Future changes to this Agreement
All future changes set out in the Customer Updates section of our Website at the time you sign- up for our Services are incorporated into this Agreement. The revised Agreement will take effect as soon as it is posted on our website or on the date notified to you.
You accept this agreement
By visiting our Website and/or using our Services (including downloading and using our website, or via the API, a social media platform, or other authorised third party), you confirm that you accept and agree to this Agreement (including the Customer Updates and the additional documents referred to above). If you do not agree, please do not use our Services.
Where to get a copy of this Agreement.
You can always see the most current version of this Agreement on our Website. If you want a paper copy of this Agreement, please contact Customer Support.
Instant Pay API
From time to time updates to the API may be made. Depending on the update, you may not be able to use our Services until your have accepted any new terms.
Your right to use the API
In consideration of you agreeing to abide by the terms of this Agreement, we grant you a non- transferable, nonexclusive licence to use the API subject to this Agreement. We reserve all other rights.
Who are we and how to contact us
Instant Pay Pty Ltd is authorised by the ASIC. Instant Pay Pty Ltd reports to AUSTRAC.
How to contact us
You can contact us by email, web chat or telephone. Our contact details are provided on the “Contact” page of our Website. instantpay.net.au
Business use of our service
You must be 18 years or over. All business users must complete our KYC process and be verified by our internal audit process. Once you have been verified, you will be eligible to access our services. Username and passwords generated by you and managed by you are your responsibility. 2FA is mandatory on all business access.
Our company information. The Services are provided by Instant Pay Pty Ltd (“Instant Pay”, “we”, “us”, or “our” as applicable) with ACN 642 154 550.
Nominated bank account
To receive payments from the Instant Pay system you will need to provide a business bank account, in Australia that matches your business name (or company name).
If you elect to receive daily batch payouts through the Instant Pay system, we will schedule a complete payout of all transaction completed minus any fees within the 24 hour period up to the payout time, which is 3pm AEST. If you have a NPP compatible bank, you will receive this batch payment instantly. If your bank is not NPP compatible, batch payments will be completed using this standard payments system which may take from 4 hours to 24 hours to complete and successfully receive.
Batch payouts are charged at the standard transaction fee rate of your chosen plan.
Batch payout reconciliation
Instant Pay Business Console gives you access to all transaction information completed, fees taken and other important transactional information you may require to service your customers correctly. You can also download a batch payment transactional detail so you can reconcile individual transactions and fees accurately. This is downloadable as a CSV file.
If you elect to receive your payouts instantly, Instant Pay will dispatch successfully received funds to your nominated bank account immediately and not bulk dispatch each day. Each instant payout is charged at your chosen fee rate relative to your plan. If your bank is not NPP compatible, instant payouts will be completed using the standard payments system which may take anywhere from 4 hours to 24 hours hours to complete and successfully receive. Instant Payout is only available by application and some additional workload may be required to configure this for your business.
Instant Pay uses existing NPP frameworks to ensure consumer payments are transacted and remitted as quickly as possible. We do not guarantee that any participating bank will transact instantly with the Instant Pay platform. Each NPP participating bank will have its own policy for NPP payments and while we anticipate that all Australian banks will support real time NPP payments within the near future, currently NPP payments settlement and completion of cleared funds times will vary. Unfortunately Instant Pay does not have any control over this. Instant Pay does have redundancy measures in place to cater to any varied timing of bank related NPP payments and will also clearly communicate to any payer(s) at the point of purchase what to expect from their bank.
Each business customer of Instant Pay will receive access to our business console. This is a web accessible console that will show all transactional information, including fees and part payments completed using our system. Access to the business console requires you to enable 2FA to ensure the security of your data. For security purposes, we disable the ability to edit your business profile, contact details and banking details from your console. If you require changes made to your business profile please contact us directly. You will be required to meet our identification requirements to make any changes to an existing business profile.
