BPAY is Australia’s most widely used bill payment service which enables bill payers to transfer funds electronically from their bank accounts to billers. It is offered as a payment channel by over 170 financial institutions through their phone and Internet banking services.
Since BPAY ’s launch in 1997, electronic bill payment in Australia has grown at a phenomenal rate. BPAY can be used to pay over 16,000 different bills Australia wide and each month BPAY processes over 18 million individual payments.
Over the last couple of years there has been a substantial increase in the number of people who have access to internet banking which has resulted in a large increase in the number of people using BPAY. Now 76% of the Australian bill paying population use BPAY* with 85% of BPAY payments being made via the internet.
*source: TNS Research Nov 2008
By offering BPAY, you can improve cash flow, decrease costs and reduce administration time.
Cleared funds are deposited directly into your account each banking business day. BPAY is also quick and easy for your customers. It allows your customers to pay a wide range of bills with just one phone call or the touch of a computer key, seven days a week, day or night, within the security of their banking environment.
BPAY offers an efficient and user-friendly solution for receiving payments that provides significant cost and time benefits for not only you, but your customers too.
All you are required to do is clearly display the BPAY logo, your biller code, the Customer Reference Number (CRN) and payment information on your invoices.
Using BPAY for payment collection is simple:
BPAY payments are all made within the secure environment of your customer’s financial institution Internet banking site or telephone banking system. The only parties who are authorised to have access to information about BPAY payments are, you the participating biller, and financial institutions. Additionally, BPAY does not receive any identifying personal or individual account details at any point during the payment process.
As BPAY is part of Internet banking, consumers are also protected by the Electronic Funds Transfer Code of Conduct (EFT Code). Thousands of Australians pay their bills with BPAY every day using the Internet and phone banking services of over 170 financial institutions, building societies and credit unions.
As with all aspects of Internet or phone banking, it is vital that your customers protect information such as PINs or passwords.
BPAY is an enabler for better environmental outcomes - for both Australian consumers and businesses. By offering your customer the BPAY payment option, not only do they save paper by not writing a cheque or using an envelope, but a phone or Internet payment system eliminates the need to transport the cheque from their mailbox to yours, saving energy and reducing pollution.
BPAY does not receive any identifying personal or individual account details at any point during the payment process.
BPAY View allows customers to have a single point of access to receive and pay bills electronically via their internet banking. BPAY View is predominantly used by large organisations with high BPAY volume (for example, utilities and government departments).