Modernizing Payment workflows
In today’s fast-paced regulatory and business environment, accounting and corporate secretarial firms in Singapore face increasing pressure to stay compliant, manage real-time cash flows, and minimize administrative overhead—all while delivering seamless client experiences.
With Singapore’s digital payments market set to double to USD 180 billion by 2029, and Southeast Asia’s digital economy expected to exceed USD 1 trillion (1), it’s no longer optional for firms to modernize collections—it’s mission-critical.
Why Modernize Your Payment Workflows?
Whether you’re managing incorporation packages, compliance filings, or ongoing accounting retainers, traditional collection methods like bank transfers and manual invoicing introduce delays, errors, and friction.
Modern payment infrastructure can transform your back-office operations and client experience. Here’s how:
⚙️ Automate Invoicing and Collections
API-First Integrations:
Generate a payment link the moment an invoice is raised in Xero, QuickBooks, or your own billing system. Say goodbye to manual copy-paste. Each invoice or event automatically creates a ready-to-pay link that can be shared via SMS, email, or WhatsApp—offering clients multiple payment methods with pre-filled amounts.
Webhooks for Real-Time Sync:
Automatically update your ERP or CRM when payments succeed, refunds are processed, or subscriptions renew. This cuts down reconciliation time and improves visibility into cash flow.
💳 Offer More Payment Options, Speed Up Collections
Multiple payment options:
Accept credit/debit cards (domestic & international) and PayNow, all through one Razorpay integration. Giving clients their preferred way to pay reduces drop-offs and speeds up your cash collection cycles.
QR-Based PayNow Payments:
Clients can scan a QR code and pay using their mobile banking app—a seamless, familiar experience in Singapore.
Auto Reminders and Expiry Controls:
Set due dates and configure automatic reminders and expiry links to nudge clients before payments are overdue.
🔁 Recurring Billing and Retainer Management
Retainer Plans, Simplified:
Set fixed monthly or quarterly retainer billing plans. Automatically charge clients on schedule. You can also attach variable charges programmatically via API for any “usage-based” services.
Automated Invoicing:
Each billing cycle sends a branded, customizable invoice—reducing your admin burden and reinforcing your firm’s professionalism.
🔌 Seamless Plugins for E-Commerce and Client Portals
Out-of-the-Box Plugins:
Enable direct payments via Shopify, WooCommerce, Magento, and more. Clients can pay from their own dashboard or portal with minimal effort.
Mobile SDKs and Hosted Checkout Pages:
Integrate Razorpay into your mobile app or web portal using developer-friendly SDKs and hosted checkout pages with robust security and branding options.
🔒 Enterprise-Grade Security and Local Support
Compliance Built-In:
Razorpay is PCI DSS, GDPR, and ISO 27001 certified. Your firm’s data and client payments meet the highest international security benchmarks.
Singapore-Based Support:
Local support teams help you onboard quickly, resolve issues fast, and maintain business continuity with confidence.
💰 Transparent and Competitive Pricing
Razorpay offers one of the most competitive rates in Singapore:
| Provider | Domestic Cards | International Cards | PayNow |
|---|---|---|---|
| Razorpay | 2.9% + S$0.40 per txn |
3.1% per txn (3.3% for Amex) |
0.90% per txn |
| Stripe | 3.4% + S$0.50 per txn |
3.9% + S$0.50 per txn |
1.3% per txn |
| Airwallex | 3.3% + S$0.50 per txn |
3.6% + S$0.50 per txn |
1.0% per txn |
| PayPal (Online Card Payments) |
3.4% + S$0.50 per txn |
4.1% + S$0.50 per txn |
not available. |
Sources:
🚀 Ready to Upgrade Your Payment Systems?
If you’re exploring how to digitize and streamline payments across your accounting or corporate secretarial firm, please get in touch by booking a call at https://calendly.com/nag-elevatespot or sending an email to info@elevatespot.sg . We’ll help you integrate modern, secure, and cost-effective payment workflows—customized to your business and can offer you customized pricing as well.