KYC and identification
All business customers are required to complete our KYC process before using Instant Pay. This is to ensure we are working with correctly identified businesses, while allowing us to mitigate risk with certain business types and people. Applying for use of Instant Pay does not guarantee its use. Following completion of our KYC, we complete a brief analysis and cooling off period not exceeding 48 hours. Once this is complete we can proceed to merchant integration.
Ongoing KYC and identification
Instant Pay reserves the right to complete ongoing KYC. If any of your business conditions change, including but not limited to a) change of directors b) change of business activity c) change of address d) change of business structure ; you must advise us of these changes immediately.
Integrating Instant Pay as a payment service into your website, or online invoicing system can be completed within a day or two. For website integration for online shopping, your website developer will need to make contact with us to complete the integration process. We currently have plugin support for Wordpress/Woocommerce, XERO integrations, Zapier integrations and are currently working on a Shopify integration. Custom website integrations are also possible, and our API documentation explains how to complete this.
Send money terms
Instant Pay can give your business the ability to also send outbound funds. While this is an extremely useful feature within Instant Pay, you will need to apply for this feature to be activated.
Instant Pay has redundancies in place to protect our system from duplications. In the very rare instance that a transaction (inbound or outbound) is duplicated and your account is impacted we will follow this protocol. a) Identify the duplication. b) Make immediate contact with the affected business c) Organise immediate reversal of monies (whether inbound or outbound). In very rare cases, a duplication may also affect our send money and daily dispatches. If a duplication is seen to affect either dispatches, or send money actions we would contact all businesses notifying them of this as soon as possible.
For those that are looking to use the send money feature you must make contact with us via email after your complete your onboarding.
Instant Pay fees are chargeable as either:
Fees are also payable by the end user for dishonoured payments, incorrect payments and multi- day payments. Each fee payable by the end user is $2.50. Transaction fees are debited on a per transaction basis. Monthly access fees are payable via a monthly credit card or direct-debit. Monthly access fees are payable in advance for the month. Any collected monthly access fees are non-refundable. Should you wish to upgrade your plan within the month period you have subscribed to, you will forfeit any allocated access and immediately move to the new plan you have selected. Instant Pay operates and sells its access plans in a casual nature, considered month to month.
Instant Pay Fees range from $1 to $2.50 per transaction depending on the Instant Pay package plan the merchant has chosen. If a fee does not fit into this cost, it is outlined below. Fees are charged dynamically against incoming merchant collected funds. Fees can be oncharged to the customer/payer if the merchant chooses. Fees that are unable to be collected through any liquidity held in the merchant’s Instant Pay account will be charged to the held credit card nominated by the merchant.
Consumer fee process
If a consumer fee is applied to any transaction, whether as a part payment fee, underpayment fee, overpayment fee, split with friends fee or late fee, this fee is passed from the Instant Pay to the business merchant which is in turn passed to the consumer for payment. This fee is charged dynamically and uses any monies transferred into the business merchants virtual account. This fee is taken and managed by the Instant Pay system, on behalf of the business merchant. Any of the above mentioned consumer fees cannot be marked up, or sold as a service by the business merchant. The consumer fees mentioned above are charged at $2.50 per inwards and outwards movement of money.
Examples of fees payable
Business fee example:
Customer fee example:
Business Monies Held with Instant Pay
Monies held with Instant Pay do not earn interest. Money incoming to Instant Pay during
transactions are stored in a virtual bank account created for your business. These funds are
held no longer than 24 hours are require dispatch to your external bank account within this time
Monies held in the allocated virtual bank account for your business are considered your business money. Any transactional fees allocated to your business are taken from your virtual bank account prior to instant or batch payment dispatch.
Incorrect payments from end payers and solutions
Instant Pay infrastructure will detect any incorrect payments made, whether overpaid, underpaid or incorrectly referenced. If an incorrect payment reference number is used, we will refund the entire transaction amount to the payer within 2 working days, minus any relevant fees payable to the payer that are applicable to their transaction.
Failure of Dispatch
If the event an instant of batch payment dispatch failure or a non-receipt of anticipated funds, please make contact with us immediately.
