By Daniel Hunter

From this week, HSBC’s business customers will be able to receive payments using just a mobile phone number, as Paym is introduced for customers using Business Internet Banking.

The majority of HSBC’s business customers already frequently use its Business Internet Banking service for day-to-day services, with over 600,000 registered users. From this week these businesses will be able to receive payments from their customers using only a mobile phone number and without the need to provide full account details.

Until now HSBC’s Paym service, which launched in the UK in April this year, has been limited to personal current account customers but now businesses will also be able to receive payments direct to their business accounts.

Uniquely, HSBC will offer customers the option of registering up to 50 different mobile numbers to receive payments across their eligible business current accounts. This will be particularly useful for businesses with larger sales forces.

Our Business Internet Banking customers will simply need to register mobile phone numbers online. Once registered, businesses can receive payments from customers at any bank, building society or payment provider that offers Paym.

James Cliffe, HSBC’s Head of Business Banking, said: “We want to do everything we can to support our business customers, including making it easier and faster to receive payments for the more than 600,000 customers who use Business Internet Banking.”

“Paym offers a convenient way for businesses, from local shops to tradespeople, to get paid by their customers — and HSBC is offering them 50 different mobile numbers to register to their accounts.”

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