Paym is a secure way of receiving payments into your HSBC business account via your mobile phone number. To send you a payment, your customers simply log on to their bank's mobile banking app and enter one of your registered mobile phone numbers. Because they don't need to enter your bank details, you have the added security that customers will only see your business name and not your account number.
Key benefits
How does Paym work?
How does Paym work?
If you're the Business Internet Banking Primary User...
- Log on to your Internet Banking and select the Paym section
- Input your UK mobile number
- Select which current account you'd like to receive payments into and then follow the on screen instructions
- Register up to 50 mobile phone numbers (please note, we'll send an activation code to each phone which you'll need to complete each registration)
- Ask the Primary User to register your number
- You'll receive an activation code on your phone
- Tell the Primary User what this activation code is so they can complete the registration
Your questions answered
Using HSBC Business Paym
What is Paym?
Paym is a secure service that allows people to make payments from their mobile phone using a mobile phone number instead of the recipient's account details. To receive payments into a selected account, a UK mobile phone number will need to be registered against the account.
How does Paym work?
To receive payments into your business current account, the Business Internet Banking Primary User will need to log on to Business Internet Banking to register the UK mobile phone numbers you want to receive payments through. You can register up to 50 mobile numbers, which is ideal if you have a large sales force or work with many different subcontractors or tradespeople.
If you are not the Primary User, you will need to ask the Primary User to register the number(s).
To send you a payment, your customers simply log on to their existing mobile banking app. Instead of entering your bank details, they just need to enter one of your registered mobile phone numbers.
Can I send payments from my HSBC business account using Paym?
At this time, you can only receive payments via HSBC Business Paym. We are currently reviewing the possibility of allowing HSBC business customers to send money using the service.
Is it safe to receive payments using Paym?
Yes, as HSBC Business Paym payments are processed via the same secure payment system as internet and telephone banking payments. Your account number will never be displayed to your customers, so all they will see is your business account name.
Is there a charge to receive payments through Paym?
HSBC Business Paym payments are treated the same as any payments received via Internet Banking as automated credits. Depending on your tariff, charges may apply for receiving automated credits. You can find details in our Business Banking Price List below (or in a separate document if we've agreed individual prices with you).
Who can send payments via Paym?
Anyone who has a UK mobile phone number and banks with the participating banks or building societies. They just need to use that bank or building society's mobile banking app.
Do my customers need to register to send a Paym payment?
No, they just need to log on to their bank or building society's mobile banking app, go to Paym and enter one of your registered mobile phone numbers.
Do I have to register to receive Paym payments?
Yes, your Business Internet Banking Primary User will need to log on to Business Internet Banking to register the UK mobile phone numbers you want to receive payments through. If you are not the Primary User, you will need to ask the Primary User to register the number(s).
Which accounts can receive Paym payments?
HSBC business current accounts can receive payments via HSBC Business Paym. When the Primary User logs on to Business Internet Banking, they'll be able to choose from your business's current accounts before registering up to 50 mobile phone numbers through which your business can receive payments.
Can I receive Paym payments on a mobile number that's registered for another Paym service?
No, a mobile phone number can only be registered for Paym with one bank or building society at a time.
If you or one of your team has a mobile phone number that's registered for Paym elsewhere, you need to deregister it with the other bank or building society before you can register it to receive payments into your HSBC business current account.
Registering for Paym
How do I register to receive Paym payments?
Your Business Internet Banking Primary User will need to log on to Business Internet Banking to register up to 50 UK mobile phone numbers you want to receive payments through. If you are not the Primary User you will need to ask the Primary User to register the number(s).
When you enter a mobile phone number, we'll send an activation code to that device which you need to key in to Business Internet Banking to complete the activation. You will need to ensure that you can contact the mobile phone holder to get the code while you are logged in. If you log off from Business Internet Banking before completing the activation, the code will no longer be valid.
How do I know which phone numbers are linked to which accounts?
The Business Internet Banking Primary User can view the registered mobile phone numbers and linked accounts in Business Internet Banking. Just log on and go to Paym under Manage Payments.
Can I link a mobile phone number to more than one HSBC account?
No, a mobile phone number can only be linked to one account. If a mobile phone number is already registered for Paym with another bank or building society, it will need to be deregistered with them first before it can be registered for HSBC Business Paym via Business Internet Banking.
How will you use the registered mobile phone numbers?
When you register for Paym, a UK mobile phone number will be linked to your nominated business current account so you can receive payments using the service. It will also be used to inform you by text message when you receive a payment.
Please note, we will not update any other contact details we hold for you with the mobile phone number you are registering for HSBC Business Paym.
Why do you send an activation code by text message during registration?
This is to verify that the correct UK mobile phone number is being registered.
What if I haven't received an activation code?
The text message will normally arrive within a few minutes, although network and signal issues could cause delays beyond our control.
If you haven't received an activation code within 10 minutes, please select 'Send New Paym Activation Code'. If you still don't receive one, please try again by re-entering the mobile phone number in case an incorrect digit was entered by mistake.
How can I change or amend a registered number?
The Primary User needs to deregister it under the Paym section of Business Internet Banking. They can then register the new mobile number.
How can I deregister a mobile phone number?
To stop receiving payments via a mobile phone number for the HSBC Business Paym service the Primary User needs to deregister it by going to the Paym section of Business Internet Banking.
What does deregister mean?
If you deregister a mobile phone number from HSBC Business Paym, it will no longer be linked to your business current account and you will no longer be able to receive payments via the HSBC Business Paym service.
Important information
- Business banking Price list Read a copy of our current business banking prices
Don't have Adobe PDF Reader? Download Adobe Reader
Register to receive Paym payments
Help and support
Visit the Insights Hub
Starting a business or expanding into new markets – discover tools, tips and articles to help you reach your ambitions and fuel your growth.
Optimising your financial supply chain
As your international sales grow, your financial supply chain will become more complex. How can you best manage it?
Know your trading partners
Whether trading at home or overseas, it is vital to find out as much as possible about potential trading partners.