Limits of Dispatch
In the unlikely situation we cannot dispatch the total amount of monies due for batch dispatch, we would make any remainder payments within 24 hours.
Hours of operation
Instant Pay transactional api is available 24/7. Support for api is available during office hours, Monday to Friday. Technical support, specific to keeping our api operational operates 24/7. If you notice any operational issues that may affect api coverage, you can submit this information through email@example.com
Instant Pay Pty Ltd and its payment and remittance platforms operate on AEST (Australian Eastern Standard Time). Consumers and business clients operating outside of these hours may receive notifications and messaging services outside of their normal settings.
Recovery of unpaid fees
Instant Pay reserves the right to terminate your account if we have been unable to retrieve any transactional or monthly access fees. We will make contact with you to attempt collection of these fees. Failure of this communication resulting in the collection of these fees we will close your account, recover any outstanding fees and dispatch any remaining monies to your nominated business bank account.
As per our reporting requirements with AUSTRAC, we record every transaction made through our system. This includes both the Payer simple access details, as well as the bulk dispatch details, or instant dispatch details with all our business customers. Transactional data is also used to better design and cater to existing and future Instant Pay customers. No personal information is released from transactional data unless we deem necessary as per our AML/CTF program.
Instant Pay may issue your business virtual wallet with a PayID. This PayID will be created and managed within the Instant Pay domain URL. PayID remains a service built and offered by participating banks as a method of payment that removes the need for payers to enter BSB and ACC details when making a payment.
Instant Pay provides the banking details from all payers as part of the Instant Pay service to your business.
These details are provided confidentially and are to be used for the sole purpose of providing a streamlined process for refund, while also adding an additional layer of KYC into your transaction process. Any incorrect use of these details will ensure your account is terminated.
Every day, Instant Pay collects monies on behalf of your business and then dispatches these monies to your nominated Australian bank account. If your nominated bank account is NPP enabled, you will receive this monies instantly at approx 3pm daily. If your account is not NPP enabled we will dispatch these collected monies through the legacy system, which in most cases will settle within 24 hours.
Weekend processing through NPP is still instant, while legacy payments are processed from weekend trade on Monday’s and usually settle by Tuesday. If you don’t know if your account is NPP enabled, we may be able to help. You can also ask your bank.
RTGS and incoming international payments
Instant Pay currently does not support RTGS payments or international incoming payments. We recommend that all payers simply use a bank transfer from either their banking app or internet banking to complete their payment to their merchant.
Direct Debit - Pricing
Pricing for your direct debit payments is set by the plan chosen by you, the merchant. Some merchants choose to absorb our direct debit fee, while some choose to pass these fees onto their payers. Australian payment consumer law states merchants cannot charge any more for fees than their cost in using the payment service provider.
Dishonours for Direct Debit
Merchants must present a DDRSA to their payers. This DDRSA must be ‘agreed to’ and timestamped. The DDRSA will contain information about our partnering bank provider, as well as information regarding their chosen bank account, the amount to deducted, the regularity of the payment and other details related to the direct debit and service/product provided from the payments made.
Money movement timelines
Direct Debit moves through the Direct Entry framework in Australia. Direct Debits can take up to 3 working days to be approved and/or provide a failure message (dishonour or other failure).
User Agreements (DDRSA)
Merchants must present a DDRSA to their payers. This DDRSA must be ‘agreed to’ and timestamped. The DDRSA will contain information about our partnering bank provider, as well as information regarding Open Banking, their chosen bank account, the amount to deducted, the regularity of the payment and other details related to the direct debit and service/product provided from the payments made.
User Agreements (DDRSA)
Business responsibility of service
Prior to setting up a direct debit with Instant Pay for a payer, it is important that you meet the following conditions, to avoid future transaction disputes.
Fraud within the direct debit system can affect both the payer and the business. The banking system attempts to minimise the affects from fraud as much as possible, however if fraud is either detected or we are notified of fraud we will mediate and remedy as quickly as possible.
