Singapore's Nets launched a new service for businesses to bill and collect electronically. Merchants only need their customers' mobile number.
Payments services group Nets on Monday launched PayCollect, an end-to-end solution for businesses that allow them to issue invoices and then let their customers make e-payments directly from a mobile device. This effectively moves merchants' entire billing cycle online.
«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 in a media statement.
Seamless With Accounting Packages
PayCollect will be progressively integrated with popular accounting packages so that companies can go fully electronic for the entire billing, payment and reconciliation cycle. For a start, accounting software MYOB will be supported. This will be followed by other software packages.
Small merchants such as tuition providers, florists, drycleaners, handymen without accounting packages only require their customers' mobile numbers in order to bill them. After issuing e-invoices, small-medium enterprises can track payment status real-time and perform end-of-day reconciliation all within their accounting process.
Part Of Nationwide Digitization
The launch of PayCollect forms part of the city state's e-invoicing and financial digitization initiatives. Singapore recently launched a B2B e-invoicing framework to provide businesses with the capability to extend e-invoicing to consumers and reduces cash and cheque usage.
KK Women’s and Children’s Hospital selectively implemented the PayCollect service in March this year for their wellness programs and events.
