Clearview National September 2015 - Issue 166 - Page 16

INDUSTRYNEWS The Smarter Way to Get Your Money Being an independent tradesperson can give you real insight into people’s home lives - some customers are organised and some are definitely not! »»However, when it comes to paying, unprepared clients who have no cash on them can cause a huge headache. Not only does this mean you have spent hours working in their home, but now you have to come back to chase for payment. If this feels like an all too familiar experience, you are certainly not alone. Each month, Britain’s sole traders chase an average of £200 in late payments because their customers don’t have cash on them. As UK consumers spend an average of £354 a year on builders and £175 a year on fitters, these costs, along with time wasted chasing money, can soon add up. But it doesn’t have to be this way! For independent tradespeople and their customers there is a simple solution, as bills can now be settled cash-free with the simple, secure and reliable mobile-to-mobile payment service called Paym. For self-employed tradespeople, it is the smart way of getting paid as it doesn’t involve cash or cheques or debit and credit cards. The idea behind Paym couldn’t be simpler – money is paid straight into your bank account using just your mobile phone number. A mobile phone is an essential item for running a small business – getting your phone number known by clients is an important way of marketing your business, and now it can be a hassle free way of collecting payment too. Paym also means there is no need to give out your sort code, account number or any other bank details. Most payments arrive in seconds and are sent through Faster Payments or LINK at the same speeds as existing current account, online, and mobile payments . Most importantly, right now it’s absolutely free for customers to use, and included within the normal costs of running your business current account making it both a time and budget-efficient way of doing business. 16 » SE P 2015 » CL EARVI E W- UK . C O M There are three simple steps to start receiving money via Paym: • Before you use Paym, register your mobile number with your bank, building society or payment provider and nominate the account you want to link it to • Your customers can then pay directly into your account using just your mobile number – no need for sort codes or account numbers • With lots of banks and building societies that offer the service, you will receive an immediate alert to let you know you have received money into your account. Paym is designed to be accessed through your bank or building society’s existing mobile banking or payments app, so it couldn’t be easier. Better Business There are no daily limits for receiving payments, which makes this the smart way of collecting your hard-earned money whilst on the move. All banks and building societies allow customers to send £250 per day, although some allow more. The Paym service should help build better client relationships. The vast majority of people - 86% agree that paying small businesses on time is important – but with so many people not being able to pay on time, nearly a third of sole traders have stopped supplying a customer due to consistent late payment. Who can use Paym? More than 40 million customers are now able to register for Paym, which means nine in 10 people that have current accounts are able to use the service. Customers of Bank of Scotland, Barclays, Clydesdale Bank, Cumberland Building Society, Danske Bank, first direct, Halifax, HSBC, Isle of Man Bank, Lloyds Bank, Nationwide Building Society, NatWest, Santander, TSB, Ulster Bank and Yorkshire Bank are able to send and receive Paym payments. RBS customers are able to receive Paym payments with the ability to send payments coming soon for these customers. You can register multiple mobile numbers to one account and each number can be registered once. Contact your bank or building society to check if it offers Paym registrations for business accounts. Want to find out more and register for Paym? Simply visit