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Why does a business need a fast payment system

What is a fast payment system
This is an instant transfer service from the Bank of Russia. The recipient for the transfer provides some kind of identifier. Most often it is a phone number. SBP works only between banks that have connected to the service. The list of banks can be viewed on the website of the service.

In short, SBP allows you to transfer money quickly and without commission between different banks. But this requires that the participants of the translation be connected to the service. The system works between all major Russian banks.

How a business can use SBP
Entrepreneurs have the opportunity to use the fast payment system for several transactions:

Payment from clients. The Central Bank allows businesses to accept money through a QR code that is created in a banking application. If the buyer has SBP connected, then he will be able to pay for purchases. This format is convenient for any retail trade.

Refund to the buyer. Money is returned through the application and without paperwork.

In 2022, the Fast Payment System will also start operating in the B2B segment. The first operations were carried out back in 2021 at Raiffeisen Bank, and other banks should join the project in the spring. This will allow you to instantly pay for the services of contractors. SBP will be able to use individual entrepreneurs, legal entities, self-employed. But always check if your bank has connected a system for B2B transactions.

It is worth saying that there are commissions and restrictions for businesses when using the Fast Payment System:

0.4% when trading in consumer goods, dietary supplements or services from the preferential list.

0.7% for all other destinations.

If we talk about B2B, then the Bank of Russia has set special tariffs, where the commission reaches 3 rubles.

SPB tariffs for settlements between legal entities, individual entrepreneurs and self-employed

Limits also work for the fast payment system. Physicists can transfer up to 500,000 rubles per month without commissions (no more than 200,000 per day), and a business has the right to accept no more than 600,000 rubles at a time, but buyers can split the purchase into several parts. For transfers between legal entities, limits have not yet been set.

What about accounting
There are no difficulties here and everything is done by analogy with acquiring. The bank sends money minus the commission, and the commission is allocated in the purpose of payment (for acquiring). Separate documents allocate the amount of payment and commission.

Pros and cons of the fast payment system
Vitaly Samarov, Director of the TCO Network Development Department at SDM Bank, talks about the advantages and disadvantages of the SBP:

“There are at least 5 advantages for business. This is a lower commission fixed by the regulator compared to traditional acquiring; the possibility of reimbursement of the commission when connecting to the MINEK program; really instant crediting of funds to the account; accepting payments without using banking equipment (suitable for small businesses); the convenience of the service itself – you can quickly connect using a simplified scheme. In general, this is a new opportunity to receive funds, which is very convenient for those who use Internet acquiring, as well as courier services.

There are, of course, downsides. For example, a longer “customer path” of the payer. This is due to the peculiarities of the mobile application of banks and the “quickness” of the end client (payer). Therefore, I would recommend owners to take into account that the service is not suitable for all types of businesses and not for all categories of customers. For example, difficulties may arise at points of sale with high traffic (supermarkets), as well as among such a category of buyers as the elderly. Also from the minuses: at the moment there are no cashback programs popular with payers; there is a limit on the maximum payment amount; you need to open a bank account; not all banks are connected to the FPS system.”

The main plus is that the money in the SBP is instantly credited to the account, and this makes it possible to use working capital more efficiently.

How to connect SBP
It’s pretty simple. First, make sure that your bank is connected to the Fast Payment System. After that, apply through your personal account. In response, the bank will send an agreement and an identifier. Some additional equipment is usually not required and everything is in the user’s personal account.

Vitaly Samarov believes that entrepreneurs should consider some things before connecting the SBP:

“Before making a decision to connect the service, I would recommend that businesses pay attention to how it fits the specific specifics of their activities. You need to answer at least two questions: what is the traffic at the point of payment and who is your target audience. The success of using the service will depend on the portrait of your payer (as I said above, it will be difficult for older people).”

The system of fast payments simplifies work with clients, reduces acquiring costs and provides additional opportunities for interaction with buyers. But it is not suitable for everyone and first you will have to study your own business processes.

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