• Expedite funds availability for your businessExpedite funds availability for your business

    Expedite funds availability for your business

    The strategic management of collections is crucial to your company’s success. UOB’s integrated receivables solution helps you streamline and expedite collections, saving you both time and money. Let us help you manage your end-to-end receivables cycle with greater speed and efficiency, so you can free up your resources and focus on your business.

UOB Direct Debit

What customers say about UOB Direct Debit

  • I can collect fees from any bank
  • I have more certainty over my collections as I can control the amount and date of collection
  • It’s convenient that I can collect payments in any amount and on different dates from regular buyers

About UOB Direct Debit

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How do I use Direct Debit?

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  • UOB Direct Debit is a timely and flexible collection arrangement that helps you take greater control of your billing cycle.
  • It debits your customers’ accounts with any participating banks in Singapore, so you can collect payments electronically
  • Debit instructions can be submitted via BIBPlus or Host-to-Host connectivity.
  • Upon receiving your instructions, the bank will debit your customers’ accounts on the date specified by you, and you will be credited on the next business day
  • Improve cash flow management with greater control over payment dates, payment amounts and billing cycles
  • Strengthen relationships with your customers by providing them with a paperless and cashless payment alternative
  • Save time and effort by reducing administrative and manual processes involved with cheque and cash collection
  • Enjoy peace of mind with prompt and secure collections
  • Enjoy ease of reconciliation of your accounts receivables with detailed reports on successful and rejected collections

How is UOB Direct Debit applicable to businesses?

Company I is a tuition centre that receives 100 cheques a month from its students. Handling cheques is manual and tedious process for its staff. With Direct Debit collections, the company has greater control over its receipts, and has substantially improved overall productivity of its staff.

Company J often has to manually track and chase for late payments from its tenants. The finance team spends time investigating and following up with tenants for payments. Ever since the company switched to Direct Debit collections, the finance team can reconcile the receivables in less time and with greater accuracy.

UOB mCollect

What customers say about UOB mCollect

  • My delivery staff no longer have to bring around a stack of invoices for payment collections.
  • Our salespeople can collect payments digitally, reducing the need to handle cash and/or cheques!
  • My finance team benefits as payments received via UOB mCollect are automatically reconciled against each invoice, reducing the time required for reconciling payments with instant crediting of funds!
  • I'm able to track the invoices that have been paid in real-time!
  • View client testimonials here.
About UOB mCollect

About UOB mCollect

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How do I use UOB mCollect?

How do I use UOB mCollect?

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Benefits of collecting via UOB mCollect

Benefits of collecting via UOB mCollect

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UOB mCollect is an integrated digital collections solution with a third-party application provided by Enterpryze, and is designed to help businesses ease their collection and reconciliation processes by enabling:

  • Digital invoice presentation
  • Real-time digital collection
  • Instant crediting of funds
  • Instant notification of collection
  • Consolidated view of collections for seamless reconciliation

You can use UOB mCollect to receive payments from your customers via PayNow or cash and cheques.

  • Ease of collections
  • Reduced risks of handling cash and cheques
  • Optimised cash flow with funds being credited instantly for payments made via PayNow
  • Receive instant notifications and collection reports with payment status and unique payment reference, which reduces time spent with manual reconciliation

How is UOB mCollect applicable to businesses?

Company K is a food caterer that provides live cooking stations at events. Many of their customers pay them with cash or cheques after the events. With UOB mCollect, the Company can present their invoices electronically with a PayNow QR code for the customers to scan and make payment. Company K would receive instant notification upon payment of the invoice.

Company L distributes bottled drinks and handles over 100 paper invoices every week. With this, their Finance team spends a lot of time and effort reconciling collections against the invoices, and this often results in errors. With UOB mCollect, funds are credited immediately into their account and are reconciled automatically, reducing time and effort required by the Finance team.

SGQR (Singapore Quick Response Code)

What customers say about using SGQR to collect payments

  • It’s easy for my customers as they can choose to pay me via any one of the payment schemes that I have indicated under the SGQR code.
  • This method is convenient and safe as it reduces cash handling! This reduces reconciliation efforts and I do not have to spend time depositing my cash collections into the bank.

About SGQR

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How do I use SGQR?

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Benefits of collecting via SGQR

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SGQR is a national unified QR label which combines multiple QR e-payment schemes under a common standard. Merchants can receive payments immediately when a sender makes payment to your UEN or scans your SGQR code. You need to register for UOB PayNow Corporate in order to receive payments via SGQR.

Display your SGQR label at your store front and your customer can use a PayNow participating bank mobile app to scan the SGQR code and make the payment.

  • Receive payments from your customers or business partners directly into your SGD Corporate Account. Simply provide your UEN or SGQR code to your customers for them to make payments to you.
  • Funds transfers are secure and hassle-free as there is no need for you to share your business details or bank account number.
  • Customers will enjoy fee waivers on all incoming PayNow Corporate transactions to their UOB SGD Corporate Account from now till 31 December 2021. Terms & conditions apply.

How is SGQR as a means of collection applicable to businesses?

Company C is a small retail shop selling IT gadgets. They receive cash payments frequently. With PayNow Corporate, the company is able to display their UEN or SGQR code at the cash register. Customers can easily pay for their purchases by keying in the UEN or scanning the SGQR code, and the company can receive the payments into their account immediately.

Company D provides utilities services to their customers, and sends their bills to them monthly. While the company offers various modes of electronic payments, many of their customers still pay them using cheques. With PayNow Corporate, the company can include a SGQR code on their monthly bills so that their customer can make payment simply by scanning the SGQR code.

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