BPAY Brokers 2021 - Which Brokers Accept BPAY?
BPAY is an online payment system based in Australia. The bill and digital banking system is popular among Australian forex and CFD trading brokers, as well as banks, building societies and merchants. Here we’ll cover BPAY as a deposit and withdrawal method for traders, including any payment limits, fees and processing times. We’ll also detail sign up and registering, the login process, and explain how to create an account.
Note: this review does not cover the BPay product by Barclays Plc.
BPAY Pty Ltd. is a subsidiary of Cardlink Services Limited, which is owned by four major banks, including the Australia and New Zealand Banking Group, the Commonwealth Bank of Australia, and Westpac. Other e-wallet entities under the BPAY Group, whose head office is in NSW, include Osko and Sypht. Each business aims to simplify payments between companies and clients.
Over 60,000 businesses offer BPAY online transaction options to pay bills from BAS, Yarra Valley Water and Vodafone to Optus, St George Bank, UBank, and Macquarie Bank. It’s also a convenient payment method for Australian retail traders.
Pros Of Trading With BPAY
Easy To Use
Using BPAY is quick and easy with a supporting YouTube channel for tutorials and consumer training videos. Traders can simply choose BPAY from the available payment methods in the broker’s account and make a deposit.
BPAY is a low-cost payment provider with traders often paying zero fees. With that said, some merchants and brokers may not cover processing costs. It’s worth checking the broker’s website before making a payment.
The company offers a secure and easy access portal where customers can view, pay and store bills, sending instant statements and receipts. BPAY View receives good reviews from customers and means traders can fund their trading account alongside paying bills.
To become a compliant biller, merchants must have an ACN or ABN and a banking relationship with an Australian financial institution. Businesses such as Xero have integrated BPAY payments within their operations portal. As a result, clients get a secure and reliable payment option.
Cons Of Trading With BPAY
BPAY is primarily available in Australia, which will rule out some traders and brokers. It is not clear whether the payment method will be rolled out to more countries.
Limited Customer Support
The BPAY Group does not have a support contact phone number or email address. Support services are limited to an FAQ section. Traders will need to contact their bank or broker for assistance for any payment issues, disputes, cancellations, and delays.
No Refund Protection
Unlike some credit cards, banks cannot get refunds or reversals on any BPAY payments if a business service fails. You will need to contact your bank if you have made a payment error, used the wrong biller code or customer reference number, or if payments are not received by recipients.
With that said, a BPAY Group news feature did suggest an API download was coming that would be focused on error correction and payment reversal to all scheme members.
Payment deposits are confirmed instantly however processing and weekend cut-off times vary by bank. Brokers also have their own processing timelines which can cause delays in funds reaching or leaving trading accounts.
BPAY payments are made within the secure environment of your online banking portal. All operations are compliant with legal obligations including the Australian Privacy Principles. To help prevent issues, clients and traders should be wary of using the correct information, from invoice biller codes to customer reference numbers, as this will help to prevent mistaken payments.
BPAY Deposits & Withdrawals
To make payments, locate the BPAY logo within your trading account, follow the on-screen instructions and enter the deposit amount. Maximum and minimum payment limits, daily transfer amounts and processing times may differ.
Note, BPAY accepts payments from savings, cheques, direct debit and credit cards, including Amex, Westpac, ING, ANZ, and NAB.
BPAY does not charge fees to traders, however brokers may have their own processing charges. Deposits are usually free at established brokers, such as FP Markets, but it is worth checking for withdrawal fees.
Note, incorrect payment sends may be liable for bank recall or trace fees. Also, using digital e-wallet services such as BPAY and PayPal may help in avoiding credit card surcharges.
Is BPAY A Good Choice For Traders?
BPAY is a fast and secure online payment transfer system, well established in Australia. However, there is limited customer support, along with minimal refund and dispute options which require bank branch involvement. Still, for Australian traders, it could offer a convenient portal to manage trading funds alongside day-to-day bills.
Is BPAY safe?
All BPAY payments are made through secure telephone mobile app or online banking devices. Personal or account details are not visible during the payment process.
Can you BPAY to a bank account and how does it work?
Yes, find the BPAY icon biller code and CRN on your bill. Log in to online banking, select BPAY, your account, and enter the payment details, including the amount and transaction date.
What’s a BPAY biller and CRN code?
CRN is a unique reference number businesses use to identify your account or the invoice you are paying, 2-19 numerical length. Biller codes are the merchant identification code names.
Can I use BPAY from my credit card?
Yes, but you should check whether you are being charged as a purchase or cash advance.
What are the benefits of using BPAY vs bank transfer?
BPAY payments tend to clear faster and within one business day. Also, easy reconciliation via unique customer references and smarter billing through BPAY View means this is the preferred payment method for many Australians.
Can direct debit instalments be set up with BPAY?
Yes, it is suitable for regular set payments. BPAY View Autopay allows for one-off payments up to transactions every 18 months. You can also set a maximum limit.