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10 benefits of using PayID

6 April 2022 | 4 min read

We all know the feeling of typing out BSB and account numbers and triple checking you’ve used the right numbers. What if we told you there’s a simpler, more secure way to make payments?

Let us introduce you to PayID.

What is PayID?

PayID is a fast and secure way to make and receive payments. It uses your mobile number, email address or ABN as a simple alternative to a BSB and account number.

Already, 10 million Australian consumers and businesses are reaping the benefits of PayID. So whether you want to use it for personal transactions or business payments, you can benefit from PayID too.

Benefits of using PayID

1. Know you’re paying the right person

By using your mobile number, email or ABN, there’s less chance of mistyping your BSB and account number. Plus, PayID transactions help you confirm you’re paying the right person or business by displaying the payee name for confirmation.

2. Fast processing

Gone are the days of waiting 2 business days for your payments to hit your account. PayID works with the New Payments Platform (NPP) to process payments in minutes anytime of the day.

3. It’s easy to set up and use

PayID is completely free to use, easy and fast to set up in your e-banking. It’s as simple as logging into your e-banking app and following the prompts to register your mobile number or email address as your unique identifier.

4. Easy to remember

Receiving payments with your PayID means you don’t need to remember your BSB and account number. Simply share your simple identifier (that’s your mobile number or email address) and get paid with peace of mind.

5. Send and receive money with confidence

Whether you’re selling an old couch on Facebook Marketplace or splitting the bill with friends, you can make and receive payments with confidence, and see the money in your account right away.

6. Safe and secure

PayID has safeguards in place to protect users from fraud. This includes identity verification during setup and activity monitoring for misuse. Plus, it provides clear visibility over who you’re paying.

Added benefits of using PayID for businesses

7. No cost, subscription-free

PayID is a no-cost solution for your business payments. Whether you're paying a supplier or receiving payment for your products online, PayID makes digital payments more accessible to small businesses using a simple email address, ABN or mobile number.

8. Improves your cash flow

PayID payments could improve your business cash flow and improve customer experience. PayID user and Geelong Candle Co business owner, Melissa Young, says "Customers will do things that are easy, but if it takes too much effort, forget it. With PayID, it’s just so simple."

9. Reduces lost payments

Mistyped BSB and account number risk payments going missing. This can affect your cash flow and result in costly admin time chasing your funds. PayID minimises the risk of user error when making payments, and incorrect payments can be identified and reversed faster.

10. Fraud protection

The NPP is certified to the highest data security standards and is monitored 24/7.

With scams on the rise, security measures exist to ensure fraudsters can’t impersonate businesses or payees. Before payment is confirmed, customers can confirm the business name or name of their payee adding an extra level of security. PayID’s case study provides a real experience of fraud protection in action.

Setup your PayID with Bendigo Bank

Bendigo Bank is excited to have been part of the New Payments Platform from the day it launched. Business and personal banking customers can set up their PayID via e-banking, the Bendigo Bank app, in a branch, or over the phone.

Any advice provided in this article is of a general nature only and does not take into account your personal needs, objectives and financial circumstances. You should consider whether it is appropriate for your situation. Please read the applicable product disclosure statement(s) on our website before acquiring any product. 

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Bendigo and Adelaide Bank acknowledges Aboriginal and Torres Strait Islander peoples as the First Peoples of this nation and the Traditional Custodians of the land where we live, learn and work. We pay our respects to Elders past and present as it is their knowledge and experience that holds the key to the success of future generations.

Bendigo and Adelaide Bank Limited, ABN 11 068 049 178 AFSL / Australian Credit Licence 237879. Any advice provided on this website is of a general nature only and does not take into account your personal needs, objectives and financial circumstances. You should consider whether it is appropriate for your situation. Please read the applicable Disclosure Documents before acquiring any product described on this website. Please also review our Financial Services Guide (FSG) before accessing information on this website. Information on this page can change without notice to you.

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