As of December 2022, there are over 13 million credit cards in circulation in Australia, and over...
In today’s rapidly evolving digital landscape, payment systems are continually advancing to enhance customers’ experience. Among the many emerging innovative payment solutions, PayTo has undergone a notable transformation that holds significant benefits for businesses. Join PayChoice Australia to explore the modernisation of PayTo and its implications for your business.
What is Payto?
PayTo is an innovative payment solution developed by the payments infrastructure platform, New Payments Platforms (NPP) Australia in collaboration with financial institutions, fintech firms, and payment service providers. Designed to revolutionise in-app and e-commerce transactions, it offers a range of benefits for both customers and businesses.
Traditionally, subscription and recurring payments in Australia were facilitated through Direct Debit or Credit/Debit cards. However, these methods were often perceived as slow or complex. PayTo offers a modernised approach that simplifies the process of granting consent to third parties, such as your business, to bill customers directly from their banking app through a formal agreement.
This agreement outlines details such as the amount and schedule of payments customers commit paying to for your goods and/or services. Once this agreement is authorised, your business has the capability to bill customers in real time with instant payment responses. This not only streamlines the payment process but also enables your customers to manage and monitor their recurring payments within the banking app.
What the modernisation of PayTo means for your business
Faster payment processing
Traditional direct debit payments often involve a processing and response time of 2-3 working days, creating a waiting period for businesses to confirm the success or failure of a customer's payment. However, PayTo provides immediate and real-time responses, eliminating the inconvenience for a business that can impact financial planning.
With PayChoice Australia's PayTo service, your business can accept real-time payments directly from a customer’s bank account. This combines the speed and security associated with credit card transactions with the offering of added convenience of bank account transfers for your customers.
Higher payment visibility and security
Katrina Stuart, the Managing Director at NPP Australia, affirmed that PayTo would revolutionise the way bank accounts are used for payments. She emphasised that it would empower organisations to receive fast and secure payments from customer bank accounts in comparison to card or online payments.
One of the key advantages of the payment service lies in its structured payment agreements. These agreements significantly reduce uncertainties and challenges commonly associated with payment processes. Issues such as dishonoured payments, disputes, and the potential for fraudulent activity are eliminated by the service.
The establishment of a payment agreement, coupled with the upfront provision of the customer's bank account details, serves as irrefutable evidence of the customer’s consent to be billed. In the rare event that a customer declines the agreement, PayTo can directly notify your business with instant real-time notifications, allowing your business to address the issue quickly.
Set up PayTo with PayChoice Australia
PayChoice Australia offers PayTo service – an excellent option for businesses seeking expedited payment processing while providing their customers with the convenience of paying with their bank accounts. When your business opts for PayTo, you can enjoy a multitude of benefits such as instant real-time responses, fewer failed payments, top-tier security, notifications in every stage of payment, detailed payment information, easier updates, and a more pleasant experience for your customers.
At PayChoice Australia, we take pride in being the preferred payment solution for over 3,000 Australian businesses. Don’t wait any longer to streamline your payment processes. Contact our team today if you want to use PayTo or if you are looking for the right payment solution for your business.
