What Is PayNow For Business (PayNow Corporate) & How To Use It?
by CashOctopus • October 19, 2021
Contactless payment is practically the norm in Singapore right now.
PayNow is the trend in Singapore now; this payment method is the hottest thing in the business industry. Thanks to this system, you can transfer money without any hassle.
But what is PayNow for business (PayNow Corporate), and how to use it? We know some of you are eager to know the answers. And that’s what this article is all about.
Here you will get all the information you need to know about PayNow so you can incorporate it into your business and take it to the next level.
What Is PayNow Corporate?
Before we dive into the details, we should get acquainted with the basics first. So, what is PayNow Corporate, and how does it work?
Similar to PayNow, PayNow Corporate is a cashless payment method made for the business owners’ utmost convenience. You may already know that money transfer is one of the most hectic tasks. When you miss a payment, you might incur late interest charges which is bad for your loan.
But PayNow Corporate makes this whole thing super-efficient and effortless; that’s the beauty of it!
Just like cash, cheques, or any other money transfer method, you can use PayNow as a reliable banking system. You can use this system to pay off your vendors and send emergency funds anywhere you want.
If you are used to FAST (Fast and Secure Transfers), PayNow is essentially an upgrade from that.
Thanks to this system, you can now complete your transaction; you only need to connect a Unique Entity Number (UEN) to your bank account.
Isn’t that remarkable?
How To Use PayNow? – Step By Step Instruction
Now that you know about the basics, here is the step-by-step instruction on how to use PayNow.
How to Transfer Funds to a Friend
First of all, launch your online banking app and click on PayNow. And then log in to the account using your User ID and PIN.
Now, enter the mobile number of the recipient. You will see that the nickname of the recipient will appear on the screen. And if you want to use the Virtual Payment Address instead of the mobile number, enter the Virtual Payment Address of the recipient’s wallet.
After selecting the recipient’s name, enter the amount you want to transfer and click “Next.”
When you are done typing the amount, verify all the details on the screen and tap “Transfer Now.” Once you click on it, your balance will be transferred in seconds!
How to Transfer Funds to a Merchant
Firstly, you have to launch your online banking app and click on the “Scan and Pay” option.
Now, scan the merchant’s code and log into your PayNow account to transfer the funds. You will need your PayNow user ID and PIN to log in.
You will need to enter the amount you want to transfer into the merchant’s account when you are logged in. And then, click on the pay now option to complete the procedure.
The payment details will appear on the screen, and you have to verify that and tap the “Transfer Now” tab. After a few seconds, your transaction will be completed.
How To Register For PayNow For Businesses In Singapore?
As we have told you before, 14 participating banks in Singapore offer you PayNow for businesses. All you have to do is log in to your online business banking app and register your business account for PayNow.
When you are done with the registration, you will get an SGQR code. And then, you can get your payment by adding QR stickers to your business outlets or even invoices.
Why Should Businesses In Singapore Adopt PayNow Corporate?
There is plenty of business organization that uses traditional methods such as cheques and cash for the transaction.
So, you may ask, why should I use PayNow instead of those typical money transfer systems? Don’t worry; we’ve got answers for you.
Here are some benefits of adopting PayNow that will allow you to understand the potential of this system. So, without wasting much time, let’s get into that part right away.
Yes, the first reason for switching to PayNow is convenience. This whole transaction system is made for simple and cashless fund transferring. You can choose this method for a fuss-free experience.
It is not only convenient for business owners, but for their clients as well.
If you choose PayNow, you will get a unique QR code. It will allow you to pay off your customers or vendors just by using your mobile phone. Therefore, you don’t need to carry any physical cash with you all the time, which is a relief.
One of the most annoying facts about the traditional payment methods is that they work pretty slowly. If you are paying off your vendors with a cheque, you will have to mail it, and the whole procedure will take up to 2-4 working days.
And to be honest, some of us can afford to go through that kind of time-consuming process!
However, if you choose PayNow, this whole game will change in seconds! Well, you don’t have to send any transaction detail to anyone; you can make payments immediately. When the procedure is done, inform the recipient and get confirmation. That’s it!
3. Security and Safety
When it’s about money, you need to make sure you’re in safe hands! Otherwise, you will end up losing everything.
Some people may think that as PayNow offers straightforward transactions, the security is not up to the mark! But that’s not the case.
Yes, PayNow is highly convenient and efficient, but it doesn’t compromise security. Before you send funds to someone, you will get to see their name. In this way, you will get 100% confirmation that you are paying off the right person.
On the other hand, cheques can always get lost in the mail or misplaced, which is a bummer.
4. Receive Government Payouts Faster
While receiving the government funds, you will have to wait for several days as the cheques take time to arrive. But if you switch to PayNow, you will receive your money faster than ever. This helps greatly if you’re applying for any government COVID-19 relief funds as well.
Frequently Asked Questions (FAQ) About PayNow
1. Is it safe to use PayNow?
In recent days, PayNow has been one of the most reliable and safest money transaction methods in Singapore. It is authorized by the Singapore Government and the Association of Banks in Singapore. And that’s the highest assurance you can get.
Furthermore, PayNow has established an advanced security system. Therefore, your money will be in safe hands; no one can deny that fact!
2. Do I have to pay fees to receive PayNow payments?
Yes, you will have to pay fees to receive payments via PayNow. However, PayNow Corporate has waived the fees till December 2021 or 2022, depending on the bank.
3. What is SGQR?
When you complete your PayNow registration, you will get your SGQR, a combination of several QR payment options. Any QR options accepted by your organization will be seen on your unique SGQR label.
4. Is there a limit to the amount I can transfer through PayNow?
Yes, you can only send up to $200,000 for fast transfers.
The Bottom Line
As PayNow is on the trend of the business world in Singapore, it is quite natural for you to ask, what is PayNow for business and how to use it? Well, hopefully, you’ve got all your answers.
This fuss-free payment method is getting popular every day, thanks to its effortless transaction system and reliability. So, if you want to maintain a quick and interruption-free cash flow in your business, you should adopt PayNow without any hesitation.
To improve your cash flow or reach your financial goals, you can always apply for financial assistance. CashOctopus helps you get the best loan quotes in minutes, especially if you apply via Myinfo. No worries, there are no obligations at all!