Today a new payment method called Paym was launched. Paym connects your mobile number to your bank account, via your banking app. Its backed by the big banks so it sounds legit and a great option to get paid if you run your own business. Super fast, cheaper payment. Great! But what does it mean for your business?
Nothing! Paym is person to person only and restricts you using it for your business, and its capped at £250 per transaction. If you use it for paying services you will be warned and banned. Boo!
But don’t worry, later this year some of the big banks are launching a similar service for business and SmartTrade will be getting involved in new services like these to make it cheaper and easier to get paid by customers.
Stay tuned on this blog!