A newbie’s guide to online payment services

Offering your customers the option to pay you electronically is a key part of providing a great customer experience. Here’s everything you need to know about online payment platforms:

1. They offer greater convenience

By offering the option of online payment, you will enable your customers to pay you at any time of the day, from wherever they are. Payment platforms such as DBS PayNow Corporate will allow your business to receive payments with just your Unique Entity Number (UEN), while services such as DBS FAST Payment allow large payments to be received in minutes. These services are available on mobile, which means your customers can pay you even while on the go.

2. They could boost your sales

As e-commerce continues to grow in popularity, online payment systems are becoming increasingly sophisticated and easy to use. By offering e-payment options in addition to traditional payment methods such as cash and cheque, you can expand your market reach by appealing to customers who are more tech-savvy. Offering e-payment options can also help you expand your reach overseas – setting up a DBS corporate multi-currency account, for example, will allow you to receive electronic fund transfers in foreign currencies.

3. They have lower transaction costs

Online payment solution could be a more cost-effective option for both you and your customers, who will no longer have to send cheques in the mail or make physical trips to pay you in cash. You’ll enjoy a waiver on all DBS PayNow Corporate fees on incoming payments until the end of 2019 if you register now – and offer your customers a convenient payment option which is completely free to use. FAST Payments cost just S$0.50 per transaction (till 31 Dec 2019), while GIRO payments cost just S$0.20 per transaction (an extra S$0.20 applies if you search for a company with its UEN).

4. They enable easier payment tracking

Using electronic payment platforms such as DBS PayNow Corporate, DBS FAST Payment and DBS IDEAL to receive payments will help you keep track of all the funds you receive. Unlike traditional payment methods like cheques and cash which could get lost in transit, electronic payments provide instant confirmation and records once they have been sent or received. This will in turn help you keep a clear record of all outstanding payments, and keep your finances in order.

5. Your customers can pay you via QR code

Giving your customers the option to pay electronically can be done in a snap – whether yours is an e-commerce business or a brick-and-mortar set up. If you already transact on DBS IDEAL, you can register instantly for services such as DBS PayNow Corporate. Once you’ve registered, all you need to do is publish your UEN or QR code on your website, or display them in your physical outlet where your customers can see them clearly.

Find out more about how you can improve your competitive edge by offering online payment options such as DBS PayNow Corporate and DBS FAST Payment.

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