Payments services group Nets has launched a same-day settlements scheme for hawkers.

The initiative will enable hawkers to receive their sales proceeds in their bank account on the same business day, giving them faster access to their funds and improving cash flow.

According to a document released by the firm, no special arrangements are required to enjoy the benefit of same-day settlement – all Nets transactions made before 5pm will be credited to the hawkers’ DBS, OCBC or UOB bank accounts by 11pm the same day. Nets transactions made after 5pm will be credited before 9am the next business day. This allows hawkers to make their own payments to their suppliers and vendors before the start of the work day for most businesses.

The initiative, made possible through a collaboration between Nets and its merchant banks, is a move to encourage more hawkers to adopt e-payments. It comes on the back of a series of initiatives to propagate e-payments at such establishments, including the launch of QR code payments at Tanjong Pagar Food Centre in September 2017; the acceptance of EZ-Link and concession card payments on Nets terminals in hawker centres; and the appointment of Nets as master acquirer to implement a unified e-payment solution at coffee shops, hawker centres and industrial canteens in September last year.

“The hawker business is like any other in that you not only have to collect payments, you also have to make payments,” said Nets head of sales Ang Sok Hong. “We’ve taken away the hassle of collection by introducing QR code and other e-payment options and now with same-day settlement, stallholders will be able to settle supplier payments and other business expenses more easily.”