We’re always looking for ways to make it even simpler for businesses to offer and pay via BPAY.
Which is why we’re introducing functionality so that organisations can use their business customers’ ABNs as a customer reference number (CRN). It’s our first real foray into the world of business-to-business (B2B) payments given BPAY has traditionally been a way for consumers to pay businesses.
The reason why ABNs are being used as CRNs for B2B payments is because they are numbers most enterprises require from their business customers for tax compliance purposes. Plus, when a business uses its customers’ ABN as a CRN, it makes it easier to identify when a commercial customer has made a payment, as it already has this information on file. It’s a great way to verify this information, ensuring integrity in payments.
One example is superannuation payments. Businesses such as clearing houses and payroll providers can make payments to super funds using an ABN, which helps to verify which businesses have met their requirements to pay superannuation contributions on behalf of their staff.
We have been able to introduce this functionality because ABNs already have a check digit that allows them to be used as a CRN.
For more information, please contact your Financial Institution.
Published by BPAY Pty Ltd. BPAY is offered by over 150 Financial Institutions. Contact your Financial Institution to see if it offers BPAY and to get the terms and conditions. This is general advice – before using BPAY please review the terms and conditions and consider whether BPAY is appropriate for your personal circumstances.