Instant Pay uses banking partners to complete the direct debit process. These details are listed on all DDRSA to payers agreeing to a direct debit payment. While we reserve the right to change our banking partners, dependent on the risk involved with you (the merchant), be assured that the direct debit process is exactly the same regardless of the banking partner we use. Instant Pay is also pursuing the relevant license to remove the need for a banking partner at the direct debit level. This license is expected to become usable in 2022.\
Liquidity provision in case of risk
In some cases, we may ask for a small amount of liquidity to cover industries that incur high risk for dishonours. While our system does minimise dishonour risk, this liquidity will serve as a small buffer in the chance this fails. Liquidity is generally calculated at gross number of monthly transactions x 3% x $5.
Malicious or Fraudulent use
If any malicious or fraudulent use by your or any operator within your business is made, Instant Pay will terminate your access to our system immediately and any data based evidence will be provided to the relevant authorities.
Intellectual property rights
While you are using our Services, you may use the Instant Pay Materials only for your personal use and solely as necessary in relation to those Services. Instant Pay Materials include any software (including without limitation the website, the API, developer tools, sample source code, and code libraries), data, materials, content and printed and electronic documentation (including any specifications and integration guides) developed and provided by us or our affiliates to you, or available for download from our Website. You may not, and may not attempt to, directly or indirectly: (a) transfer, sublicense, loan, sell, assign, lease, rent, distribute or grant rights in the Service or the Instant Pay Materials to any person or entity; (b) remove, obscure, or alter any notice of any of our trade marks, or other “intellectual property” appearing on or contained within the Services or on any Instant Pay Materials; (c) modify, copy, tamper with or otherwise create derivative works of any software included in the Instant Pay Materials; or (d) reverse engineer, disassemble, or decompile the Instant Pay Materials or the Services or apply any other process or procedure to derive the source code of any software included in the Instant Pay Materials or as part of the Services.
Our responsibility for loss or damage by you
We are responsible to you for foreseeable loss and damage caused by us. If we do not
reasonably meet our commitments to you, we are responsible for loss or damage you suffer that
is a foreseeable result of our failing to use reasonable care and skill. We are not responsible for
any loss or damage that is not foreseeable. Loss or damage is foreseeable if either it is obvious
that it will happen or if, at the time the agreement to purchase was made, both we and you knew
it might happen.
We do not exclude or limit in any way our liability to you where it would be unlawful to do so. This includes liability for death or personal injury caused by our negligence or the negligence of our employees, agents or subcontractors; for fraud or fraudulent misrepresentation. We are not liable for business losses. If you use our Services for any commercial or business purpose we will have no liability to you for any loss of profit, loss of business, business interruption, or loss of business opportunity.
We are not liable for technological attacks. We will not be liable for any loss or damage caused by a virus, or other technological attacks or harmful material that may infect your computer equipment, computer programmes, data or other proprietary material related to your use of our Services.
We have no control over websites linked to and from our Website. We assume no responsibility for their content or any loss or damage that may arise from your use of them.
Our liability to you for unauthorised payments or our mistake.
In case of an unauthorised payment or mistake due to our error, we shall at your request
immediately refund the payment amount including all fees deducted by us. This shall not apply:
(a) where you have made an incorrect payment amount
(b) if you have acted fraudulently, in which case we will not refund you in any circumstances;
(c) if the payment transaction was unauthorised but you have with intent or gross negligence compromised the security of the Instant Pay platform or failed to comply with your obligations to use Instant Pay in the manner set out in this Agreement. In such a case you shall be solely liable for all losses; or
(d) if you don’t let us know about the unauthorised or incorrectly completed transaction within 7 calendar days from the date of the payment transaction.
We are not liable for things which are outside of our control. We (and our affiliates) cannot be liable for our inability to deliver or delay as a result of things which are outside our control. You are liable for breaking this Agreement or applicable laws. In the unlikely event of loss or claims or costs and expenses arising out of your breach of this Agreement, any applicable law or regulation and/or your use of our Services, you agree to compensate us and our affiliates and hold us harmless. This provision will continue after our relationship ends. What happens if you owe us money. In the event you are liable for any amounts owed to us, we will immediately remove such amounts from your total transaction. If there are insufficient funds to cover your liability, we reserve the right to collect your debt to us by using any payments received through your Instant Pay transaction. We may also recover amounts you owe us through legal means, including, without limitation, through the use of a debt collection agency.
