Determining your business's payment strategy is both an art and a science: an art in negotiating with your suppliers for the best payment terms and a science in choosing the best method to pay.
My business urgently needs to pay my payee's Colombo account...
The best way to effect such payments is via an In-house Transfer (payee's account with HSBC) which is real-time or through Real Time Gross Settlement / Sri Lanka Interbank Payment system. Both provide final and irrevocable value to the payee.
My payee is in Sri Lanka but I don't have their account details and there is no rush...
To preserve your business's cash in hand, a domestic Company Cheque in LKR can be issued and sent to the payee. Alternatively, you can use a Cashier's Order (ie. a bank's cheque).
My business makes regular payments weekly, bi-weekly, monthly...
Your business can provide HSBC with specific Standing Instructions on how frequent, how much and via what means (electronic-based or paper-based) your payments need to be made.
My business makes overseas payments...
If you know your payee's account number and timing is of paramount importance, a Telegraphic Transfer via HSBC's global banking network is the way to go. Alternatively, a low-cost paper instrument in the form of a Demand Draft can be used when your payee's account number is not available.
If an overseas merchant accepts credit card payments you can also use your Corporate Card. If currency exchange is involved, remember to visit our FX Services to find advice on how to minimise your business's exchange risks.
How should I handle my company's payroll, MPF and the like?
Consult our Paying your Staff section now for the best advice!
I am a Utility Company. How do I make it easy for my customers to settle their bills?
Find out how HSBC's Multi Channel Bill Payments allows your customers to settle their utility, phone and insurance bills, etc. through Internet, ATM's, Phonebanking or Hexagon whenever and wherever they are.
What about travel and entertainment expenses?
Does your business need assistance dealing with these frequent yet ad hoc expenses? HSBC's Corporate Card allows you to specify individual spending limits and centralise and record keeping billing.