PayNow for Business (PayNow Corporate): What is it, and why should businesses use it?

What is PayNow for Business?

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.

What modes of transfer does PayNow use?

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.

What are the different ways to transfer money using PayNow?

Here are the different ways you can do money transfers with PayNow:

Mobile number or NRIC

‍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. 

Unique Entity Number (UEN)

‍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.

PayNow QR Code

‍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.

Virtual Payment Address (VPA)

‍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.

Why Should Businesses In Singapore Adopt PayNow Corporate?

To benefit your business in Singapore, consider using PayNow Corporate for the following reasons:

• Send and receive payments efficiently. Improve cash flow and transaction processing.
• Offer customers a convenient, hassle-free payment option, enhancing their experience and loyalty.
• Enjoy cost savings with lower transaction fees compared to traditional methods.
• Seamlessly pay your suppliers or make CPF deposits and corporate tax payments.
• Streamline reconciliation with detailed payment references for time savings and error reduction.
• Align with government initiatives and leverage support for a cashless society.
• Seamlessly integrate PayNow Corporate with existing systems to increase operational efficiency.
• Future-proof your business by adapting to digital payments and remaining competitive.

Limitations of PayNow for business:

PayNow for Business, like any other payment system, has certain limitations that businesses should be aware of:

• Availability is limited to Singapore, which may not suit international operations or customers outside Singapore.
• Customer adoption varies, so consider your target customer preferences and payment habits.
• Transaction limits may apply, depending on your bank or the PayNow system.
• Integrating PayNow into existing systems may require technical expertise and resources.
• Dependence on technology means disruptions can impact availability and functionality.
• Take precautions against security risks and fraud to protect your PayNow accounts.
• Regulatory compliance obligations must be met, involving administrative and reporting tasks.

Is it safe to use PayNow Corporate?

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.

Privacy Policy: PayNow Singapore has a policy that explains how it handles and protects your information. It follows the rules set by the Personal Data Protection Act (PDPA) in Singapore, which means they take your privacy seriously.

Overall, PayNow Corporate prioritises the security of your transactions and takes steps to ensure that you and your business remain safe and secure. 

How to Register for PayNow for Business?

Here’s how to register for PayNow for Business:

1. Access your business bank app.
2. Select the account you want to link with your chosen PayNow Proxy (mobile number and/or NRIC/FIN number).
3. Set a PayNow Nickname for your registration.

Remember that you must complete the PayNow registration process before receiving funds into your bank account using PayNow.

How to Register for SGQR via a Business Banking Application?

While the SGQR registration process for various applications may vary provider-to-provider, here are the common steps to register for SGQR:

1. Open the business banking application and log in. Tap on the menu icon and choose "Settings" or “Tools” > "Manage PayNow & SGQR."
2. Select the appropriate option and follow the on-screen instructions to create a new label or update an existing one.

How to use PayNow for business?

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.

Sending funds from your PayNow Corporate account.

1. To send funds from your business account via PayNow, ensure that your business is registered for PayNow Corporate with your bank. This involves linking your business's Unique Entity Number (UEN) to your designated bank account.
2. Access your bank's business banking platform through their website or mobile app using your business account credentials.
3. Look for the PayNow transfer option within the banking platform, typically listed under "Payments" or "Transfers."
4. Provide the necessary information of the recipient you wish to send funds to, including their mobile number, NRIC/FIN, or UEN, depending on the recipient's PayNow Singapore registration. Some platforms may also allow you to scan the recipient's PayNow QR code.
5. Review the transfer details, including the recipient's information and the amount to be sent, ensuring accuracy.
6. Follow the prompts to authorise and confirm the transfer using authentication methods like One-Time Password (OTP) if your bank requires it.
7. You should receive a transaction confirmation upon successful transfer, and the recipient will be notified of the incoming funds.

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Receiving funds into your PayNow Corporate account

To receive funds in your business account through PayNow, take the following steps:

1. Register for PayNow Corporate with your bank to link your business's Unique Entity Number (UEN) to your designated bank account.
2. Inform your customers, clients, or partners about your PayNow details, such as your business's PayNow QR code, UEN, or registered mobile number.
3. Ensure the PayNow payment option is available in your business transactions and clearly displayed on invoices, payment requests, or other relevant communications with customers.
4. Communicate the instructions for making payments via PayNow, specifying the preferred method (e.g., scanning the QR code, entering UEN), along with payment references or invoice numbers and the exact transfer amount.
5. Regularly monitor your business account statement or banking platform to track incoming PayNow transfers, where payment details will be visible in your transaction history.
6. Reconcile the received payments with your invoices or records for accurate financial reconciliation, following proper accounting practices by recording the payments in your financial records.

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.

Who offers PayNow Corporate Services for Businesses in Singapore?

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:

• DBS Bank/POSB
• Citibank
• Aspire
• HSBC
• Maybank
• OCBC Bank
• Standard Chartered Bank
• United Overseas Bank (UOB)
• Bank of China
• Industrial and Commercial Bank of China Limited

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.

FAQs

How to increase PayNow limit?

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.

Can the Nickname be modified after the initial registration?

Certainly, you can make this change through the Online/Mobile Banking platform.

What is SGQR for PayNow?

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.

Will there be charges if I use PayNow?

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.

How to change PayNow nickname?

To change your PayNow nickname, you can follow these steps:

1. Log in to your banking app or visit the online banking website of your bank
2. Navigate to the PayNow section or settings
3. Look for the option to manage your PayNow profile or nickname
4. Select the option to change or update your PayNow nickname
5. Enter the new nickname you want to use
6. Save or confirm the changes
7. Verify the changes by reviewing your updated PayNow profile or nickname