What are the Benefits of PayTo for Business?

What are the benefits of PayTo for businesses?

More than just an alternative to traditional direct debit, PayTo improves customer experiences, boosts cashflow and cuts operational costs. From recurring, one-off and ad hoc payments, to online checkouts, in-store payments and account top-ups, PayTo enables customer-centric experiences across the entire user journey touchpoints.

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The benefits of PayTo

Businesses across Australia in a wide range of industries, including travel, financial services and lending, and healthcare are embracing the efficiency and convenience that PayTo offers.

We asked some of our clients to share their experience so far:

Instant reconciliation

With Monoova’s Automatcher, businesses can assign unique account numbers or PayIDs to every customer which acts as a reference, enabling payments to be identified and reconciled instantly. Since this is all done automatically via APIs, it means manual reconciliation and time spent tracking down mistyped or unknown identifiers are a thing of the past.

“From a reconciliation perspective, it's much easier to do and saves businesses a lot of time for the finance team rather than going through records and making sure it matches.”

    Tony Chan, CEO, Wagepay

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Increased cashflow

Unlike BPAY which only processes payments during business hours and direct debit payments that can take days to clear, PayTo payments are made in real-time, 24/7. Funds are settled instantly to your bank account, boosting cashflow.

"The key benefit of PayTo is the cashflow component. With PayTo, you send through the request, receive and approve the PayTo transaction and then you get the funds within the next couple seconds or so. That flow of funds is crucial for any business.”

    Tony Chan, CEO, Wagepay

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Decreased chargeback rates  

Chargebacks are often the result of payments not clearly identified on card statements, customers not approving payments before they happen and, of course, fraud (both friendly and not so friendly). PayTo through Monoova significantly reduces the rate of chargebacks and delivers more successful payments first time with:

• Smooth payment experiences in the customer’s familiar banking app

• Real-time account and funds verification

• Sender and recipient confirmation

• Real-time notifications of payment outcomes

"PayTo is a secure and user-friendly payment method that has significantly decreased our chargeback rates and improved the overall user experience."

    Joey Li, Business Development / Program Manager, International Remittance Program (North America and Oceania), Panda Remit

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Improved customer experience

When it comes to payments, customers need to feel in control, especially during times of inflation, increased costs of living and high costs of doing business. Giving customers the power to review, approve, edit and pause agreements in their banking app is a game changer for customer experience, boosting confidence and loyalty.

“PayTo has enhanced our platform by providing an integrated payment experience. The authorisation process gives clients more control of their money and takes them to the next level of efficiency and ease”

    Tim Wu, Head of Product, WeBull

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“You develop more trust with your customers with PayTo because you are taking them into their online banking portal where they are most comfortable and you’re interacting with them using that.”

    Tony Chan, CEO, Wagepay

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What is PayTo?

Simply put, PayTo is Australia’s new, digital payment solution. Developed by the New Payments Platform Australia (NPPA), it’s a fast, reliable and real-time payment solution for businesses. A smarter alternative to direct debit or BPAY, adopting PayTo now is also a step towards future proofing your business.

We recognise that we need to build a bridge to that future by offering traditional rails as well (BPAY, bank transfers, direct debits, RTGS, FX and online card payments). Offering ALL rails in the Australian market makes us rather unique.

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How does PayTo work?

PayTo puts control over payments and bills in your customers’ hands, while delivering real-time payments to businesses with fewer errors, disputes and declines. Here’s how:

1. A PayTo agreement is issued. Your customer receives a notification via mobile or online banking. They log in to review and agree to the terms with a few taps.

2. The payment is processed in real-time. And funds are made available in the business’s bank account in seconds.

Payments can be one-off, ad hoc or recurring to suit your business’s needs. Customers retain control over their money, able to pause, change and cancel payment agreements on their mobile at any time. And of course, both parties are notified if and when changes are made – in real-time.

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From live to thrive – PayTo and Monoova

Monoova’s first PayTo client went live through our payments API in at the start of 2023. Just one year later, we’ve established ourselves as the only payment provider initiating PayTo at scale. We’re behind 69% of all PayTo agreements* meaning we’re not just early adopters, we’re experts in making PayTo work for your business.

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Ready to get started with PayTo?

With 22 of Australia’s banks already connected, now’s the time to futureproof your business with PayTo. Get in touch with our team today to discover how our account-to-account payment solutions will get your business where it’s going.

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_{*Correct as of March 2024}

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‍_{Monoova Payments Pty Ltd (ABN 38 126 015 227) trading as Monoova (“Monoova”) is the authorised representative of Monoova Global Payments Pty Ltd (ABN 77 106 249 852; AFSL No. 421414 ), the issuer of the Combined Financial Services Guide & Product Disclosure Statement Non-Cash Payment Products and Services dated 20 September 2023. (FSG/PDS). This information is given in summary form and does not purport to be complete. To the maximum extent permitted by law, Monoova does not assume responsibility for, the content, accuracy or completeness of the information presented. Before acting on any information you should consider the appropriateness of the information having regard to these matters and seek independent legal, financial and tax advice. To the extent that the information contained above is sourced from third parties or provides link to third party websites, Monoova takes no responsibility for the accuracy, currency, reliability and correctness of any information included in the material provided by third parties nor for the accuracy, currency, reliability and correctness of links or references to information sources (including internet sites) operated by third parties. To the extent that the information contained above is sourced from third parties or provides link to third party websites, Monoova takes no responsibility for the accuracy, currency, reliability and correctness of any information included in the material provided by third parties nor for the accuracy, currency, reliability and correctness of links or references to information sources (including internet sites) operated by third parties}