PayNow Corporate: Who Qualifies and What You Get

PayNow Corporate is a digital payment service that allows businesses to receive money from customers instantly.

👤Who it's for

This service is available to all business bank account holders. If you hold a bank account registered under a business entity, you are eligible to use this service to facilitate your business transactions.

🎁What you get

The primary benefit is the ability to receive instant payments from your customers. Instead of waiting for traditional bank transfers to clear or dealing with manual payment verification, money is transferred to your account immediately, helping you manage your business cash flow more effectively.

💰What it costs you

While the core functionality is provided to facilitate business transactions, there are potential costs to consider. Depending on your specific banking provider, bank fees may apply for using this service. You should review your bank's current fee schedule to understand any charges associated with receiving these instant transfers.

⚠️The catch to know

The most important thing to verify is the connection between your business identity and your bank account. You must ensure that your Unique Entity Number (UEN)—which is the standard identification number used to identify your business—is linked correctly to your bank account. If this link is not established properly, customers may face issues when trying to send you money.

📝How to apply

1. Contact your bank to inquire about setting up PayNow Corporate for your business.
2. Provide the necessary business registration details to your banking provider.
3. Ensure your Unique Entity Number (UEN) is correctly linked to your business bank account.
4. Verify with your bank that the setup is fully active before you begin accepting payments from customers.