Collecting payments via PayNow on CardUp
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We all know how easy it is to use a cell phone and transfer your funds just by one-time registration of your mobile number with PayNow. It is fast, secure and available not only for retail customers but also for corporations and small businesses.
While this process is extremely seamless and convenient for payors, in reality, there are some significant limitations for businesses who collect payments via PayNow.
Potential problems of collecting via PayNow ‘out-of-the-box’
Here are some of the potential limitations of payment collection via PayNow, which if not handled well, could pose some issues to your business:
No payment-level reconciliation
While your business can get started with PayNow (including a free QR code) from the banks, tracking the progress of each payment isn’t as straightforward. In order to find out whether a payment has been made, you would still have to check your bank account statements and match them with the payment reference provided by the customers.
If your business is expecting a large number of incoming PayNow payments, this process of checking through every transaction on a bank account may get quite tedious and sometimes even unscalable. Ultimately, this might invite more human error, which, for any business, is the last thing you would want when it comes to payment processes.
Costly tracking capabilities
Some businesses might decide to set up an interface with the bank that allows them to track all their payments on a real-time basis, but the cost to install these systems can come up to S$20,000 and a monthly fee of up to S$250.
Not every company would want to spend such valuable resources to integrate this interface into their system. Hence, many forgo these capabilities, and rely on manual tracking instead, which also comes with its own costs in the form of time.
No consolidation with other payment methods
Lastly, for companies which collect payments through different methods such as credit card and PayNow, it will get even messier if they do not have a consolidated system to track, monitor and reconcile these different payments all at one place. The constant switching between tools and platforms also adds a lot of time costs to an otherwise straightforward process.
Benefits of using PayNow on CardUp
At CardUp, we are constantly improving our platform to deliver our promise of making collecting payments better for you.
As such, we’ve introduced PayNow as a new means of payment collection! You do not even need a registered PayNow account to get started.
Get real-time updates on each PayNow payment
No more manual matching of payment amounts and references against each incoming payment in your bank account. Easily track and monitor all payments individually and know exactly which customer has and hasn’t paid!
When your customer pays you via PayNow, both your business and the customer immediately receive email notifications of the transaction. This amount then gets paid out directly into your bank account within one business day.
Ultimately, this greatly increases your efficiency, letting your accounts receivable team focus on other more value-adding projects and tasks.
Enabling multiple payment options for your customers
In addition to PayNow payments, you can also collect credit card payments from your customers, without any tech knowledge or training required. By offering more payment options for your customers, this definitely improves your chances of getting paid. Plus, with all of this easily monitored on a single platform, it saves you invaluable time cutting through the clutter – making you and your team’s lives much easier.
Track all payments on one platform
We know how much time it takes to manually process and track payments. With an option to collect digital payments, you can minimise the need to process cash or cheque payments.
Through our solution, you’d be able to, at one glance, tell which specific payments have been paid, and which haven’t! This comes with no setup or platform fees.
Furthermore, for a limited time only, we’re waiving ALL processing fees - which means it is completely free for you to get started!
Fill in the form below and we'll be in touch to get you started:
With no costs incurred for both your business and your customers, there’s no better and easier way to start digitising your incoming payments.
Xero Plugin
If you are currently using Xero, you may also connect our plugin to directly collect card payments from your Xero-issued invoices. Payment statuses are also automatically reconciled on both platforms, saving you precious time and ensuring 100% accuracy!
How do you get started?
- Sign-up for a free CardUp account as a business user to collect payments from your customers.
- If you are a new-to-CardUp user:
- PayNow will automatically be enabled for your account, as will credit card payments
- If you are an existing user of CardUp, already collecting payments:
- Write in to your account manager or to us here to get started with PayNow
- Write in to your account manager or to us here to get started with PayNow
- If you are a new-to-CardUp user:
- Click on 'Set up' on your dashboard, or the 'Setup Now' button on the Collect page
- Complete your account details and company details - this would take you no more than a few minutes! You'll also be prompted to provide your bank account details as this is where you will be receiving the payments.
- On the same screen, you'll also select how you want your customers to pay you: via PayNow, credit card or both!
You can view the detailed setup steps here.
How do you collect PayNow payments from your customers?
By adding PayNow as an option for your customers on your Payment Pages and Payment Requests, you can simply share these links with them to collect these payments anytime, anywhere!
Read: How do I use Payment Requests to collect payments from my customers?
How do your customers pay you via PayNow?
- When your customers visit your payment links, they'll need to fill in fields including:
- Payment details
- Contact details
- After filling up the details, they have the option to pay you via PayNow or by credit card
- To pay by PayNow QR, they will be required to click on the 'Generate PayNow QR' button to generate the QR code
- After doing so, a PayNow QR code will be generated and displayed on the screen. At this point, they will be required to use their mobile banking app to scan the QR code to complete the payment
- Once they have paid, they will automatically be brought to a Payment Success page to show that the payment has been successfully captured by CardUp
You can view the detailed steps here.
Get started today completely free, and improve the way you manage PayNow payments today!
