What Is PayNow For Business & How To Use It

PayNow for Business is a new payment system that allows businesses to pay and receive payments quickly and easily. It is an excellent alternative to traditional methods such as cheques and wire transfers. In addition, using PayNow for Business can save your business time and money!

This blog post will discuss PayNow for Business – what it is, how to use it, and the benefits of using it.

Keep reading below!

What is PayNow for Business?

PayNow for business is a fast and straightforward way for companies in Singapore to transfer funds to one another. This digital payment system allows users to send and receive money directly from their bank accounts.

Using this service is extremely easy:

You simply need a mobile phone number or NRIC/FIN that has been linked to your bank account.

You can then initiate a transfer by selecting the recipient from your contact list or entering their mobile number or NRIC/FIN.

Funds are transferred instantly using the PayNow service, making it easy and convenient for businesses of all sizes to pay and get paid quickly and securely. Whether you need to send payments for a large order or purchase supplies for your business, PayNow for business makes it effortless every time.

What Is PayNow Corporate?

PayNow Corporate is a new payment system launched in Singapore in 2017.

This innovative new platform allows businesses to quickly and securely make and receive payments from other companies.

To use PayNow Corporate, a company must first register for an account with a participating bank. Once the account is set up, the company can then send payments to other registered companies simply by inputting their unique PayNow username into the online banking portal of the sender’s bank. The funds are processed immediately.

It gets better:

Both parties are protected from fraud through authentication methods such as two-factor authentication, alerts for suspicious transactions, and optional additional levels of security.

PayNow for Business Benefits

Overall, PayNow for Business is a fast and streamlined payment service that enables businesses to keep up with rapidly changing business environments in today’s digital world. Let’s see why:

1. Convenience

As a business owner, you know that time is money. You need to make sure that your payment solutions are as convenient as possible.

PayNow for Business offers several advantages that can help save you time and hassle:

  • For starters, it allows you to make and receive payments using just your mobile phone number. That means no more worries about lost or stolen cheques.
  • You can set up recurring payments, so you never have to worry about missed payments again.
  • If you ever need to refund a customer, PayNow makes it easy to do so; simply send the money back to their mobile number.

PayNow for Business is the ideal way to streamline your business’s finances with its fast, convenient, and secure payment solutions.

2. Speed

PayNow for Business is an instant, real-time payment service that offers companies a fast, convenient, and secure way to receive payments from customers. PayNow for Business is connected to major banks in Singapore, which allows customers to make payments using their preferred bank account.

This service is available 24/7, 365 days a year.

PayNow for Business is speedy because it offers instant funds transfer between customers’ and businesses’ bank accounts. Thus, you can receive payments faster and use the money immediately to pay for operating expenses or finance other business activities.

Besides, your clients don’t have to wait for cheques to clear or pay additional fees.

In addition, the service is convenient as customers can make payments using their mobile phones or computers without visiting the business premises.

3. Secure

When it comes to online payments, security is always a top concern. Businesses need to be able to trust that their payment provider will keep their data safe and protect them from fraud.

Here’s why PayNow for Business is a secure payment platform that delivers on both fronts:

  • PayNow uses industry-leading encryption technology to safeguard your data.
  • Unlike traditional fund transfers, which may require lengthy processes and cumbersome authentication steps, PayNow allows businesses to send money directly from their bank account by simply entering the recipient’s name and account number. This makes it safer than an ordinary transfer since you always know exactly to whom you’re sending money before confirming the transaction.

4. Quick Government Payouts

Whether your company operates in the construction, transportation, or healthcare industry, you know how important timely payments are.

Thanks to PayNow for Business, money from government entities and public agencies can be transferred straight into your account, cutting down on the lengthy wait times associated with such transactions.

With this innovative system, you can receive their funds faster than ever before, you them the ability to put that money back into their operations and achieve their goals more quickly.

How To Register For PayNow For Businesses

To register for PayNow for businesses, you will need to have a Singapore-registered company or sole proprietorship and a current business bank account with one of the PayNow participating banks.

Financial institutions and banks in Singapore that use PayNow for Business are:

  • Bank of China
  • BNP Paribas
  • CIMB Bank Berhad
  • Citibank Singapore Limited
  • DBS Bank/POSB
  • Deutsche Bank
  • HSBC
  • Industrial and Commercial Bank of China Limited (ICBC)
  • P. Morgan
  • Maybank
  • OCBC Bank
  • Standard Chartered Bank
  • Sumitomo Mitsui Banking Corporation
  • UOB
  • GrabPay
  • LiquidPay
  • Singtel Dash

After that, you can register for PayNow via the respective bank’s online banking platform or mobile app.

Once your registration is approved, you will be assigned a unique QR code and PayNow ID, which can be used by customers to make payments to your company. You can also use PayNow to make inter-bank transfers and overseas funds transfers via the Singapore Quick Response Code (SGQR) system.

For more information on registering for PayNow for businesses, you can contact your bank or visit the PayNow website.

Need more financial assistance? MPM Capital is here to help with customised, low-interest loans and some of the fastest approval rates in Singapore.

Even better:

We can help you with business funding up to $2 million to solve your cash flow issues.

Apply here.


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