How to Scan and Pay with a Business Bank Account?22 min read

How to Scan and Pay with a Business Bank Account?22 min read

Many banks provide a Scan and Pay feature which enables businesses to collect payments in their bank accounts through customer QR code scanning. The growth of contactless payment systems and digital banking solutions has led businesses to seek convenient customer payment methods.

The emergence of contactless payment methods along with our shared goal to reduce physical contact in transactions has established scan and pay as an essential business tool. 

Scan and pay allows customers to complete payments by scanning a QR code through their mobile banking app which enhances the checkout experience and simplifies the process. 

This article demonstrates how businesses can enable scan and pay functionality on their The Kingdom Bank business bank account to begin enjoying its numerous advantages.

What is Scan and Pay with a Business Bank Account and How Does It Work?

Scan and Pay enables customers to make direct payments to businesses from their bank accounts or digital wallets by scanning a special QR code through their banking mobile application. 

Businesses can easily create a Scan and Pay setup for their business bank accounts through The Kingdom Bank.

Businesses need to access our online banking portal to find the payments section. An option exists in this section for businesses to create a unique QR code that connects to their designated business bank account. 

Businesses should print or display their unique QR code in locations where customers make payments such as invoices or storefront windows.

Customers use their personal banking app to choose either “Scan and Pay” or “Pay by QR Code” when they want to make a payment. Users scan the business’s QR code that automatically fills in payment information including the business name and the amount to be paid.

Customers verify payment details and confirm the transaction which immediately debits their account and credits the business’s bank account. 

The entire payment procedure is completed in mere seconds while delivering a contactless experience for both customer and business.

How Can a Business Enable Scan and Pay for Payments Using a Business Bank Account?

The process to enable Scan and Pay features on your business bank account with The Kingdom Bank requires minimal steps. 

Here are the basic steps:

1. Access your online banking portal and head to the “Payments” section.
2. To generate a unique QR code use the “Scan and Pay” option and follow the displayed instructions.
3. Pick the business bank account that will receive the payment credits.
4. Review the payment details and complete activation.
5. The QR code appears for businesses to access and distribute through whichever method customers find most convenient to scan and pay.
6. The payment system operates without demanding extra hardware or external integrations since all payments move straight into the already established business bank account.
7. Businesses are able to create new QR codes and deactivate old ones whenever necessary through their online banking portal.

With The Kingdom Bank’s smooth integration into business bank accounts businesses can enable Scan and Pay acceptance using only one step.

What are the Benefits of Using Scan and Pay for Business Transactions?

Accepting payments through Scan and Pay linked with their business bank account delivers multiple advantages for companies.

• Contactless Payments: Scan and Pay delivers a completely touchless payment solution for customers in today’s circumstances. Businesses can benefit from higher sales numbers and improved customer satisfaction through this method.
• Convenience: Customers appreciate Scan and Pay’s convenience because transactions take only seconds to complete. The simplicity of Scan and Pay leads to higher chances of immediate payments and successful sales conversions.
• Secure Funds Transfer: Businesses receive secure payment transfers which go straight from payer bank accounts to designated business bank accounts. Funds are instantly available unlike card transactions.
• Low Fees: The processing fees for Scan and Pay transactions tend to be lower than those for card machines. Businesses receive more funds through this method.
• Data Insights: Businesses can improve their decision making by analyzing transaction details such as payment source, time and location to understand customer purchasing behaviors.
• Global Reach: The ability of customers to pay using any global banking institution enables Scan and Pay to connect businesses with an international market and global sales opportunities.

Through Scan and Pay businesses achieve increased sales and reduced costs while gathering useful customer insights without needing complex integrations or additional hardware.

How Do Businesses Integrate Scan and Pay Features Into Their Business Bank Account?

As previously stated it is simple to establish Scan and Pay acceptance via a business bank account. 

Businesses should integrate payment features across all customer interaction points to fully utilize its benefits. Several methods exist to achieve this integration.

• Online Store/Website: Place the QR code prominently on product and cart pages to simplify checkout scanning. This boosts online sales.
• Physical Store: Display big QR posters at checkout counters where customers can use them along with card payments.
• Invoices/Receipts: Placing the QR code on invoices, receipts and order confirmations enables customers to scan and settle outstanding balances.
• Social Media: Distribute your business’s special QR code across social media sites such as Facebook and Instagram so customers can make direct purchases from their profiles.
• Mobile App: Apps operated by businesses should include QR code scanning capabilities to achieve an uninterrupted payment experience.
• Point-of-Sale System: Establish connections with POS solution providers to integrate Scan and Pay as a standard payment method at retail locations.

Businesses enable customers to enjoy flexible payment options while increasing transaction numbers through Scan and Pay availability at every touchpoint.

What are the Security Measures for Scan and Pay Transactions From a Business Bank Account?

The direct bank account transfers involved in Scan and Pay transactions make security the foremost concern. 

The Kingdom Bank has established secure protocols to protect Scan and Pay transactions that originate from associated business accounts.

• QR Code Encryption: A QR code holds encrypted payment data that the recipient’s banking app can read exclusively while blocking potential data interceptions.
• Bank Authentication: The customer banking app validates the payment transaction through their bank during scanning which prevents unauthorized money transfers.
• Real-Time Monitoring: The bank monitors all Scan and Pay transactions in real-time to identify and stop suspicious payment patterns and anomalies.
• Account Protection: The security of business bank accounts comes from features like transaction alerts and two-factor authentication along with the option to lock accounts for increased protection.
• Regulatory Compliance: Being licensed to operate as a bank The Kingdom Bank follows strict KYC/AML protocols and ensures that all Scan and Pay operations comply with the regulatory framework.

