We recently enabled PayID on our account, have you done this yet? A PayID is fairly recent thing the banks have developed and it is an additional method of identifying your account. Instead of a BSB or account number, your PayID can be the same as your phone number, your email or your ABN.
The key is that you’re now able to choose a way for people to pay you that you can easily remember For example you can now pay CCP invoices by using our ABN (19128752607) or our invoicing email address ([email protected]).
Why would you set this up? Because it’s easier for you customers, and easier for you to get paid instantly! PayID lets you make and receive near real-time payments, 24 hours a day and seven days a week. Transactions from a customer using a PayID on Friday at 6pm are in your account the same day by 6:05pm.
You should be able to set this up using your normal internet banking, but it’s a new feature in 2018 so your experience may vary. For example Bendigo Bank have full support in their internet banking, but Commonwealth Netbank does not at the time we wrote this. To enable this with Commonwealth bank you have to use their mobile app.
It costs nothing more than a bit of your time and if you have any questions there’s an FAQ here.
