Accepting EFT and BPAY

Friction is a cause of lateness

Every extra step between 'I should pay this' and 'done' is a chance for payment to stall. If a customer has to hunt for your bank details, work out a reference, or log into something clunky, the invoice slides down their list. Conversely, when paying takes seconds, many people simply do it on the spot. Payment options are not an afterthought on the invoice — they are part of getting paid on time.

The principle is to make your preferred method the obvious, frictionless one and present it prominently. For most Australian businesses that means clear EFT details and, often, a BPAY option, displayed where the eye lands near the total rather than buried in small print at the foot of the page.

Presenting EFT details

EFT (electronic funds transfer) is the workhorse of business-to-business payment, and it is free to receive. To make it work for you, show the account name, BSB and account number clearly, and — crucially — tell the customer exactly what reference to use, ideally your invoice number. A transfer that arrives correctly referenced reconciles itself; one without a reference becomes a small investigation at your end.

State the reference instruction as plainly as the bank details themselves: 'Please use invoice number INV-1043 as your payment reference.' This single line prevents a large share of reconciliation headaches. Presentation matters too — well-designed invoice templates put the EFT details and reference instruction where customers actually see and follow them.

What BPAY adds

BPAY lets customers pay through their own online banking using a Biller Code and a unique Customer Reference Number (CRN). Its advantage over plain EFT is built-in matching: because the CRN is specific to the bill, payments arrive already tied to the right invoice, which makes reconciliation cleaner and reduces mis-referenced transfers. Many customers also trust and prefer it.

BPAY is offered through your bank or payment provider rather than set up unilaterally, and there may be costs to weigh against the convenience. It suits businesses billing many customers or recurring amounts, where automatic matching saves real time. For a very small operation, clear EFT details alone may be enough — the right mix depends on your volume and customers.

Choosing methods and staying safe

Offer enough choice to remove excuses, but not so much that you create cost and complexity. EFT and BPAY cover most Australian business payments without merchant fees; cards add convenience but bring acceptance costs you may or may not pass on. Match your methods to how your customers actually like to pay, and present your cheapest-to-process option first.

Finally, guard your payment details. A common scam intercepts invoices and swaps in fraudulent bank details, diverting the payment. Keep your bank details consistent, and if they ever genuinely change, expect customers to verify the change by phone before paying — and encourage exactly that caution. Never treat an emailed 'our account has changed' request as trustworthy without independent confirmation.