Beem It is coming for Australian businesses

Thomas Stelzer 26 October 2018 NEWS

Instant payments will now be possible for businesses using the free app.

The company behind instant payment app Beem It has announced it will be bringing its product to the business space with Beem It for Business.

With a majority of small- and medium-business owners reporting that cash flow is their biggest concern, Beem It for Business promises to help SMEs and sole traders get quicker access to the funds they are owed.

Established by Westpac, NAB and CBA, Beem It allows Australians with a valid Mastercard or Visa debit card to make instant, peer-to-peer payments using their smartphone contacts. Since launching in May this year, it has given users the ability to make free transfers without the delays of traditional banking.

Beem It for Business will give users three ways to receive their money, with printable QR codes that let customers pay via their smartphone, payment reminder texts for customers and unique business usernames that forgo the need to input BSB and account details.

Businesses using the app will be able to receive up to $10,000 per month without having to pay subscription or transaction fees. It could also benefit the estimated 2.5 million workers in the Australian gig economy, according to an Australian Bureau of Statistics survey from last year, who may rely on quick access to their funds to survive.

Angela Clark, chief executive officer of Beem It, says the app should help relieve the stress on small businesses and sole traders. “We understand cash flow for micro and small businesses, especially for self-employed and independent contractors, is essential for their business operations as well as income and living expenses. Beem It for Business helps to ensure prompt payments without the added stress of asking, waiting or chasing money and we are excited to provide this simple solution so that small businesses can grow and prosper.”

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