Payments processing technology provider Mint Payments, in conjunction with its partners ABSS (MYOB Asia) and NETS, have announced the launch of its electronic invoice and payments system, ABSS “Click to Pay” in Singapore.
Under the collaboration arrangements, Mint Payments provides the payments platform, software and technology, ABSS integrates the Mint software with their MYOB accounting software and distributes to their base of Singapore merchants and NETS acts as the bank acquirer and payments processor for local debit and credit cards.
Targeting the 300,000 business customers using ABSS across South East Asia, the “Click to Pay” product provides a simple electronic invoice (e-invoice) option that allows merchants to accept debit and credit card payments online through a simple click of the “pay now” button” on an electronic invoice sent to the merchant’s customer.
The benefits to the merchant includes getting paid faster, improving their cash flow, easy and convenient for the customer, as well as for the merchant with payments immediately integrated with their MYOB accounting software, therefore reducing their need for reconciliations.
Following the launch today, ABSS “Click to Pay” is now available in Singapore, where ABSS has over 54% of all small and medium sized businesses (SME’s) in Singapore using their accounting software and processing over 300 million invoices a year.
The Singapore government has released a number strategic policy objectives in an effort to make Singapore less reliant on cash and cheques by outlining a Singapore Payments Roadmap.