Handling multiple paper invoices every week and having difficulty in managing large amounts of cash and cheques, Singaporean farming and chicken trading company Boong Group was looking for a change.
Working alongside UOB, Boong Group devised a solution that would convert cash payments from their buyers into digital collections. Prior to the UOB solution, Boong Group would rely on a cash-on-delivery model where employees would receive cash and cheques from customers, manually tally the invoices and deposit collections to the bank. This process would take up valuable time and could be subject to human error.
“We make hundreds of deliveries every day. When collecting payment, which is often made by cash, our salespeople have to spend time verifying the amount and payee details and tallying the payments at the end of the day,” recalls Steve Wong CEO at Boong Group.”
Under the new arrangement, Boong Group can now simply generate at QR code on a mobile device and send it to their buyers for collection. Supported by Singapore’s PayNow system the company is now able to have funds instantly credited into their account, thereby easing cashflow for the company.
Digital payments that are collected via the QR code are reconciled automatically, reducing the need for manual processing and cutting down the time needed for Boong Group to manage their account receivables.
From spending precious time collecting from customers, Boong Group’s team can now focus on more strategic matters as they look to grow the business.
SG5 wins the Best Payments and Collections Solution, Singapore within the SME section of The Asset Triple A Treasury, Trade, Sustainable Supply Chain and Risk Management Awards 2020. To see the full list of SME winners please click here.
For more information about the awards please click here.