Australian payments market
Australia’s payment sector is rapidly expanding, integrating best practices from around the world. Volts advanced, real-time system, fueled by PayTo, is a prime opportunity for all merchants to tap into millions of potential Australian customers. Don’t miss out on the chance to be part of this thriving market. Partner with Volt for a seamless integration experience!
What is PayTo?
PayTo is a modern digital payment solution developed in Australia, offering a fast, easy and secure way to pay. It gives consumers more visibility and control over their payments, and enables merchants and businesses to initiate real-time payments from their customers’ bank accounts. Launched in 2023, it is quickly becoming a popular choice for payments. PayTo facilitates 24/7 transactions, even on weekends and holidays. More about PayTo can be found on the official website: https://payto.com.au/.
The key details of PayTo
- Real-time account validation – when a PayTo agreement is created, the account is validated in real-time, reducing errors and exception processing.
- Real-time funds verification – at the time a payment is initiated, available funds are verified to ensure the payment can be made.
- Easy reconciliation – PayTo agreements contain additional information and data to support easy matching and reconciliation.
- Supported by APIs – working with your financial institution or payment service provider, PayTo can be supported by APIs to deliver a seamless process.
- Notifications at each stage of a payment – notifications when an agreement is paused, changed or cancelled will help your business maintain customer relationships.
- Free of charge for shoppers – PayTo is shopper-friendly, with no fees for the shopper.
How Volt payments work in Australia
- The shopper chooses PayTo via Volt at checkout.
- The shopper enters their PayID or BSB and an account number.
- A one-off payment agreement is automatically generated based on the transaction amount.
- The payer then simply approves the agreement using their mobile or online banking.
Once approved, the funds are instantly transferred to Volt’s account. Each transaction is assigned a unique ID for easy reconciliation.