Updated: Dec 26, 2018
www.businesstimes.com.sg Mon, Oct 15, 2018
PAYMENT service provider Nets on Monday launched PayCollect, an online billing and collections service that will allow businesses to issue invoices and collect payments electronically.
Businesses will be able to send e-invoices as request-to-pay notifications via SMS or email, and customers can make payment via DBS, OCBC, UOB or NetsPay mobile apps by clicking on a link in the notification.
Smaller merchants such as tuition providers, dry-cleaners and handymen can use PayCollect on its own, needing only the customer’s mobile number to send an e-invoice. Charitable organisations can also use it to streamline and lower operating costs of collecting donations.
For corporates and small to medium-sized enterprises (SMEs), PayCollect will be integrated into popular accounting packages and allow businesses to track payment status in real time, and perform end-of-day reconciliation within their accounting processes. Accounting software like MYOB offered by ABSS in partnership with Mint Payments is the first software package that will be supported, with other packages to follow soon after.
By allowing businesses to extend e-invoicing to consumers and reducing cash and cheque use, the service complements existing national digitisation initiatives such as the nationwide B2B e-invoicing framework recently launched by the Info-communications Media Development Authority of Singapore.
“We’re taking care of the most important but yet difficult part of any business operations - that of collecting payments,” said Ricky Lim, managing director of Nets Solutions.
“PayCollect is an end-to-end solution that effectively solves the last-mile collection problem for businesses by moving their entire billing cycle online and providing their customers with the ability to make e-payments directly and easily from a mobile device."
Since March, KK Women’s and Children’s Hospital has been selectively implementing PayCollect into their wellness programmes and events to encourage cashless payments, and is exploring extending the service after receiving positive response from participants.
Merchants can visit www.nets.com.sg/business/ecommerce-solutions/paycollect/ to sign up for the service.