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PayNow Corporate in Singapore: Overview for Merchants

Southeast Asia is transitioning to a cashless society – and more users are embracing the change with open arms.

With the introduction of PayNow Corporate; merchants can support this demand for digital payments from their own customers, suppliers, wholesalers, and everyone else.

But first, what is PayNow Corporate?

PayNow is now available to corporates, enterprises, Singapore Government agencies, associations, and societies – together referred to as “Entities” – through participating banks’ PayNow Corporate.

By linking their Unique Entity Number (UEN) issued in Singapore to their Singapore bank account, PayNow Corporate enables Entities to pay and receive SGD cash instantly. When transferring funds, they do not need to know the bank and account numbers of other entities.

Entities must register for the service online using their bank’s banking portal to receive funds. They can also seek assistance from their bank.

Retail clients of participating banks can now transfer funds to entities and vice versa using PayNow Corporate.

PayNow fund transfer can only be made to a PayNow participating bank.

These banks include: –

  • Bank of China
  • Citibank Singapore Limited
  • DBS Bank/POSB
  • HSBC
  • Industrial and Commercial Bank of China Limited
  • Maybank
  • OCBC Bank
  • Standard Chartered Bank
  • UOB

Why should merchants adopt PayNow Corporate?

With more customers already used to the practice of scan and pay – your SME benefits significantly from PayNow Corporate. Here are other benefits to consider :-

  • Enables paperless and contactless payments

Contactless payments have grown in usage over the course of a few years – spurred on more by the ongoing COVID19 pandemic.

But even before that, the demand for paperless payments and online invoicing has been great.

More and more customers are seeing the need for digital invoices to avoid the hassle of paperwork, manual data entry and lesser human errors in the invoicing process.

All of this is made possible when your business adopts PayNow Corporate.

By allowing your customers to scan and pay from the comfort of their mobile phone – there is no need to hold on to physical cash.

For businesses who rely on physical stores and on-the-ground salespersons, there is less risk associated with holding on to cash and depositing it into an ATM at the end of the day (misplacing cash or invoices, etc.)

 

  • Instant payments received

Whilst traditional methods require you to wait 3-5 working days for cheque payments to be reflected, or cash needs to be deposited at ATMs before the payment is reflected – PayNow payments are instantaneous.

This makes it easier for businesses to monitor and manage their cashflow at any given time, instead of having to wait for payments to be reflected.

 

  • Receiving government grants, bonuses and subsidies are easier

In Singapore, the government makes payouts distributed via PayNow much faster.

Past subsidies such as the Jobs Support Scheme and Foreign Worker Levy rebate announced during Budget 2020 was made via PayNow.

With more support expected from the Singaporean, using outlets such as PayNow will allow your bonuses (if you qualify) to come in much faster when compared to traditional bank transfers.

 

  • Security above all

Funds transfers are secure and hassle-free as there is no need for you to share your business details or bank account number.

In addition, PayNow adopts the same high-security standards established by the banking industry in Singapore for fund transfers including FAST (Fast and Secure Transfers).

To top that, senders will always be able to see the recipient (your business’) name before confirming a transfer.

PayNow is safer than cash since it eliminates the need for businesses to collect and keep currency. This lowers the danger of theft, fraud, and other issues that firms may encounter when dealing with significant sums of money on a regular basis.

PayNow Corporate and Enterpryze

PayNow changes the way you receive payments from your customers. With the help of Enterpryze, there’s more functionality and convenience for merchants and small business owners as well.

This is done through the mCollect POS app.

Here, Enterpryze will automatically generate a QR code based on the invoices of your customers so they can scan and pay on the spot.

This means that once you register for PayNow (done through your respective business banks) you can start using mCollect POS instantly.

Using PayNow Corporate with Enterpryze

  1. Download mCollect POS and create an invoice for your customer.

  2. Select the customer invoice to be paid.

  3. Click Pay and select PayNow.

  4. The app generates a dynamic QR code for your customer to scan instantly.

Easier payments – even for your customers

Mobile payment systems, which allow users to pay for products with their smartphones, can be used in conjunction with digital wallets. Some examples of these in Singapore are GrabPay, FavePay, AliPay, PayLah! and WeChat Pay.

eWallets are seen to be the second most popular payment method in the country – with $680 million in sales in 2019. Singapore also is one of the top 3 eWallet markets throughout the Asia-Pacific.

Although eWallets are separate from PayNow corporate, consumers throughout Southeast Asia are already widely accepting of scan-to-pay digital payments.

This makes the shift from traditional invoicing and paper documents to PayNow Corporate (also a scan-to-pay service) much easier and hassle-free for customers or clients.

If you’re looking for a simple invoicing solution to create, send and receive invoices – you can opt for Enterpryze’s Invoice & Pay.

Invoice & Pay is fitted for solopreneurs and micro-businesses who want an easy platform to track customer invoices and manage outgoing and incoming invoices.

Who is eligible for PayNow Corporate?

Singapore incorporated entities, government agencies, associations, and societies which have a UEN issued in Singapore; and have Singapore bank accounts with one of the PayNow participating banks.

Enjoy PayNow Corporate through mCollect POS' simple mobile app

Businesses who want to experience PayNow Corporate can do so through Enterpryze’s mCollect POS app.

Enterpryze and UOB have created mCollect POS, an easy-to-use tool that allows small and developing businesses in Asia to accept digital payments.

It’s a fully integrated digital collections solution that aims to improve cash flow tracking by allowing for faster collections and an easy digital payment option.

mCollect POS can be connected to those on the ground (delivery riders collecting payments, sales agents in physical stores, etc.) so that everyone in the organisation has access to all data and real-time notifications.

The app is free to download from the Apple App Store or the Google Play Store, and all you have to do is install it on your device.

Starting at that stage, you can begin to: –

  • Bill customers and receive payments with quick & easy invoicing.
  • Get paid faster and securely with multiple payment methods such as PayNow (for customers in Singapore) and DuitNow (for customers in Malaysia.)
  • Easily access scan-to-Pay QR codes so your customer/client can make a paperless payment on the spot.
  • Get instant confirmation of received payments, make bank reconciliations and generate up-to-the-minute sales & payment reports.
  • Go further by adding users and branches (store locations, departments, offices) and set individual permissions.

Downloading mCollect POS extends the ability to receive PayNow Corporate QR payments to everyone in your team – so that everyone is notified of transactions coming in.

Start using PayNow today.

Download mCollect POS for free and experience contactless, simple payments from customers. 

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