Accessing our services
We will try to make sure our Services are available to you when you need them. However, we do not guarantee that our Services will always be available or be uninterrupted. We may suspend, withdraw, discontinue or change all or any part of our Service without notice. We will not be liable to you if for any reason our Services are unavailable at any time or for any period. You are responsible for making all arrangements necessary for you to have access to our Services. If you have granted permission to a third party to access your account, we may refuse access to that third party if we are concerned about unauthorised or fraudulent access by that third party. We will give you notice if we do this, either before or immediately after we refuse access, unless notifying you would be unlawful or compromise our reasonable security measures.
You are responsible for configuring your information technology, computer programmes and platform in order to access our Services. You should use your own virus protection software. We cannot guarantee that our Services will be free from bugs or viruses. You must not misuse our Services. You must not misuse our Services by introducing viruses, trojans, worms, logic bombs or other materials which are malicious or technologically harmful. You must not attempt to gain unauthorised access to our Website, our servers, computers or databases. You must not attack our Website with any type of denial of service attack. By breaching this provision, you may be committing a criminal offence. We will report any such breach to the relevant law enforcement authorities and we will co-operate with those authorities by disclosing your identity to them. In the event of such a breach, your right to use our Website and/or our Services will cease immediately.
Linking to our site
You may link to our Website provided you follow certain rules. You may link to our Website, provided:
(a) you do so in a way that is fair and legal and does not damage our reputation or take advantage of it;
(b) you do not suggest any form of association, approval or endorsement on our part where none exists;
(c) you do not frame our Website on any other site; and We reserve the right to withdraw linking permission without notice.
Our right to make changes
We reserve the right to change this agreement.
In some instances, we may change this Agreement immediately. Changes to this Agreement which are: (1) more favourable to you; (2) required by law; or (3) related to the addition of a new service, extra functionality to the existing Service; or (4) changes which neither reduce your rights nor increase your responsibilities, will come into effect immediately if they are stated in the change notice. Changes to exchange rates shall come into effect immediately without notice and you shall not have the right to object to such a change.
Any information obtained during our KYC process and ongoing business relationship is kept completely confidential. All information is sorted securely for AUSTRAC or other relevant government reporting bodies only.
Consumer Privacy and Data confidentiality
Instant Pay takes privacy very seriously.
All transaction data processed through our system is kept in the strictest confidentiality. Instant Pay does not use any data collected for any purpose other than
Instant Pay does not sell or lease any transaction data derived from our platform. All records are kept secure within our system.
We reserve the right to use cookie data to better our website and console experience.
Social media and privacy
We reserve the right to use publicly accessible information through any social media or networks to better our system.
How we may contact you
We usually contact you via SMS or phone. We cannot be liable for any consequence or loss if you don’t follow instruction or read any notification we send to you. If we have reasonable concerns either about the security of your Instant Pay transaction, or any suspected or actual fraudulent use of your Instant Pay Account, we will contact you via telephone. This Agreement is made in the English language.
If you have any complaints about us or our Services, you may contact us following our customer complaint procedure. Please email firstname.lastname@example.org to begin this process.
Other important terms
If a court finds part of these terms and conditions illegal, the rest will continue in force. Each of
the paragraphs of this Agreement operates separately. If any court or relevant authority decides
that any of them are unlawful, the remaining paragraphs will remain in full force and effect.
Even if we delay in enforcing this Agreement, we can still enforce it later. If we delay in asking
you to do certain things or in taking action, it will not prevent us taking steps against you at a
These terms and conditions supersedes any other previous agreements. This Agreement supersedes and extinguishes all previous agreements between you and Instant Pay, whether written or oral, relating to its subject matter.