New resource coincides with and supports the rollout of PayTo, a new, national account-to-account payment network set to replace Direct Debit
GoCardless, a global leader in direct bank payment solutions, has today announced the launch of PayTo University; a free online course designed to assist businesses of all sizes get up to speed with the Australia’s latest payment infrastructure, PayTo, which the New Payments Platform Australia (NPPA) launches today.
PayTo is an instant account-to-account payment method that will replace Australia’s traditional Direct Debits in approximately three to five years, and is being welcomed by the payments industry as a game-changer for its smarter, safer and faster transactions.
GoCardless’ new course, PayTo University, is made up of bite-size modules that allow learners to conveniently complete each chapter at their own pace. It combines video segments from key experts, information-rich content and interactive test modules to help users grasp the basics of PayTo and how it can enrich their business in the near future.
According to Luke Fossett Director of Australia and New Zealand Sales at GoCardless, PayTo has been incorporated into GoCardless’ product roadmap since 2020 and the Australian team has actively been working with merchants over the past year to understand their needs and use cases.
“We found that when we initially started pitching the benefits of PayTo to our customers, most of them had never heard of it before. Once we walked through the benefits, it was a no-brainer – but we realised most of our customers and prospects would require a simple, informative way of learning how PayTo can benefit their business specifically – and that would likely be true for the broader business landscape.
“We believe most merchants will require more time, preparation and knowledge to be ready to switch across from the current technology in the coming months-to-years. Many of them require more support and a holistic, platform-driven approach to their payments setup. We hope that the launch of PayTo University, alongside hands-on assistance from the GoCardless ANZ team, will help to make this process as seamless as possible,” he said.
“Of course, there’s no one-size-fits-all approach to payment infrastructure and for anyone seeking individual support to find out how PayTo might impact their business day-to-day, our team is always on-call to help.”
“The NPPA has done an excellent job of working with payment providers to introduce PayTo. However, it’s now up to us to drive education and awareness amongst merchants everywhere, and their customers. There’s still a lot of work ahead.”
Once integrated across the Australian personal finance and banking space, PayTo will be able to potentially eliminate credit card fees, while reducing fraud and preventing failed payments in real-time while giving payees greater control with all PayTo mandates approved or modified directly from their banking app.
The conventional Direct Debit system will eventually be replaced by this new network in the next three to five years.
Like PayID, PayTo allows merchants and businesses to initiate real-time, verified payments from their customer’s bank accounts- except the customer now has full control over billing by authorising payments from within their banking app or online account.
Unlike other payment methods, such as cards or BPAY, PayTo agreements are designed to be cost-effective and flexible. The system will also enhance the user experience of payments, which have traditionally been manual and prone to human error.
The network’s rich data capability can also benefit accounting processes, which will lead to less headaches and administrative downtime for business owners.
Source: Fintech Australia
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