7 ways to increase business efficiency using PayNow Corporate

Published on
June 27, 2023
Written by
Zachary Pestana
Writers@Aspire
Reviewed by
Episode #
7 ways to increase business efficiency using PayNow Corporate
Increase your business efficiency with PayNow Corporate - Here are 7 ways how Singaporean businesses can make the most of it
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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.

Seven ways to utilise PayNow Corporate to increase business efficiency

Let's delve into its potential to uncover the firsthand benefits PayNow Corporate offers for your business.

1. Substitute Cheques with PayNow QR Codes To Receive Funds Instantly 

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. 

2. Reduce Cash Transaction Using PayNow QR Code To Eliminate Manual Errors

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.

3. Streamline Payroll Processes with PayNow for CPF Employee Contributions

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.

How to pay CPF contributions using PayNow QR?

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.

4. Simplify Corporate Tax Payments with PayNow

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.

How to pay corporate tax using PayNow?

  1. Log in to the myTax portal using SingPass/CorpPass.
  2. Choose "View Accounts Summary/Pay Taxes" from the options.
  3. Select the tax type you want to pay and click the "Pay" button.
  4. Opt for the "Scan PayNow QR code" as your payment method.
  5. Log in to your preferred mobile banking app on your mobile phone.
  6. Scan or upload the QR code that is generated.
  7. Approve the payment within your mobile banking app.

You can use PayNow QR as a payment option for the following tax types:

  1. Individual Income Tax
  2. Corporate Income Tax
  3. Property Tax
  4. GST (Goods and Services Tax)
  5. Stamp Duty

By using PayNow to pay corporate tax, you can efficiently fulfil your tax obligations and stay compliant with just a few clicks.

5. Instantly Receive Government Subsidies with PayNow

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.

6. Avoid Transaction Errors by Simplifying Payments With PayNow

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.

7. Strengthen Your Vendor Relations with On-Time Payments Using PayNow

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. 

How to set up PayNow with some of the top payment providers?

Setting up PayNow for your business with top payment providers is a breeze. Here's how you can do it quickly and easily:

1. PayNow with Aspire

To register for PayNow with Aspire, you can follow these steps:

  1. Access the SGD Account option on your home dashboard in the app. Then, navigate to the PayNow details section.
  2. Initiate the activation request for your PayNow details in the app, and you will receive an email from us. This email will contain a PayNow Request Form that requires your input.
  3. Once your PayNow details are submitted and verified, you will receive another email confirming the activation.

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.

2. PayNow with DBS

To register for PayNow with DBS (Development Bank of Singapore), you can follow these steps:

  1. Access to DBS IDEAL website using your organisation ID.
  2. Provide your user ID and PIN to proceed.
  3. Complete the required fields with the relevant information and submit.
  4. Once your request is approved, you're ready to begin.

3. PayNow with OCBC

To register for PayNow with OCBC (Oversea-Chinese Banking Corporation), you can follow these steps:

Through the Business Mobile Banking app:

  1. Access your account, navigate to the "Settings" section, and select "Manage PayNow & SGQR."
  2. Follow the prompts on the screen to establish the connection between your UEN and your OCBC Business Account.

Using Business Internet Banking (OCBC Velocity):

  1. Sign in to your account and access the "Tools" section, then choose "Manage PayNow & SGQR."
  2. Click on the "PayNow" tab.
  3. Follow the instructions on the screen to establish the connection between your UEN and your OCBC Business Account.

To receive government subsidies and payouts, you must link your UEN (without suffix) to your OCBC Business Account through registration.

4. PayNow with UOB

To register for PayNow Corporate with UOB (United Overseas Bank), you can follow these steps:                    

Register for PayNow Corporate via UOB SME online

  1. Go to UOB Infinity (digital banking for business) webpage.
  2. Fill in the requested details.
  3. When you complete a PayNow Registration, you associate your PayNow ID with the Account accepted by UOB PayNow for business.
  4. To utilise and maintain your PayNow account with UOB, it is necessary to verify the accuracy, completeness, and currency of the information provided during your PayNow Registration. 
  5. Once that’s done, you are ready to go. 

Register for PayNow Corporate on UOB SME App

  1. Download the UOB SME app and log in through the 'Start Banking' option.
  2. Proceed to select 'More Services' from the app interface.
  3. Choose 'Register PayNow' to complete the process. 

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.

Conclusion

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.

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ABOUT THE AUTHOR
Zachary Pestana is a seasoned writer in market trends and business thought leadership. With a writing history at Incorp Global, MOQdigital, and AIESEC Australia, Zachary leverages his broad range of experiences to stimulate industry conversations and engage audiences.
Zachary Pestana
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Aspire is the all-in-one finance operating system for businesses. Our mission is to empower the next generation of entrepreneurs with the financial tools they need to realise their company’s full potential.
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