InvoiceNow Grants: What Businesses Should Know

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InvoiceNow Grants

Introduction: What Is InvoiceNow?

The Infocomm Media Development Authority (IMDA) has launched three new grant packages back in November 2022 to help businesses in Singapore to leverage digital technologies as a series of grants. The InvoiceNow Transaction Bonus, LEAD Connect Grant and LEAD Transact Grant are designed to incentivise businesses to adopt digital solutions for their invoicing and payment processes.

The LEAD Connect Grant will provide up to S$5,000 per eligible business that adopts the IMDA’s LEAD Connect platform for business invoicing and payments.

These grants are a great way for businesses in Singapore to get started with digital invoicing and payments. With the help of these grants, businesses and their business partners can save time, reduce costs and improve their cash flow management.

InvoiceNow Transaction Bonus (ITB) Grant For Your Business

Who said invoicing can't be rewarding? SMEs with a valid and active UEN who use InvoiceNow for their e-invoicing will not only experience effortless transactions but will also receive up to S$200 bonus for every 10 successful transactions within 12 months!

Ready to Get Started?

You'll get S$200 bonus with no action needed, based on monthly SESAMi reports.

To get the ITB, go to and sign up. You'll be notified by email when payment is successful through your PayNow Corporate account.

After a successful sign up, you will receive S$50 via PayNow Corporate upon sending the first e-invoice through the platform.

Once the last nine e-invoices have been issued 12 months after the first one, the extra $150 will be credited to your business.

IMDA has been developing a system for monthly payments, which will be processed on a monthly basis at the end of each month.

We recommend that before sending e-invoices to suppliers or customers, first search the Peppol Directory to ensure they are listed. InvoiceNow has more than 50,000 business users that can be located through the platform.

Encouraging customers who are not on the network to sign-up and start sending invoices can help you receive a $200 payout. The fact that they may be eligible for an ITB by the time they submit 10 e-invoices to their own customers is pretty ironic, we must say.

LEAD Connect Grant For Your Business

This grant is applicable to large enterprises which possess their own Finance and/or ERP software, but are not currently integrated with the InvoiceNow network.

Your business could qualify for S$30,000 with the LEAD Connect Grant!

Companies often use enterprise solutions like SAP, Oracle NetSuite and Microsoft Dynamics, or create their own solutions.

The following criteria must be met by your business.

It is necessary to have a valid and active business UEN.

To submit a claim form, you must have at least 200 B2B customers and suppliers in your database, and their Unique Entity Numbers (UENs) must be provided.

ERP/finance software integration must occur between 1 November 2022 and 31 October 2024 on the platform.

No LEAF Chain Leader grant claims received.

A PayNow Corporate account is required.

Discover the Possibilities With LEAD Connect Grant!

If you are interested in participating in the LEAD Connect Grant, you may express your interest through the Website. IMDA will then assess your application to check if it meets all eligibility criteria.

LEAD Transact Grant For Your Business

Unlike LEAD Connect Grant, the LEAD Transact Grant is eligible to businesses either owned or provided by a service provider, so long that you can prove its reach and transactions with its counterparties.

The objective of the grant is to promote higher transaction activity across the network.

Transaction tiers reward you with higher payouts if you use InvoiceNow for e-invoicing as a buyer and seller, with larger quantities of UENs.

Is It Beneficial For You To Apply For The LEAD Transact Grant?

Businesses connected and making use of InvoiceNow should register and submit claims from the LEAD Transact Grant in addition to providing:

If your company has been granted a payout by the ITB, then the funds paid out to LEAD Transact as a biller will be reduced by the funds awarded by the ITB to your business.

With InvoiceNow, you can confidently grow your e-invoicing efforts and increase payouts we believe.

The LEAD Transact grant offers tier-based payouts of up to S$40,000 which can incentivise business scale-up on the network.

Here's What Is Needed

It is necessary to have a valid and active business UEN and have a minimum transaction tier of 25 business UENs as a buyer or 250 business UENs as a biller to be eligible for LEAD Transact Grant.

No LEAF Chain Leader grant claim is received and a PayNow Corporate account is required too.

Conclusion

InvoiceNow Grants are a great way for businesses to receive incentives for their e-invoicing efforts. With LEAD Connect and LEAD Transact Grants, businesses can receive up to S$70,000 in payouts depending on their involvement with the platform. To apply, they must meet the criteria listed above and submit the required documents. So if you're looking for an incentive to increase your e-invoicing purposes, InvoiceNow Grants may be the right fit for you.

Frequently Asked Questions

If I am already receiving the LEAD Transact Grant as a Biller, am I eligible for ITB?

No, you are not eligible for ITB although both the LEAD Connect Grant and LEAD Transact Grant may still be submitted for claims.

Is my organisation still eligible for LEAD Connect Grant if I am receiving/have received other grants?

Companies who have received a LEAF Chain Leader grant or any other grant involving connecting to the InvoiceNow network will not be eligible for the LEAD Connect Grant.

Can my organisation apply for both the LEAD Connect and LEAD Transact grant?

Recipients of the LEAD Connect grant are encouraged to continue to leverage their relationships and business partner transactions in order to be eligible for the LEAD Transact grant.

Read also: Singapore SMEs: Ready for Overseas Expansion with the MRA Grant

Read also: Unleashing Singapore's Tourism Potential with Experience Step-Up Fund Grant (ESF)

Read also: Complete Guide To EDG Strategic Brand And Marketing Development Grant - What Are Claimable? *Updated

 

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