with debit cards, credit cards, and net banking to ensure a convenient as well as user-friendly experience for your customers. 

• Experience the most efficient way of initiating, tracking, and managing refunds with PayU. 
• Do away with the need to constantly switch your apps to manage your webstore and payments. 
• Initiate customer returns in just one click and track all your transactions right from your Shopify dashboard. 

Also read: How To Integrate Payment Gateway In Shopify? 

Benefits of Using PayU’s Upgraded App for Shopify

Ready-to-use solution

Plug in PayU’s payments solutions to your Shopify webstore without coding. Provide your customers a hassle-free experience.

Consolidated dashboard

Manage all your transactions, refunds, disputes, and settlements from your Shopify dashboard.

Insightful analytics and reports

Download data reports across segments and view real-time transactions to have a data-driven approach to your business.

The post Solved! PayU To Support Your Shopify Store Well Beyond 31st July appeared first on PayU Blog.

Let’s understand the importance of maintaining healthy cash flow first!

Importance of Cash Flow

Cash flow is the amount of money your business has at any given period of time. Maintaining a healthy cash flow: 

• Enables you to meet your financial commitments 
• Helps you plan for the future 
• Ensures smooth day-to-day business operations 
• Supports through ups and downs in sales, and unexpected expenses 
• Powers growth in your business 

Now that we understand the importance of cash flow, let’s find out ways to have a healthy cash flow.  

How to Maintain a Healthy Cash Flow?

There are several ways of maintaining a healthy cash flow & here are three of them:

Receive Your Payments Early

Reducing account receivable time is one of the ways of maintaining cash flow in your business. Here’s how you can reduce the time in which you receive payments in your account: 

• Shorten payment terms 
• Build a strong relationship with your customer 
• Reconcile payments frequently 
• Provide early payment discounts 
• Settle payments faster using Priority Settlements for PayU Payment Gateway 

Increase the Time to Make Vendor Payments

Here’s how you can increase the time in which you can make vendor payments without letting it affect your cashflow:

• Evaluate the relationship with your vendors
• Build a cash reserve
• Set up payment reminders
• Budget aptly
• Look for discounts
• Streamline your workflow

Reduce Unnecessary Spending

Here’s how you can reduce your unnecessary spending and maintain a cash flow that will go a long way:

• Track your expenses
• Manage your variable costs
• Identify processes that don’t add value
• Use expense management tools

Now that you know different ways of keeping a healthy cash flow, find the one that suits you the best. Click here to know more about how to get your Payment Gateway settlements faster.

The post How To Boost Your Cash Flow? appeared first on PayU Blog.

What is Settlement?

Settlement is a simple process by which any business can collect payments via a payment gateway. The settlement process is completed when the payment made by a customer reaches your bank account.

Payment Gateway Settlement Cycle

Here’s how the money movement happens.
There are three main stakeholders in a payment gateway settlement cycle:

1. Issuing bank is the customer’s bank
2. Payment gateway
3. Acquiring bank is your bank

Once a customer pays you, the money is deducted from their account instantly. Money moves from your customer’s bank to your bank via the payment gateway. This money movement takes T + 2 days. After deducting payment gateway charges, the remaining amount is then transferred to your account after T+3 days. This is what a generic payment gateway settlement cycle looks like:

In the case of card payments, the card networks connect the issuing bank & acquiring bank to enable online payment. The entire payment gateway settlement cycle remains the same.  

This table will help you understand how much time each payment mode needs to settle: 

As you can see, the money movement is not immediate and depends on bank processes. So now you know why you don’t receive your online collections instantly. 

Can We Fast-Track These Settlements?

Yes, there’s a way fast-track these settlements!

With PayU Priority Settlements, you can get your customer payments any time of the day in just 15 minutes. It works 24×7, supports all payment modes, and lets you choose your settlement cycle.

The post Payment Settlement Guide for Businesses appeared first on PayU Blog.

1. Keep the business concept simple
2. The idea behind becoming an entrepreneur must have been the first thing that got you into the business.
3. Businesses that conceive the best entrepreneur ideas and keep them simple are often successful. It is worth remembering that simple business ideas must remain understandable for the lower management, the salesperson, the marketing agency, and the customer.
4. Focus on both – the market and the product
5. As first entrepreneurs, while you have looked for simple, effective, and the best business ideas – is the market ready for it? Does your product offer something unique or solve a problem? What about funds, operational costs, competition, and so on?
6. Adequate market research can give you an insight into the product’s viability, and your well-chosen advisors can add significant value to it.

Pick the Right People

It is naïve to think that you can start your business alone. Choose your core competency and concentrate on getting the process around it right. For instance, if you are a finance person, bring in operations, logistics, and marketing experts to assist you. Also important is having a good team around you. Your mentors will be your eyes and ears, but your wider team will ensure that your cavalry is ready to sell the product when you kickstart production.

Develop a Financial Model

An efficient financial model will also project future incomes accurately and budget with fewer deviations. These days, most businesses seek assisted payment platforms as a part of their financial model.

A new business can reach out to a local and a global market base with PayU. It will help you reach out to the Tier-II and Tier-III customer base with the incorporation of Hindi and other Indian regional languages on the PayU platform.

Keep Emergency Funds Aside

If there is one thing that the pandemic taught small businesses, it was the importance of a contingency fund. Small and new businesses mostly run on shoestring budgets. However, every entrepreneur needs to know that an emergency fund should be created along the way.

Networking

The best business framework can bootstrap its way to stability. But for the quantum leap, investments are the key. Successful entrepreneurs find time to connect with the right people, and so should a first-time entrepreneur. Strong networking skills can result in lucrative deals, collaborations, and, most importantly, investors.

Staying True to the Commitment

Businesses and products are often accused of not being what they used to be. Stay true to the entrepreneur’s business ideas that made it well-accepted in the first place. Once your business idea clicks, the focus should be on maintaining consistency in service or product delivery.

Conclusion

Steps like those mentioned above need to be the guiding beacon for businesses as they start. With these things taken care of, new business entrepreneurship can always be well-placed to take on the challenges as they come.

Wondering what else can PayU help you with? Check out this video to get a glimpse of the opportunities that PayU offers to expand and streamline your business:

Frequently Asked Questions

The post 7 Simple Ways to Start a New Business appeared first on PayU Blog.

We came up with relatable stories of three business owners, Anu, Kamal, and Saad, ready to take the next step in their business. Each has their doubts and is unsure if #TimeIsNow to grow. This campaign shows how PayU powers their businesses to collect and track multiple payments worldwide, automate vendor payouts, and process recurring payments seamlessly. 

Tap on the video below to find out how! 

Here are the stories of Anu, Kamal & Saad! 

Anu is an entrepreneur who owns Upsyche, an upcycled clothing line. She was getting orders from multiple sources but something was stopping her. She just automated the way she collects and tracks payments from multiple sources with PayU. What happened next is for you to see! 

Kamal owns a healthcare company, Medlo which is an aggregator of medical consultation & medicine delivery. He wanted to take go PAN India but something was stopping him. He onboarded new vendors across India with PayU. What happened next will amaze you!  

Saad is an entrepreneur who owns Clickr, a SaaS company. He wanted to change his business model but something was stopping him. He took the next step to adopt a new business model with PayU. Tap on the video to find out what happened next! 

But do you know what was common between them? 
They all believed that #TimeIsNow and took the next step.  

Did Anu, Kamal & Saad’s journey inspire you to take your leap of faith? Let’s do it together! 

The post Check Out Our New Campaign #TimeIsNow appeared first on PayU Blog.