If you’re looking for a free and easy way to pay for items online, check out BPay.
Paying for anything from your shopping trolley to your Internet bills can be done simply and easily through the online payment engine: BPay. What’s more, as a payer you can use it absolutely free. While the payment method is still in its initial stages for use at online stores (see below), it’s a godsend for anyone wishing to pay for services or their bills online. Here are the online stores and merchants that accept payments via BPay.
- DealsDirect (online department store)
- oo.com.au (online department store)
- RedBalloon (experience store)
- Topbuy(online department store)
- Tyroola (car tyre store)
What is BPay?
BPay is an electronic bill payment system that enables payments to be made through a financial institution online, mobile or telephone banking facility to other organisations that are registered BPay billers. It’s an Australian system that was first introduced in 1997, and is equally owned by the Big Four banks. At the time of writing, BPay payments can be made through more than 150 Australian banks, credit unions and financial institutions, more than 45,000 businesses accept payments and each month $24 billion worth of bills and payments are made through BPay.
How does BPay work?
Organisations and businesses must first register as billers with BPay, after which they will be given an operating number unique to their business. This operating number will be displayed on bills or available on request for anyone wanting to make a payment to that organisation. If you wish to make a payment via BPay, simply visit your bank or financial institution’s online banking, mobile banking or telephone banking service. You should be given the option to pay via BPay, at which point you can enter the biller code (as mentioned above), the amount and any reference for yourself and the organisation you’re paying. If you have multiple accounts, you will also be asked to select which one you wish the money to be deducted from. Customers do not need to register for the service or pay a fee for it’s use.
Who generally accepts BPay?
BPay has over 45,000 registered organisations and businesses, so the list of participants is pretty expansive. In general though, BPay is designed to be a bill paying system, so any companies that typically provide monthly bills for their services, such as energy providers, phone companies, broadband providers, insurance companies, and others, should all be listed with BPay. You will also find lots of other retailers and stores that accept this form of payment.
Why don’t more online shops accept BPay as a payment method?
Some do, but the reason that it is not more widespread may be to do with an initial fee to register. New business that wish to set up a BPay account must pay a fee of $600. This is not much to a large energy provider or bank, but to a small storefront, or online business this can be a significant expense. Especially when other payment agents, such as PayPal have no initial fee.
How do you pay BPay with a credit card?
It should be as easy as selecting your credit card as the account you wish to pay from when entering your payment. However, all credit cards are different, and with some it may not be possible to use with BPay. Contact your credit card provider if you wish to setup BPay, and see if it is available to you.
Is there a BPay limit?
This will depend on your bank or the financial institution that you wish to pay the money out of. There may be limits depending on who you’re paying and their registration status, but these limits are usually set very high, so you shouldn’t usually have to worry about ever exceeding your limit. If you are intending to send large sums of money on a regular basis however, it may be worth discussing with your bank before you sign up.
What is the processing time for BPay?
Payments are usually received and acknowledged within the same business day. If you send your payment in the evening, or after your institutions close for business that day, then your payment will be sent the following day.
Pros and Cons of BPay
- Instant payments
- Available on mobile, online or telephone banking
- Hassle free
- Not all online stores or organisations are registered to accept BPay
- High initial charge for new businesses