CheckVault is a specialist payment service that holds funds in escrow for businesses. Buyers transfer funds to CheckVault’s secure facility and when the work is complete, the seller sends a request to receive the payment CheckVault has held while the work has been completed.
Alexander Walrut, CheckVault’s Chief Operating Officer, explains BPAY delivers substantial value to the business given it receives many high value payments from clients.
For instance, Checkvault has become a popular service in the construction industry. Clients send funds for CheckVault to hold in escrow while the builder completes the work. These payments can be in the tens or hundreds of thousands of dollars.
“When transferring funds through a bank transfer, typically the bank will have a transaction limit lower than the amount of money that needs to be held in escrow.”
Aside from the ability to safely transfer large amounts of money, Walrut explains BPAY also offers numerous other benefits. For example, transfers can be done online, making it quick, easy and convenient to make payments.
In addition, Walrut says when people use bank transfers to send money there can be a higher risk they will make a mistake when entering the reference number or the amount. But this is not an issue with payments made with BPAY.
“The ability to match payments with customer reference numbers means we have an audit trail,” he adds.
From a reputational perspective, Walrut says being able to offer BPAY gives CheckVault added credibility. “BPAY is regarded as a sophisticated payment option, which reflects well on our business.” He says CheckVault does not accept cash or cheques and that BPAY is by far the most popular payment option.
Walrut explains the implementation process was simple, and the finance team worked with CheckVault’s bank over a two-week period to build it into its payment system.
“BPAY is a no brainer for a business like ours. Any firm that deals with high value payments on a daily basis should use it, especially if they engage with retail clients.”
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Published by BPAY Pty Ltd. BPAY is offered by over 150 Payer 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.