NETS launches same-day settlement for hawkers

SINGAPORE (Jan 17): Hawkers are now able receive their sales proceeds from NETS transactions in their bank account on the same business day.

NETS, in collaboration with its merchant banks DBS, UOB and OCBC, today launched its same-day settlement for hawkers everyday – the fastest in the industry, giving them faster access to their funds and improving cash flow.

There will be no need for special arrangement to enjoy this benefit.

All NETS transactions made before 5pm will be credited to the hawkers’ DBS, OCBC or UOB bank accounts by 11pm the same day, while transactions made after 5pm will be credited before 9am the next business day.

With the improved cash flow, hawkers will be able to make their payments to their suppliers and vendors before the start of the work day.

Ang Sok Hong, head of sales at NETS, says, “The hawker business is like any other in that you not only have to collect payments, you also have to make payments. 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.”