Businesses can securely accept contactless payments directly into their business bank accounts using Scan and Pay with integrated bank-grade security which eliminates all security risks.

The Scan and Pay payment method is now widely embraced by both customers and businesses because of its unmatched combination of simplicity and security. Businesses obtain a seamless and cost-effective payment solution through The Kingdom Bank’s business bank account which supports Scan and Pay acceptance at any location without extra investment. 

Scan and Pay transactions through The Kingdom Bank receive strong security protection to ensure business owners maintain peace of mind. 

Consider joining The Kingdom Bank for business banking to access Scan and Pay for secure digital payment acceptance.

How Do I Set Up Scan and Pay on My Business Bank Account for Customers?

The setup for scan and pay with your The Kingdom Bank business account involves a simple process. Open your business banking portal and proceed to the “payments” section after logging in. 

Once you reach the payments section choose the “scan and pay” option then proceed through the on-screen instructions to create a unique QR code for a business bank account.

After downloading the QR code image file you can save it to display at your point-of-sale where customers will scan and pay with it. Businesses often print their QR codes both on signage and on receipts. 

The code is designed to change often for enhanced security which makes it necessary to download it anew whenever you plan to display it.

After scanning your QR code through their preferred mobile banking application customers will receive a prompt to enter their payment amount. The customer’s account will be charged and the money will be transferred to your The Kingdom Bank business account as soon as they confirm the transaction. 

Payment processing through this system requires only seconds and eliminates both physical handling of money and traditional payment methods such as cards and checks.

Can Scan and Pay Be Used for Both Domestic and International Business Payments?

Scan and pay payment acceptance provides the benefit of enabling smooth transaction processing for both national and international payments. 

Direct transfers between bank accounts on payment networks make geographical location a non-issue for fund movements.

Your customers can use their mobile banking app to make payments from any country whether they are located in your country or somewhere else in the world. Scan and pay payments originating from outside your country get processed at the same speed as local ones. 

The Kingdom Bank clients benefit from the ability to receive funds in more than 50 currencies automatically while avoiding any currency exchange fees.

Customers across the globe or across the street can use the scan and pay feature from their The Kingdom Bank business account to make payments in their local currency which will automatically convert to your chosen currency in your account. 

The combination of easy operation and cost reduction makes cross-border scan and pay a vital instrument for businesses serving customers worldwide.

What Types of Payments Can Businesses Make Using Scan and Pay With a Business Bank Account?

Your The Kingdom Bank business bank account linked to scan and pay lets you receive different payment methods from your customers.

• Generate custom invoices for clients and send them via email with a QR code for immediate payment upon scanning. This streamlines your accounts receivable process.
• E-commerce and booking platforms can offer scan and pay QR codes as a supplementary payment method to customers. Customers have the capability to scan payment information directly through their mobile browser.
• Your customers can use contactless payments at your retail location, event booth or service site by scanning the displayed QR code.
• Create recurring payment profiles that connect to your unique QR code enabling clients to establish automatic future payments through a single scan. Useful for subscriptions.
• Customers can use specific mobile banking apps to divide payment amounts among several recipients by scanning multiple QR codes at once.

Scan and pay serves as a versatile solution that allows businesses to process both one-time and recurring payments through one QR code connected to The Kingdom Bank business accounts for invoices and in-person purchases.

How Can Scan and Pay Improve Cash Flow Management for Businesses?

Scan and pay helps businesses optimize their cash flow through its transactional advantages. Businesses gain faster access to their funds because payments through scan and pay get directly deposited into their bank account immediately unlike traditional check payments which take longer to process.

This accelerates cash collection cycles significantly. Scan and pay transactions allow businesses to access their money either on the same day or by the following morning without the delays associated with mailed checks.

Quick access to available funds boosts liquidity while increasing working capital available for essential business operations including inventory restocking and vendor payments as well as payroll and business expansion. The solution minimizes dependence on external funding sources.

Real-time payment tracking provides a significant advantage for businesses. The Kingdom Bank account linked to scan and pay systems enables businesses to track incoming payments in real time. Businesses can view customer names and payment details which simplifies their accounts receivable reconciliation process. 

Comprehensive payment reports bring greater efficiency to bookkeeping processes while ensuring adherence to tax requirements.

Scan and pay systems help businesses with improved cash flow by speeding up fund access and reducing payment cycles which supports steady commercial operations.

How Fast are Payments Processed When Using Scan and Pay with a Business Bank Account?

Scan and pay technology stands out due to its rapid money transfer capabilities. Customers experience immediate account debiting when they confirm their payment.

The Kingdom Bank processes scan and pay transactions into business bank accounts with unmatched speed as transactions frequently conclude within seconds but never extend beyond the next business day.

The scan and pay method matches physical payment methods because there is zero delay in processing. 

The business bank balance updates instantly to show available funds after each customer scan completion. 

Some key processing timelines to expect include:

• The majority of domestic scan and pay payments post instantaneously during real-time processing which completes in under one minute.
• International payments and transactions completed outside banking hours process overnight and finalize by the next business day.
• The Kingdom Bank ensures immediate availability of funds in the selected business account currency for cross-border payments through its integrated FX capabilities.

Retailers who accept payments at checkout and online merchants receiving international funds can benefit from The Kingdom Bank business account scan and pay services that deliver money to your account as quickly as modern technology permits. 

The superior speed enables full optimization of accelerated cash flow advantages.

Scan and pay enables worldwide B2B and B2C commerce to transform through its ability to process real-time domestic and international transactions without borders. 

Implement scan and pay with The Kingdom Bank today to gain a competitive advantage and enjoy improved cash flow along with higher customer satisfaction.