BPAY: How can it benefit you?

In a nutshell, BPAY is an easier way to pay your bills. You’ve probably heard of the service from the prominent advertising campaign, but here's how you can make it work for you.

BPAY: Centralised payments

Used by over 150 financial institutions, BPAY is a safe and centralised way to pay all of your bills. Avoiding the need to send cheques in the post (which can always leave nagging doubts in your mind as to whether payment has been received, until the next formal confirmation) and visit the bank in person, BPAY works alongside telephone and Internet banking. A national electronic bill paying service, BPAY was jointly developed by Australia’s main financial institutions and if a bill displays the BPAY logo you will be able to pay that bill through telephone or Internet banking.

BPAY security and documentation

One concern you might have if you’re comfortable with traditional banking is that BPAY may not be safe, however BPAY is very reliable. The only information that passes through the BPAY system is the biller code, your customer reference number, the amount being paid, whether payment was made via telephone or Internet, date of payment, the type of payment account you are using and the name of your bank. No personal or account details are sent to BPAY at any point during the payment process. BPAY payment is processed within your bank’s secure system and only the relevant financial institutions have access to important information. So, much the same as banking in person, all of the sensitive processes are carried out within your bank.

The service can be used anytime and anywhere, since it is via Internet and telephone, and payments can be made via a cheque, credit card or savings account. If you’re worried about documentation of transactions, your online banking website will almost certainly provide you with a receipt that you can print out each time you make a payment. As an additional benefit, bills can be sent directly to your Internet banking website, avoiding unnecessary use of paper by removing the need for traditional bills to be sent to your postal address. This is called “BPAY View” and is already used by over 390,000 Australians, so as well as having access to your bank account 24 hours a day, seven days a week, you can manage and view bills online wherever, whenever.

Making Bpayments: How to use BPAY

If you haven’t already registered for telephone or Internet banking it’s a very simple process, with step by step instructions no doubt offered on your banking institution’s website. Once you have done this you will find an option to pay by BPAY on your bank’s website, with the distinctive BPAY logo clearly shown.

  • Firstly register for the telephone or Internet service with your bank
  • Find the BPAY logo on your bills (if you can’t see it, it’s possible that the billing company does not yet support BPAY)
  • Call the number for your bank’s telephone banking service or log in to your bank’s website
  • Select the BPAY or “bill payment” option and follow the instructions
  • You will need the “biller code” from the bill you wish to pay, as well as your customer reference number and the amount you owe
  • Once you have used the service you will be issued with a receipt number

Your Internet banking will remember billers that you have previously paid (as with the “pay anyone” option), and you can store institutions requiring regular payment as a favourite biller with most online banking sites. Some online banking sites may allow you to schedule for bills to be paid at a later date rather than straight away (delay your payment) or set regular payments (weekly, fortnightly or monthly). BPAY’s official website offers guides for signing up for BPAY View service to pay bills by a range of financial institutions.

BPAY for flights, holidays even superannuation

BPAY isn’t limited to paying credit card, water or energy bills, also being eligible for use in a number of other useful situations. You can use BPAY to pay for flights and holidays or for school fees. You can also make superannuation payments and pay into investment options. Furthermore, you can use BPAY to pay online retailers, such as pharmacies. Also able to pay for services and trades, BPAY is a considerably varied payment method that combines payments in one place, evidently simplifying expense management.

It’s clear that the main benefit of BPAY is the opportunity to not only pay your bills in one place, quickly and easily, online or via telephone, but also manage and view all of your bills in the same place. A summary of your bills and their due dates could prove an invaluable tool in the fight to maintain control of your outgoings.

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