FAQ

Instant Pay frequently asked questions below.

How does Instant Pay work?

Instant Pay uses the NPP (Australia) to process bank transfers to business merchants within seconds. It passes instant remittance between the payer and the business merchant, removing the need for credit cards to be used in online or ecommerce.

How much does Instant Pay cost?

Instant Pay is a business merchant service. It costs $1 or $2.50 per incoming and outgoing transaction dependent on which plan you select, regardless of the amount it is transferring.

How do I use Instant Pay?

Using Instant Pay is as simple as making a bank transfer from your internet banking. Instant Pay will provide the payer with either a PayID or a BSB and Account number to make their payment to. Instant Pay then receives your payment within seconds and lets the business merchant know that they have been paid.

Why would I use Instant Pay?

Instant Pay gives payers/consumers a much more secure online payment option, as well as operating under a fixed fee environment. Comparably, using a credit card online is considered not secure and incurs merchant and consumer fees ranging from 1-3.8% per transaction.

Is my bank compatible with Instant Pay?

Instant Pay is compatible with all Australian Banks, though some offer differing NPP payment timeframes. These timeframes are discussed in more detail on our banking page by clicking here.

What is API banking

Instant Pay offers API based banking services to select businesses. Every transaction that moves through the Instant Pay platform is actionable. Ultimately, every transaction can trigger an action, whether that be remittance, automating a supplier purchase or even turning on a smart light on the opposite side of the world.

Daily Dispatches

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.

Enhanced AML/CTF

By using Instant Pay you are gaining access to one of the most advanced methods in tracking fraudulent or ML/TF transactions. And we continue to build more transparency and alerts helping manage your reporting requirements. Instant Pay does not take responsibility for any of your regulatory reporting (Through AUSTRAC or any other regulatory body). We simply provide tools within our system to improve your reporting efficiency.

Can I send money anywhere with Instant Pay?

Instant Pay business and enterprise users can send money dynamically to any account in Australia. By application, merchants will also have the ability to send money through API as well as manually send money through our console.

What is enhanced direct debit?

Instant Pay’s enhanced direct debit removes a specific potential fraud point, for both merchants and customers. High risk merchants using our system, cannot input any customer/payer bank details at all. And customers/payers much authorise their nominated bank account before a debit is initiated.

What is your dishonour fee?

Instant Pay has differing dishonour fee rates. We’ve listed these here for you.

If you are using our Free Enhanced Direct Debit plan, dishonours are $5.

If you’re using our Business plan outbound payment dishonours are $30 and direct debit dishonours are $5.

If you’re our Enterprise plan, outbound payment dishonours are $15 and direct debit dishonours are $5.

What is the Direct Debit fee per transaction?

This varies and is generally paid for by the business/merchant. As an approximated amount, if a fee is passed to the user it could range around $1 per transaction.

Direct Debit agreement DDRSA - What is this?

Every customer that you wish to setup a recurring or dynamic direct debit against their bank account will need to agree to our DDRSA before any monies are processed. Our DDRSA clearly lists any banking partners, special terms or costs involved in processing a direct debit. Our DDRSA timestamps and saves the agreement against the customer profile that the merchant has created for the purpose of direct debits and customer payments. While the DDRSA is a legally binding document, it is important for the merchant to have a separate service/product agreement outlining what is being provided to the customer.

For our full terms and conditions of service, with Instant Pay - please click here.