Teachworks' Stripe Integration supports PayNow payments. PayNow is a Singapore based payment method that allows customers to make a payment using their preferred app from participating banks and participating non-bank financial institutions.
In order to be able to use Stripe's PayNow payments feature, you'll need to ensure you meet the following requirement:
- The Currency in your Teachworks account must be set to "Singapore Dollar".
- Your business must be located in Singapore.
- Click on Account & Settings -> Integrations & Add-ons and then click on "Manage" under the Stripe Integration. (If you have not enabled Stripe yet, you can find the steps to do so in the following article: Stripe Integration)
- Enable PayNow payments in the settings page by checking the "PayNow" checkbox and saving your changes.
Processing PayNow payments
When clients view their invoices with PayNow enabled, a "Pay by Other Methods" button will be displayed at the bottom of the invoice:
Unlike the other payment methods in the Stripe Integration, such as SEPA Debit or BECS Debit payments, payments made using PayNow are instant.
Your clients can follow the steps below to complete a PayNow payment:
- Click on the "Pay by Other Method" button
- In the "Select Bank" field, select the bank they are using to complete the payment
- Enter your first and last name in the "Full Name" field
- Click on the "Pay" button
- PayNow will redirect the customer to their online banking environment to authenticate a payment and there will be an immediate notification about the success or failure of a payment.
The risk of fraud of unrecognized payments is low because the customer must authenticate the payment with their bank. As a result, you won't have disputes that turn into chargebacks, with funds withdrawn from your Stripe account.
PayNow payments can be refunded up to 90 days after the original payment.