Making and receiving payments can take quite sometime for businesses, especially a large business with multiple departments. With FPX B2B, it is easier to manage and monitor your business transactions without the hassle of producing mountains of paperwork, signing hundreds of cheques or subscribing to credit cards.
What’s FPX B2B?
FPX is a direct-to-bank payment gateway under Payments Network Malaysia Sdn Bhd (PayNet) that facilitates interbank transfer via
savings and current accounts.
FPX B2B (business to business) model facilitates payments for corporate customers and enables them to purchase goods/services or pay bills online to participating sellers. All payments can be done in real-time basis, making the service as good as cash. It also generates payment records, simplifies reconciliation and reduces risk.
Benefits of FPX B2B
- Convenient payment channel that is available 24×7
- Secured and reliable payment option to shop online
- Cost saving and hassle free
- Prompt confirmation and notification on payment status
- The maximum transaction limit is RM 2 to RM 1,000,000 per transaction.
Making payment with FPX B2B
In the business account, there are 2 key person involved in any transaction. First is the Maker, the person who initiates the transaction. Then there’s the checker, the person responsible to approve transactions initiated by Maker. The payment flow can be demonstrated in the diagram below.
It is important that makers inform the checkers to authorize any payment, otherwise the payment is not complete and your business operations can be affected.
You will encounter this steps at SSM’s portal if you use the company account. Do not forget the steps above or you will have to pay extra compound fee if your company certificate date is overdue.