One-stop guide to using PayNow Corporate
With COVID-19 hitting our shores, contactless payments have become all the rave as it eliminates the need to touch virus-transmitting notes and coins. One example of this is PayNow, a game-changing addition to the field of payments as it allows individuals to transfer funds to each other by just using the recipients’ NRIC or phone number.
PayNow can also be used for businesses, where it is better known as PayNow Corporate. This service promises both easier transactions between businesses and smoother checkouts for customers. We’ve consolidated all the must-know information about PayNow Corporate for you so that you can soon jump on this service.
What is PayNow Corporate
For those familiar with FAST (Fast and Secure Transfers): PayNow is essentially an upgrade from FAST. PayNow works in tandem with FAST by acting as an interpreter for a bank account. This means less information is required but the same results of fast transactions and payment processing can be achieved. On top of this, PayNow also incorporates QR scanning into the transaction process which we all know speeds things up. Just look at the express QR safe entry queue vs NRIC scanning.
Similarly, PayNow Corporate expedites transactions for all organisations that are regarded as ‘entities’ — government agencies, associations, and societies, businesses, corporates. Armed with a Unique Entity Number (UEN), it’s byebye to having to retrieve bank and account details and hello to easy fund transfers.
Registering for PayNow Corporate
Since its introduction, PayNow Corporate has been adopted by nine participating banks, including DBS, OCBC, and UOB. For starters, businesses have to register for online banking with their respective participating bank. To start using the UEN as a replacement of the bank account number, businesses must enable PayNow for the account. After which, both the UEN and QR code can be used for instantaneous digital fund transfers.
PayNow Corporate’s value add
As an online business, PayNow Corporate is one to check out. Not only does it simplify inter-business payment processes, but it also extends its seamlessness to consumer transactions.
After registering for PayNow Corporate, you will be able to generate a PayNow QR or SGQR — a generalizable QR that can be scanned by multiple types of bank or digital-wallet apps. This means your consumers can ditch keying in credit card details to make a payment. Additionally, by requiring just the UEN or by a simple scanning of QR codes, it one-ups FAST’s original system of having to key in lengthy bank account numbers among other details.
Another important perk of PayNow payments is its affordability compared to allowing for credit card transactions. See below the pricing of PayNow Corporate transactions for the participating banks.
Disclaimer: Costs reflected are for business bank accounts and may differ for consumer bank accounts. Last updated on October 18, 2020.
*Fees are waived till 31st Dec 2021. Click here for more information.
**Fees lowered to $0.50 per item till 31st Dec 2021. Click here for more information.
What’s next after registering
Especially for online businesses, once you have successfully registered for PayNow Corporate, integrating the QR code into the last step of your customer checkout journey is a possible option. This is where Maesh comes in.
Maesh is an online payment gateway service that has a JS library and easy-to-implement plugins to integrate your QR codes into the checkout portion of your online business. After all, we believe in helping businesses process payments faster, more smoothly and at affordable rates. PayNow Corporate’s fund transfers shouldn’t be an add-on feature but rather an essential.
Originally published at https://maesh.io on October 21, 2020.
