Payment to Builder via Velocity Pay

[Tumbleweed]

Hello Members,

I have recently bought a Flat in Mumbai and need to make Payment of around 18 Lacs to developer. I have Magnus Burgundy and want to use the card for AEP benefit. Unfortunately, the builder does not have payment gateway. Since, the amount is significant I thought of using third party application like Velocity Pay to pay via Credit card. However, I've few queries which I need answers from people who have used the application for similar payment:

1. What is the name of 'Payer' reflected in the Account Statement of Beneficiary?
2. What is the Transaction Limit of Velocity Pay?
3. Will this transaction be classified as Business Expense even if the Account is created via Personal PAN Card on Velocity Pay?
4. Has Axis blocked anyone's Reward account for paying via Velocity Pay?

Any insights will be useful.

 

[drsel]

Remember when you buy and sell flats you lose big time on stamp duty, brokerage, registration, legal fees, society fees, etc
overall 15--18% loss.
Then you need to wait for property price appreciation to recover this loss

 

[sourpai]

Hello Members,

I have recently bought a Flat in Mumbai and need to make Payment of around 18 Lacs to developer. I have Magnus Burgundy and want to use the card for AEP benefit. Unfortunately, the builder does not have payment gateway. Since, the amount is significant I thought of using third party application like Velocity Pay to pay via Credit card. However, I've few queries which I need answers from people who have used the application for similar payment:

1. What is the name of 'Payer' reflected in the Account Statement of Beneficiary?
2. What is the Transaction Limit of Velocity Pay?
3. Will this transaction be classified as Business Expense even if the Account is created via Personal PAN Card on Velocity Pay?
4. Has Axis blocked anyone's Reward account for paying via Velocity Pay?

Any insights will be useful.

Have you checked MCC of velocity pay? Most likely it will be part of excluded MCC for Magnus burgundy, in which case you will not earn any rewards

You can do a test transaction and check MCC first before worrying about all other questions

 

[Tumbleweed]

Remember when you buy and sell flats you lose big time on stamp duty, brokerage, registration, legal fees, society fees, etc
overall 15--18% loss.
Then you need to wait for property price appreciation to recover this loss

Not planning to sell as it's more of an investment. The only drawback is the convenience fees which is 2.10%+GST which I can still bear as the value of RPs will offset this cost. Just wanted information on velocity pay as I haven't used it before.

 

[Tumbleweed]

Have you checked MCC of velocity pay? Most likely it will be part of excluded MCC for Magnus burgundy, in which case you will not earn any rewards

You can do a test transaction and check MCC first before worrying about all other questions

Yes, I have checked and it is not excluded (atleast for Magnus Burgundy).

 

[drsel]

Yes, I have checked and it is not excluded (atleast for Magnus Burgundy).

What is the MCC code and he should charge you Max 2%

 

[Tumbleweed]

What is the MCC code and he should charge you Max 2%

Dm me for mcc code

 

[Tumbleweed]

What is the MCC code and he should charge you Max 2%

The Convenience fees drops to around 1.2%+Gst if you use Business PAN while registering which I’m avoiding as this would directly implicate it as Business expense which it isn’t.
Just need someone’s opinion who has made high value transaction via Velocity.