If you are a business owner who has to deal with a bunch of recurring payments at the end of each month, signing up for GIRO payments is a blessing. GIRO payments are fast and automatic and save you from the trouble of dealing with payment-related errors, which can be fatal for the business.
However, one of the biggest challenges of GIRO payments is the long wait for your application to get approved. Thankfully, there is a way to track the status of your GIRO application. This can help you get a rough idea about when you will be able to start making payments.
But how can you check the status of your GIRO application online? This article will provide a detailed answer.
What is GIRO?
GIRO stans for General Interbank Recurring Order. It is a widely popular cashless payment method for handling recurring payments like utility bills, subscriptions, and vendor payments without any human involvement.
As mentioned above, GIRO is ideal for making recurring payments automatic, accurate, and fast.
To explain it more clearly, GIRO is a three-way relationship between you, your bank, and a billing organization (BO). Your bank provides this arrangement so that you can make payments directly to a BO for any outstanding bills.
GIRO involves three parties: you, your bank, and a company you owe money to. We can call this company the billing organization (BO).
Your bank offers GIRO as a service. With GIRO, you allow your bank to pay your bills directly to the BO.
You do not need to pay the BO yourself. Your bank will automatically transfer money from your account to the BO’s account. This happens when you have an outstanding bill or payment due to the BO. The money moves directly from your bank to the BO’s bank.
Biggest Limitation of GIRO
GIRO makes your payments faster and more reliable. However, you must wait for 3-4 weeks for your application to get approved. Waiting for so long can be frustrating, especially when you have a ton of payments to make.
Sometimes, you get the application details wrong. In such cases, your application will be instantly rejected, and you will need to repeat the whole process, which is why you must be extra careful while filling out these details.
To avoid the hassle of filling out the application form and waiting for a month to get it approved, you can go for eGIRO.
The Association of Banks in Singapore worked with eight major banks to create eGIRO. eGIRO is a new way to set up GIRO payments in Singapore easily. It launched in November 2021.
The eight banks involved are:
1. Bank of China
2. DBS Bank/POSB
3. HSBC Bank
4. Industrial and Commercial Bank of China
5. Maybank
6. OCBC Bank
7. Standard Chartered Bank
8. UOB
eGIRO uses cloud technology and APIs to simplify the GIRO setup process, making it easy for customers, banks, and billing companies.
Before eGIRO, setting up GIRO took 3-4 weeks from start to finish. With eGIRO, consumers can set it up in minutes, and companies with approval steps can set it up in under 48 hours. This is because eGIRO works 24 hours a day, every day.
How do you track the status of your GIRO application?
If you have already submitted the GIRO application offline, you can actively track payments online. Here is the step-by-step process:
Here is a paraphrase in simple English using simple sentences with no fancy words:
1. Check bank statements: Look at your business bank statements regularly. GIRO payments will be listed clearly, showing the company name you paid.
2. Get notifications: See if your bank or the company you pay can send you emails or text messages about GIRO payments. Turning on these notifications helps you stay informed.
3. Use online banking: Log into your business’s online banking to view your transaction history. This is an easy way to monitor GIRO payments.
4. Look at scheduled payments: Some online banking sites have a section listing your future scheduled payments, including GIRO.
5. Keep payment confirmations: Save any emails or receipts you get from companies after making a GIRO payment. These prove you made the payment.
6. Track expected payments: Create a simple system for tracking your regular bills and expected GIRO payments. This will allow you to double-check that payments went through correctly.
Conclusion
Handling recurring payments with GIRO transactions is one of the ideal ways to save time and effort. Use the information provided in the article to get a good grasp of how GIRO works and how you can monitor your payments.
