PayTo FAQs

PayTo

Take charge of recurring bills, such as subscriptions and memberships, with PayTo—directly from your Horizon Bank Account.

What is PayTo?

PayTo is a digital payment method that allows users to pre-authorise payments from their bank accounts. It utilizes the New Payments Platform (NPP) and is expected to be supported by banks, building societies, and credit unions starting from mid-2022. PayTo provides a fast, efficient, and secure way to make payments, giving users real-time visibility of their transactions.

Users can manage their payments through their existing online banking, ensuring the security of their transactions. PayTo offers the convenience of using either a PayID or a BSB and account number to set up payments quickly. It will be progressively rolled out as more merchants, businesses, and fintech companies adopt it as an alternative payment method.

Overall, PayTo provides a user-friendly and secure way to manage and execute payments, offering convenience, control, and peace of mind throughout the payment process.

How it Works?

PayTo operates by storing agreements in a secure and encrypted database managed by NPP Australia, the organization responsible for the New Payments Platform. The first step involves pre-authorizing a PayTo agreement, which outlines the payment terms between the payer customer and the merchant or business.

PayTo serves as a convenient and efficient alternative to the current direct debit system. It accommodates various payment types, including fixed or variable amounts and different frequencies.

With PayTo, you can:

• Easily and securely make payments from your bank account.
• Access and manage all your PayTo agreements in one location.
• Control your money better by pausing, resuming or cancelling payments at your convenience.
• Stay informed about upcoming payment due dates to ensure sufficient funds are available, avoiding late fees or charges.
• Choose between using a PayID or a BSB and account number for payment setup.

Rest assured that PayTo agreements are accessible within our internet banking page, providing the same level of security as your other banking data.

How to start using PayTo?

To initiate a PayTo agreement, the merchant, business, or service provider sets up the agreement. This agreement, including the payment terms such as the amount and duration of payments, will then appear within our internet banking interface under the “PayTo” tab. You can establish this agreement while interacting with the merchant in person, at a digital checkout, or over the phone.

The process typically involves the following steps:

• Merchant Payment Terms: The merchant specifies their payment terms, detailing the amount and duration of the payments.
• Select PayTo Option: When prompted, you choose the PayTo option as your preferred payment method.
• Provide Payment Details: You provide either your PayID (a unique identifier linked to your bank account) or your BSB/account number, depending on the requirements set by the merchant.
• Authorization: You authorise the PayTo agreement within your banking app or internet banking platform. This step confirms your consent to the terms of the agreement.
• Instant Payment: Once authorised, the merchant can receive payment instantly, in accordance with the agreed-upon terms of the PayTo agreement.

By following this process, you can establish and authorise PayTo agreements, allowing for seamless and efficient payment transactions with merchants, businesses, or service providers.