A direct debit service is an automatic transaction that transfers money from your account to another.
Direct debits are handy for paying regular bills, such as your monthly phone bill or gym membership. Automatic payment means you don't have to remember to pay the bill, and you don't risk any late fees. Direct debit is a huge part of payment offerings in Australia, especially as it is completed at a fixed fee.
While direct debit is an important part of payment deliverables, it does come at a cost. Legacy or standard direct debit services rely on a payer or merchant manually entering bank details - which is a touchpoint for fraud. Instant Pay has built a solution to remove this manual touchpoint and thus eradicating fraud from the payment process*.
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