PayID's and how Hello Clever uses them
A PayID is an identifier to a bank account, just like a BSB & Account number but easier to remember.
A PayID can be an email address, mobile number or ACN. Payments can be made from a bank account to a PayID instead of the corresponding BSB & Account number. However PayID payments are much faster and they work 24x7, even on weekends and public holidays.
Typically, PayID payments settle in a few seconds instead of days.
Adding PayID as a payment option to your checkout or payment process provides a number of benefits including:
- Each transaction settles in just a few seconds
- No credit/debit card is required so there's no risk of card fraud or chargebacks
- A unique PayID is used for each transaction so reconciliation is immediate
- Each PayID payment is validated against the expected amount so incorrect payments are eliminated
- The cost of a PayID payment is typically less than a credit card or BNPL payment so you can reduce your costs or avoid surcharging your customer
If you'd like to learn more about PayID from Hello Clever contact us today.