We’ve all had the experience inputting BSB and account numbers and double-checking the digits. However, when it comes to business, prudence is heightened.
So, it’s no surprise that Australian business owners are switching to PayID as a payment and security solution.
What is PayID
PayID is a unique name you generate to identify your business account. It can be in the form of an email address, mobile number, or ABN. Once a PayID is created, you may offer it to customers instead of your BSB and account number.
Adding another layer of security makes paying and receiving payments much easier. In most circumstances, payments made with PayID are received almost instantaneously. An added bonus for business owners.
Registration Requirements for Businesses
As a business owner, you will most likely have everything you need to set up a PayID already. You must have the following:
- Be the owner of an approved business account or have permission to run one.
- A phone number, email address, or ABN (Australian Business Number). All are acceptable.
How to set up PayID
PayID has grown in popularity and usage, with most major Australian banks now offering the service in just a few steps. Some banks provide online registration; as previously mentioned, an ABN, phone number or email address is required. However, it should be noted that registering without an ABN may need a few more steps since your email account or phone number will need to be verified.
Benefits of PayID for Businesses
There are various benefits to switching to PayID for business owners. The practicality, security and fast payments are just a few.
- Easier payments: The days of waiting two business days for your funds to arrive are over. PayID collaborates with the New Payments Platform (NPP) to process payments in minutes, no matter the time of day.
- Secure payments: PayID employs measures to protect users from fraud. This includes identity verification during setup as well as monitoring activities for misuse. Furthermore, it gives clear visibility into who you’re paying.
- Low costs: Take payments easily and affordably without needing EFTPOS equipment or a subscription payment service.
- Reduce lost payments: Payments may go missing if the BSB and account number are mistyped, impacting your cash flow and resulting in costly admin effort searching for payments. PayID reduces the possibility of user mistakes, and improper payments may be recognised and refunded quicker.
- Fraud protection: The NPP is accredited to the highest data security standards and is monitored 24 hours a day, seven days a week. With scams on the rise, security measures are in place to prevent fraudsters from impersonating organisations or payees.
Customers can validate the business name or the name of their payee before payment is verified, offering an added layer of protection.
- Easier bank reconciliation: When making payments to accounts with a PayID, you can include descriptions of up to 280 characters. When completing your bank reconciliation, this makes it much easier to detect and categorise payments.
PayID is a simple solution to businesses’ trivial banking woes. With an extra layer of protection and an almost instant payment procedure, it is a terrific way to bring convenience and peace of mind to your business.
If you have any queries regarding PayID or the above information, please do not hesitate to contact an Accru specialist today.
