Singapore-based payments services group NETS has launched a new service to enable businesses to move entire billing and collections online.

Known as PayCollect, the new service will allow merchants to issue invoices and collect payments electronically.

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The new service is intended to expedite collections and improve cash flow management of businesses.

PayCollect will enable billing organisations to send e-invoices as a request-to-pay notification through SMS/email using DBS, OCBC, UOB or NETSPay mobile apps.

Consumers can pay for these invoices by clicking on a link within the notification which will direct to a secure payment page for confirmation.

Furthermore, the service can be integrated with certain accounting packages, facilitating complete electronic billing, payment and reconciliation cycle for corporates and SMEs.

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NETS said that the clients will be able to leverage PayCollect for easy and optimised issue of e-invoices, payment status tracking in real-time and to carry out end-of-day reconciliation within their accounting process.

As the electronic payment service only requires customer’s mobile number for billing, it can also be used by smaller merchants who do not have accounting packages.

NETS Solutions managing director Ricky Lim said: “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.”