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FINANCIAL SERVICES | Staff Reporter, Singapore

NETS launches PayCollect to ease billing and payment collections

Businesses can now move their entire billing and collections cycle online.

Payment services group NETS launched PayCollect, a new online service that allows businesses and consumers to interact electronically, an announcement revealed.

Through PayCollect, businesses are able to send e-invoices via SMS or email to their consumers for payments via DBS, OCBC, UOB or NetsPay mobile apps. Customers can then click a link within the notification and be directed to a secure payment page.

The service can also be integrated with popular accounting packages to enable corporations to track payment statuses in real time, whilst smaller business can also use PayCollect on its own by using the customer’s mobile number to issue an e-invoice.

PayCollect was implemented by KK’s Women’s and Children’s Hospital in March for their wellness programmes and events and have so far received positive feedback from users.

“PayCollect is an end-to-end solution that effectively solves the last-mile collection problem for business 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,” said Ricky Lim, managing director of NETS Solutions.

The service is also said to complement national digitisation initiatives as it provides the capability for e-invoicing and reduces cash and cheque usage. 

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