The core of a business is the customer, but behind maintaining customer loyalty with product value, you also need to rely on the support of trading partners and employees. Having good payment discipline will help maintain good relationships over time, and contribute to the smooth running of the business.
Currently, the bank’s digital payment innovations are one of the major factors for becoming involved in life and business. Payment is not less important than collection, because it is closely related to trading partners or accounts payable, and even employees, etc. Here are some examples of services that make it easy for businesses of all sizes to transfer funds and make payments, and that helps reduce mistakes and increase security as follows:
- Mobile banking application for SMEs: suitable for small businesses where the owners manage their own finances.
- All transfer services are free: just like any banking application for the public, but with the flexibility of being able to request a transfer limit up to THB10 million per day.
- May be used in place of cheque payment to account payables: because the transaction can be made anywhere and anytime, and ensure that the payee gets paid immediately with a payment slip that confirms payment. This reduces the process of check issuance and delivery by the payer, and aids the payee without the need to cash the cheque.
- Payment services through electronic channels: suitable for medium-sized and above enterprises with a decentralized payment authorization. The service charges an entrance fee, an annual fee and a transfer fee (limited number of free transfers). Customers pay thousands of THB in fees, but receive accurate service with multi-layered risk management and security system (some banks have also set preferential rates for SMEs to reduce the cost burden on the business) such as:
- Cheque processing assistant to pay for goods and services: Banks assist in issuance of a cashier’s cheque for payment according to the terms of the business. The payee can deposit the cheque into the account and receive the payment on the next business day. This service includes sending a cheque payment alert to the payee.
- Facilitate bulk transfers to accounts payable and employees: You can make transactions anywhere and set a payment date in advance, making payments more on-time and on-target, whether it is the accounts payable with no-interest credit period provided by an enterprise as the supplier to the sponsor, or an employee who has access to additional bank loans due to the enterprise’s use of the bank’s payroll system.
- Superior security system: Payment approval and review can be set to be confirmed by two approvers together. In addition, some banks offer additional security features such as OTP, or one-time password verification, and token services (Visa Token Service: VTS). Visa Token Service is a random token generator for banks to process payments without revealing real account details, making it impossible for hackers to exploit the information.
- Report wizard: shows real-time money flows and can download the data as a file.
- There is dedicated bank staff (RM) to take care of the service: making it easy and quick to contact in case of any problems with financial accounts.
The future trend of global payments is still evolving. The emergence of relevant technologies, coupled with government incentives, have had a positive impact on changing consumer behavior, making consumers more receptive to new payment innovations. These payment innovations are also connecting to other online product and service platforms that are comprehensive and diverse in line with consumers’ lifestyles, and are extending to other financial transactions such as investments and P2P lending. All of the above greatly integrates digital payment mechanisms to all ecosystems and can help expand business opportunities without boundaries.
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