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There are more than 300,000 small and medium enterprises (SMEs) in Singapore, and all of them share a common bottleneck – managing invoices and collecting payments.
For businesses with lean teams, the time and effort spent sending and tracking invoices is something you may not be able to afford. Another necessary aspect of running a business is the constant follow-ups on payment collection from customers and other companies.
Regardless of size, all businesses will benefit from collecting payments in a fast and efficient manner. This is also why opening the right business bank account – with access to comprehensive e-invoicing and payment collection tools – is an important consideration.
#1 Sending And Tracking Invoices Quickly And Easily
In 2018, Singapore joined PEPPOL, which stands for the Pan-European Public Procurement Online. Businesses here may know it better as InvoiceNow. This national e-invoice system directly transmits e-invoices in a standard digital format across different finance systems. No need to scan or email PDFs, or even any other manual effort.
Through InvoiceNow, businesses of all sizes can process invoices more efficiently. This will also shorten payment cycles and make it easier and more convenient for customers to make payment.
In any case, under the new GST InvoiceNow requirement, GST-registered businesses will eventually need to submit their invoice data to the Inland Revenue Authority of Singapore (IRAS) via the InvoiceNow network for tax administration purposes. While it is not mandatory for now, IRAS encourages GST-registered businesses to transmit their invoice data to IRAS using InvoiceNow-Ready Solutions.
Read Also: 5 Types Of Banking Services All Small Businesses Will Need
But what if your invoices do not follow the InvoiceNow standard? That is where having an all-in-one business banking account with OCBC can make all the difference. Via OCBC Velocity, managing your day-to-day operations is made more convenient.
With Invoice Management on OCBC Velocity, you can create and reconcile sales invoices, credit notes, and purchase orders both via InvoiceNow or non-PEPPOL formats directly via the digital platform.
Source: OCBC
Additionally, Invoice Management offers a valuable feature for customers who are not on the PEPPOL network, allowing them to generate a professional invoice PDF that includes a PayNow QR code and your company logo. This makes it easy for your customers to make quick and secure payments directly from the invoice, enhancing the payment experience. By integrating this feature within OCBC Velocity’s Invoice Management, you can maintain a consistent and professional brand image while providing a convenient payment options.
Source: OCBC
Invoice Management empowers you by tracking invoices systematically. In addition to knowing who has paid and who hasn’t, a new feature allows you to send automated reminders to customers before payments become overdue.
#2 Collecting Payments From Diverse Sources Conveniently
In today’s fast-evolving business landscape, it’s crucial for SMEs to offer a diverse range of payment options to meet the expectations of modern customers. Providing flexibility in how customers pay not only enhances their experience but also helps businesses stay competitive and relevant.
Read Also: 3 Factors Businesses Need To Consider Before Making International Money Transfers And Payments
With OCBC OneCollect, SMEs can accept QR payments from both local and international schemes including PayNow, Alipay+, WeChat Pay, UnionPay, ShopeePay, and DuitNow QR, making it easier for retail and F&B businesses to accommodate customers from overseas. It comes with real-time notifications after your customers have successfully made payment, ensuring a smoother and more reassuring transaction at the point of sale.
In addition, with payments credited directly into their business banking account, this provides added convenience and operational efficiency.
Source: OCBC
With OCBC OneCollect, you won’t need to set up or rent point-of-sale equipment, thus saving on overhead costs. The app’s intuitive design makes it easy for frontline staff to operate, simplifying payment collection and enabling seamless setup for new outlets to support business expansion.
The Convenience Of OCBC Business Banking
Receiving payments via invoices and QR payments is easy with an OCBC Business Account. One account is all you need for simple, secure, and convenient payment transactions that ensure you keep cash flow challenges to a minimum. Focus on what’s important – growing your business – without spending too much time on the administrative and financial side of things.
Get access to Invoice Management, InvoiceNow and OCBC OneCollect when you open an OCBC Business Account, an all-in-one account to run your business.
From now until 30 September 2025, get a chance to earn S$60 cashback when you open an OCBC Business Growth Account and activate your free Business Debit Card. Get another chance to earn S$60 cashback when spend over S$600 within 3 months with your Business Debit Card. Terms and conditions apply.
