Say, you are the owner of a bustling retail empire or running a thriving agency. Your business is flooded with orders every day. You have multiple employees working for you. Your revenues are growing exponentially. Your customers love your products/service. However, as the business grows, managing the flow of payments becomes increasingly complex when dealing with multiple payment methods, including cash, credit, or transfers. The process of receiving and reconciling revenues across these various methods can increasingly become more tedious and time-consuming.
With PayNow for businesses (PayNow Corporate), you can offer an additional, hassle-free payment option to your customers. They can swiftly make payments using their favourite banking apps, via their mobile, and you'll have a breeze matching those payments to specific orders with the handy payment references provided by PayNow. No more juggling with cash — just pure, streamlined efficiency that transforms your customer experience into a seamless and secure shopping adventure. Moreover, you can utilise PayNow to efficiently pay your numerous vendors, for your employee’s CPF deposits and to pay your corporate tax too. Thereby, enhancing the overall efficiency of your business operations.
But wait, there's more! Let's delve into what PayNow for Business (also known as PayNow Corporate) is, how it benefits your business, and why you should adopt it.
PayNow for Business is an extension of the PayNow service in Singapore that has been designed specifically for your business. Since its industry-wide launch on 13th August 2018, PayNow Corporate enables businesses to conveniently transfer and receive funds through PayNow with other participating institutions. It enables you to use the PayNow infrastructure to receive payments directly into your corporate bank account without the need for providing bank account details. It makes it easy for customers to pay for goods or services quickly and conveniently.
By eliminating the need for your customers to provide bank account details or perform manual bank transfers, PayNow for Business streamlines the payment process. It reduces administrative tasks and improves your cash flow management by providing a secure and efficient way to receive payments.
In addition, you can integrate PayNow as a payment option on your websites, mobile apps, or payment terminals, offering your customers a convenient and familiar payment method. However, it’s important to note that you can only transfer funds in Singapore Dollars (SGD) through PayNow.
With PayNow, you can even make payments to your business suppliers in a simple and convenient way. Using PayNow, you can quickly transfer funds to your suppliers using just their mobile phone number, NRIC/FIN number or UEN. This eliminates the hassle of traditional payment methods such as cash or cheques and enables instant transfers directly into their bank accounts. PayNow helps you streamline your payment processes, increase efficiency and maintain a transparent and traceable record of transactions - to benefit you and your suppliers.
PayNow is a secure funds transfer service that prioritises the security of your transactions. It follows the high-security standards the Singapore banking industry uses for money transfers. These include FAST and GIRO.
PayNow Singapore primarily uses the FAST (Fast And Secure Transfers) system for your transfers. With FAST, you can enjoy almost instantaneous transfers between participating banks in Singapore. It operates 24/7, allowing you to make real-time payments as an individual or business.
While FAST only allows transfers between accounts at the 19 participating banks in Singapore, GIRO allows you to transfer funds between a participating and non-participating bank.
Here are the different ways you can do money transfers with PayNow:
Give the sender your mobile number or NRIC/FIN. They can transfer funds directly to your PayNow account. For easy identification, remember to include your PayNow nickname. Likewise, when you need to pay your vendors, simply enter their mobile number or NRIC/FIN and proceed with the payment.
If you're a business owner, you can share your UEN with other businesses for money transfer. To complete the transfer, they can enter your UEN into their banking app or Internet banking platform. To pay your vendor using PayNow, you need to get their UEN and initiate the transfer through your PayNow-enabled banking platform for a secure and effortless transaction.
You can generate a unique QR code with a link to your PayNow account. The sender can scan it with their mobile banking app or QR code scanner to send money. Similarly, to send your vendor money, simply scan your vendor’s PayNow QR code using your PayNow-enabled banking app.
You can pay someone with PayNow using their Virtual Payment Address (VPA). The VPA acts as a proxy to link to e-wallets from Non-Bank Financial Institutions (NFIs), eliminating the need for other payment methods. Ask for their VPA and make the payment with PayNow.
Remember that the availability of these options may vary depending on your bank or service provider. It's best to check with your specific bank or service provider to understand which methods are available to you.
