Due to RBI regulations payouts are not allowed on cards so we migrated payouts from cards to K-account.
For the time being you can make payouts using cards but in future this will be restricted or disabled.
What is K-account?
K-account is a virtual account that you hold with Karbon.
You can load the funds into the K-account account, and can use it to make bank transfers/payouts.
What are the benefits of using a K-account?
The primary benefits of our K-account are as listed below-
- Individual K-account for all members to make vendor payouts/bank transfers.
- All payouts can be done using the individual K-account, not requiring you to issue separate cards for each of your employees
- User-friendly, minimal documentation required
- Load funds to your K-account using any Bank account of your choice
- Flexibility to load the funds from your existing cashback card
- Flexibility to transfer/withdraw funds anytime from your K-account to your cashback card for card-related expenses. (Owner access)
- Secure each K-account with our user-based access and payout limit controls
Note- Members do not have access to withdraw the funds from K-account to cashback cards
How can I open a K-account?
Existing User-
Owners can open K-accounts by logging in to their accounts.
Once the K-account is created for the owner, he can invite members to apply for the K-account.
Click on the K-account option available on the left side of the dashboard and apply.
In K-account access control give access to members.
Check the box available in front of the user to give K-account access to the member.
New User-
The process is really very simple. Keep your Company's PAN card and GSTIN ready with you.
- Go to www.karboncard.com
- Click on Sign Up.
- Choose K-account
- Enter the details of your company
- Complete your KYC
It's done. Your K-account is ready to use. Load funds and start using K-account.
Charges-
If you have a cashback card the charges will be the same as those of a cashback card.
For every transaction, there is a charge of 1.00% plus GST where you will be getting cashback as well starting from 0.65%
( depend on the monthly spending)
Let's say you make the transaction for INR 10,000. In that case, you will be charged INR 100
1% of INR 10,000 = 100
18% of INR 115 = 18
total = 118
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