If you’ve heard about PayTo you’ve likely heard it referenced as the new direct debit, but it’s so much more. PayTo has been the most anticipated development in the payments space in recent times and with good reason, as it brings with it very real benefits for both business and customer.
So, is PayTo something you should be looking at for your business? Simply put, if you are currently handling a large number of debits and payment agreements with your customers then yes, it’s likely PayTo could bring efficiencies to your business.
Is PayTo right for your business?
Here’s a handy checklist:
☑️ Is customer experience important to you?
With PayTo you canoffer your customers a payment option that they can manage from their banking apps. Position yourself as a technologically advanced innovator amongst your competitors.
Benefit: A more personal, tech-forward experience for your customers
☑️ Do you require your customers to complete a form to enter into a payment agreement?
Whether you have a lengthy paper-based payment agreement or a simple online form, errors can be made in the entry process when completing bank details. With PayTo, when an agreement is being established, the customer can choose to set up the agreement with either a PayID or BSB and bank account number. The account or PayID details are verified in seconds.
Benefit: No undetected manual entry errors. Instant authorisation.
☑️ Does your team spend hours reconciling orphaned payments?
Because PayTo agreements contain more data than the current direct debits, along with the unique PayID, reconciliation is not just easier but it can also be automated.
Benefit: Save hours of reconciliation.
☑️ Are you storing large numbers of direct debit agreements?
Seven years is a longtime to be storing an increasing number of direct debit agreements. With PayTo the filing is done for you. Agreements storage is centralised, digitised and secure and readily accessible. PayTo also verifies upfront whether there are adequate funds in a customer’s account when a payment is initiated, reducing manual exception handling.
Benefit: Reduce overheads and administration.
☑️ Tired of waiting 1-3 days waiting for funds to clear?
With PayTo you receive the funds in seconds. This not only improves cashflow but also allows you access to those funds immediately so there are no delays for your ongoing payments.
Benefit: Streamline the payments process and reduce waiting times.
PayTo can deliver multiple benefits to your payment flows and bring an enhance digital customer experience for your customers. Get in touch with us today to discuss how we can implement PayTo for your business.
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