Instant Pay frequently asked questions below.
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. It costs $1 or $2.50 per incoming and outgoing transaction dependent on which plan you select, regardless of the amount it is transferring. Business merchant access also has a tier 1 monthly fee of $99 or a tier 2 monthly fee of $550.
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.
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. These timeframes are discussed in more detail on our banking page by clicking here.
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 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.
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.
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.
We are currently completing a feature that will allow our business users the ability to send money dynamically to any account in Australia. This feature is due for release late May 2021. Select businesses will also have access to send money through API as well as manually send money through our console.
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.
Instant Pay has a flat $5 dishonour fee. However, users of our system rarely incur a dishonour fee at all.
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.
To qualify for the service or product you wish to purchase, you will need to agree to our direct debit agreement (DDRSA). This agreement also includes any terms and banking partners that are involved in the direct debit process.
For our full terms and conditions of service, with Instant Pay - please click here.