Since its launch in 2017, PayNow has grown to capture 80% of citizens and businesses in Singapore. This instant payment service only requires users’ National Registration Identity Card (NRIC) or mobile phone number to authorize payments. Thus, it does not only make things easier for buyers but also for merchants.
Nowadays, PayNow QR payment solutions are provided by a selection of banks and non-bank providers. The solutions come in two types: static and dynamic QR.
Reforming payment flows with PayNow dynamic QR payments
It is no longer a question that PayNow dynamic QR is a promising payment method that sellers should accept. It allows customers to transfer money without the hassle of filling out information, while sellers can significantly lower the risk of payment errors.
For some, the term ‘dynamic QR’ may still sound unfamiliar. Some might be unsure why they should choose dynamic over static QR. Let us help you figure out the answer.
Is dynamic QR payment suitable for your business?
Static QR codes are QR codes with fixed information that, once created, cannot be changed. On the other hand, the content of dynamic QR is editable, allowing merchants to input more specific information and change it after creating the codes.
For stores with a relatively small SKU portfolio and less busy in-store traffic, static QR is sufficient to facilitate quick and simple payments. However, if vast sales come through your website daily, or if your product and customer data becomes too overwhelming to manage manually, static QR would become obsolete.
The flexibility of dynamic QR offers some advantages that static QR doesn’t, especially when sales become overwhelming.
Payment flow simplification
Merchants can customize payment QR codes by pre-filling payment information, such as, the total amount due, and other details such as item ID, SKU, etc. This removes time-consuming steps, thus, significantly simplifying the payment process.
As the payment information is pre-filled, the possibility of human errors resulting from miscommunication or clients filling in the wrong information is noticeably reduced. Consequently, the number of refund cases should drop while customer satisfaction shall increase.
Seamless reconciliation and reporting
Static QR codes are no longer practical when a business multiplies in size. Picture yourself (or your finance team) trying to match sales at the end of the day, but the only data available for reconciliation are the payment amount and transaction timestamp. Not only would the process take a considerable amount of time to complete, but there's also a high chance of error.
Accepting payments via dynamic QR would ease this burden. Specific data such as the product name, the SKU, or the order ID can be stored with each transaction. And when it’s time to do end-of-day book keeping, the finance team can simply export the report and match orders without the usual, time-consuming manual handwork.
Rich data collection
For better data collection, sellers can utilize Dynamic QR’s editable payment information to group purchases by order ID, item, branch, etc.
Nowadays, many payment gateways, including Omise, provide a customized dashboard with advanced features that can be connected to e-commerce websites or offline stores. One great example is metadata API. This feature broadens the capabilities of dynamic QR codes by making use of the customized data.
Businesses can optimize their metadata to identify problems or optimize their financial operations. For example, determine the peak and the lowest sales period, the best performing branch, or the least profitable product.
If these are the qualities you seek from your payment method, dynamic QR would be an advisable option for you.
Nowadays, PayNow QR payment solutions are provided by a selection of banks and non-bank providers. Omise’s solution is based on dynamic QR.
Design your own checkout journey
Usually, small to medium-sized businesses may have to undergo an arduous process to integrate dynamic PayNow QR. They may be required to reach specific business values, numbers of transactions, etc.
However, they have a choice to accept the payment method via a payment gateway. This way, it doesn’t only improve the speed and the accuracy of payment reconciliation but also creates more room for merchants to be creative with their checkout experiences.
PayNow dynamic QR payment flows
Coordination of PayNow dynamic QR solution can transform various forms of checkout, not only limited to e-commerce. Here are some examples.
Seamless checkout on e-commerce websites. Customers simply scan and pay, no need to fill in any information.
Customize QR codes for each transaction and send them to customers. This method requires no technical knowledge and can be set up in a few uncomplicated steps; thus, making it much simpler for sellers to track payments. Also, customers are reassured they are paying the right amount to the right account.
Scan-and-pay taken offline with the OmisePay application, this cashless checkout flow saves time spent counting changes and cuts down a few extra coins in your customers’ wallets.
Fully automate the payment process for all types of business, from sticker booths to fast food restaurants, you name it. With dynamic QRs, merchants can ensure correct payments even at manless storefronts.
See it in action
Omise’s PayNow solution is based on dynamic QR. Our solution is used by over 200+ merchants from diverse industries. See how it works and discover why it matters for your online business here.
For further inquiries, get in touch with our specialists at email@example.com or call 02 252 8777, between 08:00 and 20:00 (except public holidays).
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