Nets starts service for online business billing and collections

Singapore

PAYMENT-service provider Nets on Monday launched PayCollect, an online billing and collections service for businesses to issue invoices and collect payments electronically.

Businesses will be able to send e-invoices as request-to-pay notifications via SMS or e-mail, 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 may use PayCollect on its own, by using only their 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, enabling the tracking of payment status in real time, and the performing of end-of-day reconciliation within their accounting processes. Accounting software 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.

Ricky Lim, managing director of Nets Solutions, said: "We're taking care of the most important but yet difficult part of any business operations - that of collecting payments.

"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, K K Women's and Children's Hospital has been selectively implementing PayCollect into their wellness programmes and events to encourage cashless payments; it is exploring extending the service after receiving positive response from participants.

By allowing businesses to extend e-invoicing to consumers and reducing cash and cheque use, the service complements existing national e-invoicing and digitisation initiatives such as the nation-wide B2B e-invoicing framework recently launched by the Info-communications Media Development Authority of Singapore.

Merchants may visit www.nets.com.sg/business/ecommerce-solutions/paycollect/ to sign up for the service.