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.