Know more about charges, settlement & Teachmint Payments application process

FAQs

1. Is Teachmint providing the payment gateway services ?
Teachmint has partnered with Razorpay to provide payment gateway services on the platform. We help you open a payment gateway account with Razorpay, which will be used for online payment collection.

2. Who reviews the information/ documents provided?
Teachmint sends all the information/documents to Razorpay. The application and document review is done by Razorpay

3. What happens if more clarification is required after application submission?
In case Razorpay needs any further clarification/information/documents, they will get in touch with you on the business email id provided during the application process.

4. Who decides on the payment gateway application approval?
All decisions regarding the payment gateway application are done by Razorpay.

5. How long does it take to review the application?
Normally, all applications are reviewed within 5-7 working days. In certain cases based on the information provided it might take a little longer.

6. Which all payment modes are available on the payment gateway?
Razorpay supports most of the domestic Visa, Mastercard & Rupay debit/credit cards, Net banking, Wallets and UPI modes.

7. When will I get the collected amount?
The collected amount will be settled to your bank account in T+2 working days. There will be no settlements on bank/public holidays.

8. Why is my application rejected?

Possible application rejections are :

9. What happens if I already have a Razorpay account?
If you already have a Razorpay account, please provide your Merchant ID to us and we will arrange for it to be mapped to the Teachmint platform.

10. What are the payment gateway charges ?

Payment Methods
Platform Fees*
(per transaction) + GST

Debit Cards more than Rs. 2000/-
0.90%

Debit Cards less than or equal to Rs. 2000/-
0.48%

Rupay Debit Cards
0.10%

UPI more than Rs. 2000/-
0.10%

UPI less than or equal to Rs. 2000/-
0.10%

Credit Cards
1.20%

Net-banking (HDFC, ICICI, Axis, SBI, Kotak & Yes Bank)
1.60%

Net-banking (All others)
1.45%

Mobile Wallets(Except Payzapp)
1.55%

Payzapp wallet
1.70%

Corporate Cards / International
2.65%

There will be 18% GST applicable apart from the payment gateway charges. So the total charges that gets deducted from the merchant will be TDR + 18% GST

Process Flow:

On completion, all the data along with the documents are sent to Razorpay for verification. The verification process can take upto 7 working days. The user will also get an email from Razorpay informing about the Razorpay login credentials.

The user can either login to the Razorpay dashboard using their credentials and submit the documents/details or they can contact our customer support and submit the relevant documents/details to us and we can pass on the same to Razorpay through the Razorpay partner dashboard.