NETS launches payment collection solution for small businesses

iNETS QuickPay aims to convert S$16 billion worth of paper payment transactions to electronic payments.

NETS announced the launch of iNETS QuickPay, a new payment collection solution for merchants that promises to reduce costly and inefficient paper payment collections.

Merchants can now easily and conveniently collect payments from their customers via more than 100 iNETS Kiosks located islandwide or via their customers’ mobile phone with iNETS Mobile, instead of having to ask their customers to go to their premises to make cash payments or request them to send in a cheque.

The iNETS QuickPay service is especially useful for three types of ‘periodic payment’ merchants:

• Merchants who receive payments at regular intervals (e.g. monthly) but not at any other time. These include enrichment centres, childcare centres, facility managers/ MCST, insurance agencies, season parking providers, clubs and associations.
• Conference/workshop/seminar organisers who receive one-off payments. These merchants also benefit from reduced administrative costs in dealing with irregularly drawn cheques.
• Service/product providers with non face-to-face transactions (online or telephone) and who require upfront payments.

NETS will collect and process payments from customers and the funds will be available in the merchants’ bank accounts the next business day. The merchants can also go online daily to check if payment has been made. All payments are irrevocable and merchants may proceed to deliver the service/products pending clearance of funds the next business day.

General Manager, Consumer Services, Ms Cynthia Liaw, said, “iNETS QuickPay is part of our strategy to encourage the adoption and usage of electronic payments and we believe it will really help merchants in their business operations and cashflow. Not only is it easy to set-up, our next business day settlement terms1 allow them to enjoy an efficient business operation as it saves them from having to physically collect and bank in cash or cheque
payments.

“Also, as iNETS QuickPay is low cost and affordable to all merchants, and payment via iNETS kiosks is available to anyone with a NETS ATM card, we believe that it addresses the needs of a sizeable S$16 billion consumer market that is still making paper payment transactions, giving them a convenient and cost-effective alternative,” Ms Liaw added.

“What makes iNETS QuickPay attractive to merchants is its convenience and reliability. With the service, merchants can track and view their payment collections online and be assured of receiving payments promptly. Their customers benefit too from having greater and more flexible payment options,” said Ms Liaw.

iNETS QuickPay has been welcomed by merchants such as childcare and education providers G8 Education, Lewin, Whizland, Chinese Success Media, The Pathlight Centre, Cognitive Development Learning Centre, Edsolution Agency, Zoo-phonics Asia as well as community care provider Presbyterian Community Services Singapore.