QR code

QR is the abbreviation of quick response code. It is an optical code containing a lot of information, comparable to a barcode. QR codes in printed form, such as on packaging, take whoever scans the code to, for example, a website with additional information. Scanning is done with scanning software that can interpret the QR image taken by your smartphone’s camera. QR codes are used for a wide range of services and functions, even for bank transactions.

Not all QR codes are the same

QR codes can differ. For example, banking apps increasingly allow you to transfer money. However, this does not work with every QR code, which can cause confusion.

• QR code for a URL: some QR codes point to the URL of a web page. That page then contains the banking application for making payments. The transaction therefore runs via a secure bank site and page, not directly in the mobile banking app. After all, the code contains information about the URL, not about the transaction/payment to be made (amount, IBAN, reference, …).
• Some QR codes have a limited lifespan. After the deadline their information is deactivated. If an invoice shows a QR code for payment, the function may no longer be usable for paying after the payment term.
• SEPA/EPC QR code: a SEPA QR code, also known as an EPC (European Payments Council) QR code, is a QR type that executes SEPA transfers. Although the code was initiated at European level and is used in various European countries, not all banks can process this code yet. A list of banks that can is available here.

Mobile payment via QR code

If you want to collect money, as an entrepreneur you can offer the customer a payment request in the form of a QR code. The payment details such as IBAN, amount, reference, name and more are then stored in the QR code. The recipient of the request can scan this QR code with a banking app on their mobile phone. He or she then sees the payment information, so that, once approved, the payment is made. This speeds up the payment process and avoids manual input (and mistakes).

With onFact, via the integration with Payconiq, you can easily place QR codes for payment on your invoices. All necessary payment details of the invoice are encoded in the QR, ready for use by the customer concerned.