March 24, 2023
If you are an Australian company or have ever done business in Australia – you’ll likely have encountered BPAY as a listed payment option present on bills, membership plans & utilities statements.
The question is – what benefit can your business gain from signing up to BPAY to accept payments? Let’s dive into this in-depth below:
BPAY is a technology solution that allows businesses to accept funds from customers, facilitating payment transfers directly from the consumer bank account into a pre-identified corporate bank account.
BPAY has an extremely high trust level within the Australian market considering it has been in operation for more than 20 years, has key relationships with all the major banks and has over 50,000 Australian businesses on the platform.
The customer experience for a customer paying an invoice via BPAY can be described as follows:
Unlike receiving standard bank transfers or credit card payments – all BPAY transactions have a unique CRN (Customer Reference Number) which can be used to identify which customer made the payment & what invoice it is related to.
Secondly, BPAY payments promote positive cash flow with funds typically cleared at the time of authorising.
In addition, instead of delivering bills or invoices directly to your customers through postal mail, email or SMS – BPAY also offers smart billing through BPAY View which allows customers to receive bills directly from you into their online banking portal.
By using emerging technology like Payble, who can check if customers have funds in any of their respective accounts when they sign up to your platform & throughout their time as a customer.
Payble can predict which customers will churn ahead of time and to issue reminders to individuals who may not have funds in their account prior to their next billing date.
In the case that customers may still fail to make a payment – you can provide them with a range of options electronically – avoiding needing to send the account to collections or a 3rd party debt collector.
If you’d like to explore a way to reduce the number of bills that go unpaid & predict which customers are likely to default ahead of time – speak to us here at Payble about our cutting edge payment technology.
Important: Payble Pty Ltd is not affiliated with BPAY Pty Ltd. Any information provided is general in nature and does not take into account your personal needs, financial circumstances or objectives and you should consider whether it is appropriate for you.
BPAY® is registered to BPAY Pty Ltd ABN 69 079 137 518.
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