NatWest is launching a QR code-based version of its online payment service PayIt to help businesses receive faster payments of invoices.
Available within the NatWest Business Banking App and using PayIt as the technology backbone, the new feature, dubbed PayMe, enables businesses to generate a link or QR code for payers who have any UK bank account to scan, from one pence up to £50,000. The code can be shared with the customer through Facebook, WhatsApp or email and it can be embedded in an invoice.
PayMe uses Faster Payments to clear and settle the payment in near-real time. Business customers receive confirmations when payments have been made so they can keep track and are able to add references to payment requests and track historic payments.
The service is primarily aimed at businesses that take cash or request payments by bank transfer and issue bank details manually to their customers in person or face to face such as sole traders, charities, clubs and societies.
Mike Elliff, CEO, Payit by NatWest says: “Time is a valuable asset to many small businesses, particularly in the current climate. Being able to offer and accept this method of immediate payment will give many UK businesses back a lot of the time previously spent chasing payments through emails and phone calls. At the same time, it removes the anxiety felt by many business owners wondering 'when will I be paid?'."