Instant Pay is an instant bank transfer that can be used to pay for goods and services online. Businesses in Australia can register and integrate this service into their ecommerce solution, allowing customers to pay via bank transfer as an alternative to paying with credit cards online.
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.
Instant Pay is a business merchant service. The cost is a fixed fee per incoming and outgoing transaction dependent on which plan you select, regardless of the amount being transferred. $1.50 is charged to the merchant for processing this transaction. This fee can be passed to the payer at the merchants discretion.
Using Instant Pay is as simple as making a bank transfer from your internet banking. Instant Pay will provide the payer with a PayID and payment instructions to complete their payment. Instant Pay then receives your payment within seconds and lets the business merchant know that they have been paid.
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.
Instant Pay is compatible with all Australian Banks, though some offer differing NPP payment timeframes. Regardless of a banks timeframe for processing payments, Instant Pay will reconcile any payment.
Instant Pay manages part payments and overpayments on behalf of the merchant. SMS and email is used to inform the payer if their transaction is complete.
Instant Pay will not recognise your transaction and will refund received monies immediately. Fees are charged for refunds.
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.
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 immediately. 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 please ask your bank.
Instant Pay 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.
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.
Instant Pay 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.