PayID is the new payment platform that will soon be coming to your bank. Instead of paying to a BSB and Account Number you will be able to set up an email address, phone number or ABN as your reference.
The reason this is a game changer is that when you pay to that reference, it will show the name of the account you are paying into, which is a huge security advantage.
Payments will also be instant. We encourage all customers to set this up as soon as it becomes available and change your invoices to a PayID and phase out BSB and Account numbers.
Use your ABN/ACN to create a PayID and when customers need to pay you they can use it instead of your BSB and account number.
PayID is an easy way to communicate your account details. If your suppliers are registered, pay them using their ABN/ACN.
How will PayID and faster payments help my business?
Manage your cash flow better
- Get access to money faster through the receipt of cleared funds in real time
- Hold onto your money longer by paying in real time on the due date.
Reduce payment errors
PayID payments will automatically display the recipient name when their PayID is entered into Westpac Live, reducing the potential for misdirected payments.
Payers will have more room to provide more information helping you to easily identify transaction particulars. Save time on tedious reconciliations and focus on your core business.
Use your Mobile number as a PayID for Business Accounts
You can also create a Pay ID using your mobile if you log on as a personal customer to view your business accounts in Westpac Live. Remember, your mobile number can only be linked as a PayID to one account. This means if you register your mobile number to your personal account, you will have to change the account linked to your PayID from your personal account to your business transaction account before using your mobile for business payments.
More info can be found at:
Making the most new payments platform
New payments platform - getting ready for NPP guide