Some time ago the big banks introduced a system whereby you could pay someone using a PayID instead of a BSB and Account number? Why? Well, for one reason, a PayID is easier to remember.
A PayID can be your phone number, email address or even your ABN and needs to be set up with your bank if you are to receive payments from customers. If you want to pay someone using PayID then you don’t need to set it up on your account, you can simply use their PayID as an alternative to using their BSB and Account no.
So, next time someone asks you to pay them using their PayID, simply access your banking as you would normally. Where you would normally select the BSB etc there should be a dropdown list or selection buttons to opt for say, an email address or phone no. or ABN or whatever the bank allows. Select the appropriate option to suit and you can easily make a payment.
One of the best things about using PayID is that it’s instant. Payment should appear in their account immediately, ideally minimising any unnecessary delays with your purchase!
If you’re not sure about it all or would like to set up your own PayID to quickly and easily receive payments from customers, get in touch with your bank.