Timing is everything. Scheduled bills mean peace of mind for both companies and customers.
It’s no secret that BPAY bill scheduling allows your customers to time their payments to perfection. But the story doesn’t end there. The ability to arrange payments that arrive on the due date also ushers in a raft of other benefits for biller and customer alike.
Boost cash flow
According to BPAY Senior Product Manager Michelle Sullivan, scheduled payments can provide businesses with the reassurance of regular income streams.
“BPAY scheduling means that businesses know they’re going to receive their money on time, which gives them confidence around their all-important cash-flow situation,” Sullivan says.
“Better cash flow obviously makes it easier for companies to pay their own bills, while guaranteed cash reserves enable them to operate more effectively and efficiently. The other big benefit for companies is that payments made via BPAY are irrevocable, so the funds are guaranteed clear and they also usually get them earlier.”
BPAY offers customers more control, convenience and security around the way they pay their bills
BPAY Senior Business Analyst Paul Traynor adds that BPAY scheduled payments can also generate administrative benefits.
“When payments are late, businesses have to send reminder notices and engage in follow-ups and chase-ups for customers who haven’t paid, which means extra cost and extra time,” he explains. “Also, because all of the payment scheduling is actually handled at the bank, using BPAY can translate into less processing and administrative effort on the biller side.”
For consumers, the benefits of scheduling payments via BPAY are also numerous. For starters, BPAY offers customers more control, convenience and security around the way they pay their bills.
“With BPAY scheduling, customers don’t have to hand over their financial and account details to the biller, which they’d need to do with a direct debit arrangement,” Sullivan says. “However, they can still enjoy the certainty of knowing when the money is going to come out of their account.
“With a BPAY scheduling system, customers set the payment amount, choose which account that payment will come from, and choose the date they want the payment to be made,” Sullivan says. “Or they could even set up a recurring schedule so that a payment occurs at the same time every month.”
Sullivan adds that BPAY scheduling is also ideal for those who routinely juggle their finances between different accounts from payday to payday. BPAY not only gives consumers the option of which account they’d like to pay their bills from, they can also change the specified account with ease whenever they need to. “In contrast, a direct debit arrangement won’t give you that flexibility. You nominate a single account and you can’t change it.”
Scheduling also eliminates the need to set reminders that a bill is due, which is a win-win for both customers and billers.
“When a BPAY View bill comes in, customers are alerted straight away, and then once again when a payment is about to happen, so they can make sure the funds are available,” Traynor says. “It can give them peace of mind knowing when the bill comes in, so they don’t have to set themselves some sort of manual reminder. Of course, this is also a benefit for the biller, as there’s a much higher chance of payments being honoured.”