Have you heard about PayID?
PayID is a feature of the New Payments Platform (NPP) and is sometimes referred to as an addressing service. PayID is owned by NPP Australia Limited. This entity is owned by 13 of the major banking and payments institutions including ANZ, CBA, Westpac, NAB, Macquarie, HSBC, Bendigo Bank, Cuscal, Citi, ING, Wise, Indue and ASL.
What is a PayID
A PayID is a unique, easy to remember identifier (such as your ABN or mobile phone number) that can be linked to your bank account.
Payments to PayIDs are essentially fast Osko payments, which means that payments are received in near real-time even between customers of different banks 7 days a week including weekends and public holidays.
How does it work?
PayID provides an alternative simpler way to address payments for people or businesses who don’t want to share their BSB and account number. It helps to simplify the payments process by using information that is easier to remember.
For businesses who issue invoices and wish to accept payments from their customers in real-time, they can simply show their PayID on the “How to Pay” section of their invoices.
Making a PayID payment?
To make a payment, all you need to do is get your suppliers PayID from them then simply choose the option to pay to a PayID instead of a BSB and account number in your online banking. A key benefit of PayID is the payee confirmation step. This is when the name associated with a PayID is shown to the payer so they can check they are paying the right person. Businesses can create a PayID using a trading or brand name to make it easier for their customers to pay them in real–time.
When paying supplier invoices or making other large EFT type payments, the payer may wish to find out if the payee has a PayID and then choose to pay that way.
What does it cost?
Setting up a PayID with your bank and transacting with PayID is FREE.
Is FeeSynergy Collect enabled for PayID?
Yes, the FeeSynergy Collect platform is enabled to utilize PayID. To take advantage of the benefits of PayID for you and your clients you will just need to register for PayID with the bank that your normal transactions are paid to and then provide your PayID number to us for each Account you have with us.
FeeSynergy will then make the appropriate changes on our system including on your invoice template. A one-off consulting charge of $275 plus GST for each FeeSynergy Collect Account is charged by us to implement this into your FeeSynergy Collect.
Should you wish to learn more about PayID or arrange to activate PayID for your firm please contact us at info@feesynergy.com.au
