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 www.paym.co.uk/paymbusinesses