Payments provider Nets launched an online billing and collection service yesterday that will allow businesses to issue invoices and collect funds from clients electronically.
PayCollect enables firms to send e-invoices as request-to-pay notifications via SMS or e-mail. Customers can then make payments 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 the cost of collecting donations.
PayCollect will be integrated into popular accounting packages to allow businesses to track payment status in real time and perform 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 others to follow soon after.
Nets Solutions managing director Ricky Lim said yesterday: "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."
KK Women's and Children's Hospital has been selectively implementing PayCollect into its wellness programmes and events to encourage cashless payments since March.
It is now exploring extending the service after receiving positive response from participants.
PayCollect complements other digitisation initiatives across the island such as the B2B e-invoicing framework that was recently launched by the Info-communications Media Development Authority of Singapore.
Merchants can visit www.nets.com.sg/business/ecommerce-solutions/paycollect/ to sign up for the service.