Bank account, UPI and payments.
Mixing business money with personal money is one of the biggest mistakes small businesses make. Today you'll set up proper payment systems: a separate account, UPI for business, payment links and safe habits.
Separate your money
- Open a separate account for the business: a current account (often needs Udyam/GST or other business proof) or, at the very start, a separate savings account used only for business.
- Pay yourself a fixed "salary" from the business account. Don't take money randomly.
- Now you can actually see whether the business makes profit.
Accepting payments
| Method | Good for | Notes |
|---|---|---|
| UPI business QR | Shops, home businesses | PhonePe Business, Paytm for Business, Google Pay for Business, BharatPe; many offer sound-box alerts |
| Payment links | Instagram/WhatsApp orders | Razorpay, Cashfree, PayU, Instamojo payment links and pages |
| Cash on delivery | Some e-commerce customers | Higher risk of returns and cash handling |
| Bank transfer | Larger B2B payments | Send a proper invoice |
UPI payments to merchants are generally free for small merchants, while payment gateways charge a small fee per transaction (often around 2%). Check current charges before choosing.
Invoices
Give a proper bill or invoice for every sale: business name, date, items, price, total, and GST details if registered. Free tools like Zoho Invoice, Vyapar and Khatabook/myBillBook make it easy on a phone.
Avoid payment scams
A customer shows a payment screenshot and leaves with the order. Later you can't find the money. What went wrong?
Confirm in your own account before handing over goods.
To RECEIVE money on UPI, do you need to enter your PIN?
Receiving never needs your PIN.
Your task (30 min)
Set up a business UPI QR (any provider) linked to a separate account, and create a simple invoice template in Vyapar, Zoho Invoice or a free spreadsheet. Teach one family member the 4 payment scams from this lesson.
Lesson 7 complete!
You know how to separate business money, accept UPI and online payments safely, and avoid payment scams. Next: making or sourcing your product.
Next: Making or sourcing your product →