Imagine effortlessly sending and receiving payments for your business in Singapore, all with the flexibility of entering a single number (mobile, UEN, or VPA) or scanning a single QR code. Say goodbye to long transaction processes and hello to seamless, instant transfers. With PayNow Corporate, you'll experience new levels of efficiency, improved customer satisfaction, and streamlined financial tracking.
Let's delve into its potential to uncover the firsthand benefits PayNow Corporate offers for your business.
Experience the convenience of using PayNow QR Codes to receive funds instantly instead of relying on traditional cheques. All you need to do is generate a PayNow QR code linked to your business account. Share it with your customers and allow them to effortlessly scan the QR code printed on the invoices using their banking app and make instant payments. This means you can enjoy smoother cash flow.
By implementing the PayNow QR Code on your invoices, you can expedite the time taken to recieve funds from a couple of days to a matter of minutes, it can also help you streamline your billing process, and enhance your payment experience with seamless transactions.
Dealing with cash in businesses brings with it an array of accounting errors and security risks. Manual counting errors are a common pitfall when dealing with cash, as it relies on human intervention to achieve an accurate count. Even the slightest counting error can have a domino effect, leading to discrepancies in financial records and potentially impacting accounting and financial statements.
However, with PayNow QR Codes, you can accept payments digitally whole offering your customers an easy, contactless payment option. Just generate the unique QR code linked to your business account and share it with your customers. They can simply scan the code using their banking app. Instant payments are made directly into your account. This reduces the risk of manual counting errors. Transactions are recorded digitally, ensuring accuracy and efficiency.
CPF (Central Provident Fund) contributions experienced a profound transformation thanks to modern digital innovations, significantly enhancing convenience. The introduction of Direct Debit and PayNow QR has revolutionised the process, making it user-friendly and hassle-free.
Not only is paying CPF employee contributions with PayNow Corporate easy and seamless, but you also receive instant payment updates. The system updates your CPF contribution status to 'Paid' as soon as your payment is made. This ensures that you do not have to spend any additional time or effort to track the status of your submission.
Simply scan the QR code using your mobile banking app. You can use either your business or personal account to make the payment. To ensure successful payment processing, it's important to scan the PayNow QR code using the app of a PayNow participating bank.
By using PayNow to make CPF deposits, you can reduce the paperwork and administrative burden. This digital solution ensures faster and more accurate transactions and saves time and effort. However, there are some limits to keep in mind. The maximum amount you can transfer via PayNow QR is $200,000, depending on your bank's daily and monthly limits set. If your CPF submission amount exceeds this limit, you'll need to perform additional submissions using CPF EZPay.
With PayNow QR, you can conveniently make company tax payments using your bank account. The best thing about using PayNow QR to pay taxes is how effortless it is! Just scan the QR code generated in myTax portal, and you're all set. The QR code already has all the payment details you need, like the amount and reference number. This means you don't have to waste time typing in the details yourself, reducing the chances of making mistakes.
By using PayNow to pay corporate tax, you can efficiently fulfil your tax obligations and stay compliant with just a few clicks.
Similar to the speedy disbursement of Government payments to Singaporeans and PRs using PayNow, the government is also using PayNow to seamlessly disburse funds to businesses under various schemes such as the Jobs Support Scheme.
With PayNow for Business, you can immediately receive government grant payments in your bank account. Enjoy streamlined processes and eliminate the risk of lost or delayed payments. With a simple and secure transfer, you can receive funds on time to support your business.
With PayNow Corporate, you don't have to go through the hassle of entering long account numbers. Instead, this secure and efficient system relies on unique, less complicated identifiers such as mobile phone numbers or NRIC/FIN to ensure accurate transfers.
Using PayNow for business eliminates the risk of errors and ensures that your payments reach the intended recipients quickly and without any fuss.
PayNow for business eliminates the hassles associated with some of the traditional payment methods used to make vendor payments. PayNow allows you to effortlessly transfer funds to your suppliers at the click of a button.
You only need the recipient company's QR code, mobile number, Unique Entity Number (UEN) or VPA to initiate a PayNow Corporate transfer. You don’t need to spell out their full company name or even specify the transfer amount in some cases, as customarily required, while using other payment methods. However, the recipient company must have a PayNow Corporate account to receive such payments.
By eliminating manual errors and facilitating instant transfers, PayNow ensures your vendor payments are made on time and without delays.
Setting up PayNow for your business with top payment providers is a breeze. Here's how you can do it quickly and easily:
To register for PayNow with Aspire, you can follow these steps:
Additionally, with Aspire, you can enjoy free local transfers and get the best FX rates, up to 3X cheaper than banks. You can also issue unlimited virtual cards with 1% cashback on spends. With Aspire's business account, you can focus on growing your business globally while staying in control of your finances.
To register for PayNow with DBS (Development Bank of Singapore), you can follow these steps:
To register for PayNow with OCBC (Oversea-Chinese Banking Corporation), you can follow these steps:
Through the Business Mobile Banking app:
Using Business Internet Banking (OCBC Velocity):
To receive government subsidies and payouts, you must link your UEN (without suffix) to your OCBC Business Account through registration.
To register for PayNow Corporate with UOB (United Overseas Bank), you can follow these steps:
Register for PayNow Corporate via UOB SME online
Register for PayNow Corporate on UOB SME App
To make payments via UOB PayNow Corporate, businesses do not need to link their UEN to their SGD Current Account. Instead, they only need the payee's mobile number, NRIC, UEN, or Virtual Payment Address to initiate a payment via PayNow.
Signing up for PayNow for business can unlock various benefits and streamline your business. Experience the convenience of fast and secure payments directly into your designated bank accounts. Integrate seamlessly with multiple payment channels and optimise your financial transactions. With easy sign-up and a wide user network, it's time you started using PayNow Corporate.