PayNow for Business, like any other payment system, has certain limitations that businesses should be aware of:
Yes, PayNow Corporate is considered secure for business use. To protect your transactions and user data, it has a comprehensive set of security measures. Here are some of the key factors that contribute to the security of PayNow Corporate:
Bank-grade security: Under the supervision and regulation of the Monetary Authority of Singapore (MAS), participating banks implement stringent security measures to protect your information and transactions.
Encryption: To protect the transmission of your data between sender and receiver, PayNow Corporate uses secure encryption protocols. This aims to protect your sensitive information and prevent unauthorised access.
Unique Entity Number (UEN) verification: To add an extra layer of verification and authentication, PayNow Corporate requires you to register your UEN. This helps to ensure that payments are made to the correct recipient and helps to prevent fraudulent activity.
Transaction notifications: When a payment is initiated or received, PayNow Corporate sends real-time notifications to both you as the sender and the recipient. This helps you keep a close eye on your transactions and spot any suspicious activity immediately.
Liability protection: PayNow Corporate customers are typically covered by their bank's liability policy for any unauthorised or fraudulent activity on their accounts. This offers protection against fraudulent transactions.
Regulatory Oversight: PayNow is closely regulated by the Monetary Authority of Singapore (MAS), which ensures that PayNow Singapore operates according to the necessary laws and regulations for digital payments. This oversight helps maintain a secure and trustworthy payment system.
Overall, PayNow Corporate prioritises the security of your transactions and takes steps to ensure that you and your business remain safe and secure.
Here’s how to register for PayNow for Business:
Remember that you must complete the PayNow registration process before receiving funds into your bank account using PayNow.
While the SGQR registration process for various applications may vary provider-to-provider, here are the common steps to register for SGQR:
While the steps to send funds may vary from provider to provider, here are the common steps to send and recieve funds from your PayNow Corporate accont.
To receive funds in your business account through PayNow, take the following steps:
Remember that the steps for both sending and receiving may vary slightly depending on your bank and its business banking platform. For detailed instructions for your business account and banking platform, consult your bank's documentation or contact customer support.
In Singapore, businesses can easily access PayNow Corporate services through all major banks and financial institutions. PayNow integration is widely available among fintech banks and vary across providers. Some of the providers include:
We have covered some of the providers who offer PayNow Corporate services in detail below:
DBS IDEAL: DBS IDEAL is a digital banking platform DBS Bank provides. It not only offers PayNow Corporate services but also includes additional beneficial features for business banking.
UOB Business Internet Banking: United Overseas Bank (UOB) provides PayNow Corporate services through its Business Internet Banking platform, making it convenient for you to receive payments for your business.
Aspire: Aspire is a fintech company offering an all-in-one finance operating system for businesses. Aspire's multi-currency business accounts are fully integrated with PayNow. This integration streamlines payment reconciliation by providing detailed payment references and reducing manual effort with invoice management and accounting integrations.
OCBC Velocity: OCBC Velocity is a digital platform offered by OCBC Bank, designed specifically for business banking. It allows businesses to receive payments through PayNow Corporate services seamlessly.
Maybank2E: Maybank2E is an online banking platform tailored for businesses. Maybank offers PayNow Corporate services through this platform, ensuring convenient payment transactions for your business.
If you wish to know how to increase your PayNow limit, simply reach out to your bank or financial institution. Contact them and inquire about the procedure to increase your PayNow limit. They will assist you by providing the required details and guiding you through the necessary steps to raise your limit successfully.
Certainly, you can make this change through the Online/Mobile Banking platform.
SGQR for PayNow refers to implementing the Singapore Quick Response Code (SGQR) system for PayNow transactions. SGQR is a unified QR code that combines multiple payment QR codes into a single, standardised code. It allows users to scan a QR code to pay through various payment schemes, including PayNow. The SGQR Paynow system enhances convenience and interoperability for users, simplifying the payment process.
Currently, most of the providers do not charge for using PayNow for business. However, this may be charged in the future. We suggest you check with you payment provider for exact details or switch to Aspire to use PayNow corporate absolutely free of charge, forever.
To change your PayNow nickname, you can follow these steps: