In the last few years the way we carry out financial transactions has changed beyond recognition. Contactless cards, on-line banking, paperless transactions, ping-it, bitcoin etc. The list is seemingly endless.
According to Payments UK 500m personal cheques were written in 2015, and though banks are now promising to process them for as long as they are needed, this total was 13% lower than in 2014. They are still a popular way of paying tradespeople, charities and friends/family.
So enter the newcomer – paym. This works by linking your mobile number to your bank account. Simple. There’s no annoying sort codes or account numbers and because you get it straight from your bank or building society, it’s safe and straightforward.
So here’s how to pay a small business or individual using paym (assuming they are set up to receive payments as described above).
According to paym.co.uk ‘to send a payment, just log in to your existing mobile banking or payment app. Select a friend’s number using your contacts or enter a mobile number manually. No sort code or account number needed. Enter the amount you want to pay. Paym lets you check the name of the person you’re paying, so you can be sure you’re sending it to the right place. Confirm the name of the person you are paying, press send and your app will confirm your payment has been sent straight away’.Simple and easy.
Paym, a new way to pay your acupuncturist.
Martin Dean is an acupuncturist with over 23 years practice experience who practices in Nottingham. As a forward thinking small business owner he is pleased to accept paym transactions.