#ChequeLess

At a Glance

Enjoy savings when you use FAST/PayNow instead of cheques!

Save up to $0.25 per transaction when you use FAST/ PayNow instead of cheques today. Digital payments made via FAST or PayNow offer businesses greater agility, convenience and security; helping you manage your working capital better.

Features & Benefits

Why you should #ChequeLess?

Cheques Have a Cost

The cost to use cheques includes transaction fees as well as administrative overheads to issue, track and reconcile the transaction.

Cheques Take Time

The transaction settlement is not immediate. Cheques deposited with the banks typically takes 2 days to process.

Cheques are Inconvenient

Instances of damaged cheques, incorrect signatures can result in delayed settlement of cheque transactions, hindering cash flow management for businesses.

Digital Payment Modes

Instead of issuing cheques, take advantage of the instant capabilities of FAST that is available 24/7, as well as the convenience of making payment to PayNow registered proxies i.e. Company UEN or NRIC or mobile number. Choose from a wide range of digital payment modes for these purposes:

Supplier and Vendor Payments

Use any of the following electronic payment modes available on DBS IDEAL:

Payroll and Commission

Manage payroll with our innovative packages under the Start Digital Programme
Provide banking privileges for your employees with DBS Workplace banking packages
Use Giro Payroll on IDEAL.

Tax and Utility Payments

Set up recurring Bill payments using DBS Commercial Cards, or use Bill Payment on DBS IDEAL.

How it Works

Switch to digital payments with DBS IDEAL

Simply log in to DBS IDEAL, our internet banking platform and start using FAST or PayNow for payments.

DBS IDEAL also offers the following benefits:

Accessibility to your bank accounts anytime, anywhere via DBS IDEAL Mobile app,
Time-savings through saved templates for repetitive payments and an intuitive payment’s user interface,
Hassle-free reconciliation through a variety of account and transaction reports,
Automated Alerts and reminders across key banking activities.

Enjoy the benefits of Digital Collection solutions too!

STEP 1: Simply link your Company’s UEN to your DBS bank account number

STEP 2: Indicate your UEN, or a generated PayNow QR on your website, invoices or online channels for your beneficiaries to pay you.

STEP 1: Register and download the DBS MAX app.

STEP 2: Track and reconcile payments made to your merchant QR code instantly.

STEP 3: Get consolidated funds into your bank accounts at the end of day.

Eligibility & Fees

Instead of issuing cheques, take advantage of the instant capabilities of FAST that is available 24/7, as well as the convenience of making payment to PayNow registered proxies i.e. Company UEN or NRIC or mobile number.

		Pricing
	FAST/ PayNow	S$0.50 per transaction PayNow lookup fee waived till 31 Dec 2021

	Inward PayNow	Waived till 31 Dec 2021

How to Apply

For more information, please contact DBS BusinessCare at 1800 2222200 or email us at [email protected]

#ChequeLess