A practical guide for Singapore SMEs to set up and optimise PayNow for Business and FAST transfers—covering onboarding steps, invoice QR, reconciliation rules, limits, cut-off times, security, FAQs, and a copy-ready checklist.

PayNow & FAST for SMEs (2025)

This guide shows exactly how to enable PayNow for Business and FAST transfers, wire them into your invoicing and reconciliation, and avoid the most common failure points.

1) What they are (in plain English)

2) Why SMEs should enable both

• Faster cash: No cheque float; collections settle in seconds.
• Cleaner books: Payer name + reference → easy auto-match.
• Lower friction: Customers can pay by scanning your QR (no manual key-in).
• Lower cost: Usually cheaper than cards; predictable per-item pricing beyond free quotas.

3) Quick setup checklist (copy/paste tracker)

4) Invoice template snippet

PayNow Business, FAST transfer Singapore, SME payments, UEN QR, invoice QR, reconciliation, payment failures, banking in Singapore

Replace UEN, Amount, Reference, and the QR src. For dynamic invoices, generate the reference per invoice number.

5) How to reconcile (and automate later)

Basic rule set (works in a spreadsheet):

1. Clean references to uppercase; trim spaces.
2. Extract INV-d+ with a regex and match to invoice IDs.
3. Mark exact amount matches as auto-cleared.
4. Flag mismatches to a review sheet.

6) Operational rules that keep things tidy

• References: Enforce the same pattern on every invoice and in customer emails.
• Two payment runs/week: Use FAST on Tue/Fri; reduces ad-hoc errors.
• Cut-offs: Ask customers to pay before 5pm SGT for same-day ops.
• Refunds: Always use FAST, never cash; add the original invoice reference in your payment note.
• Exceptions log: Track failed or duplicated payments in one sheet.

7) Limits, timing, and edge cases (typical patterns)

8) PayNow vs FAST (which to use when)

9) Security & roles

• Device binding + biometrics for approvers.
• Maker–checker above a threshold (e.g., SGD 5,000).
• Per-user limits and category-based whitelists (approved UENs only).
• Dual-channel alerts (email + app push) for credits and high-value debits.
• Monthly access review: remove ex-employees within 24 hours.

10) Failure reasons & quick fixes

11) Editable policy snippets

Reference Policy

All invoices must include a PayNow reference in the format INV-<InvoiceNumber>-<YYYYMM>. Credits without a valid reference will be reconciled using payer name and amount, which may delay delivery.

Payment Approval Policy

Two approvers are required for payments ≥ SGD 5,000. Finance Admin configures user limits monthly and reviews all access on the first business day.

12) FAQ

Q1: Is PayNow safer than cheque or cash?
Yes. Funds settle electronically into your account with an audit trail; there’s no physical handling risk.

Q2: Should I accept card payments instead?
Use cards for consumer checkout. For B2B invoices, PayNow/FAST is usually cheaper and reconciles better.

Q3: Can I automate reconciliation?
Yes. Start with spreadsheet rules, then move to your bank’s CSV/API exports hooked into your accounting system.

Q4: What if a customer enters the wrong amount?
Mark the invoice part-paid, request a top-up via PayNow, or refund the overage via FAST with the original invoice reference.

Q5: Do I need dynamic QR codes?
Nice-to-have. Static QR + strict reference rules work well for most SMEs.

Editor’s note

Cross-link this guide from your pricing, contact, and invoice email templates so customers always see the PayNow option first.

About the Author

Helen Lili – Editor, Research Lead
Helen leads tariff analysis and product change tracking. She maintains the normalized dataset that powers our comparison tables and ensures each claim links back to a dated primary source. Read more articles