PayTo is an Australian payment solution that allows businesses to initiate real time payments from customer bank accounts after receiving explicit approval through a digital agreement.
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Key takeaways
- Customers approve a PayTo agreement once
- Businesses initiate payments in real time
- Customers can pause or cancel agreements
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How PayTo works step by step
- Customer reviews and approves a PayTo agreement
- Agreement defines amount, frequency and purpose
- Business initiates payments under the agreement
- Funds settle in real time
- Customer can manage the agreement at any time
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What is a PayTo agreement
A PayTo agreement is a digital payment authority that defines how and when a business can debit a customer account. It replaces paper based direct debit forms. PayTo is designed for authorised real time payments. Businesses comparing options often review PayTo vs PayID before choosing a solution.
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Benefits of PayTo for businesses
- Faster settlement
- Lower failed payments
- Better reconciliation
- Improved customer trust
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FAQs
Is PayTo regulated in Australia
‍Yes. PayTo operates within Australia’s regulated payments framework.
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Can customers cancel PayTo agreements
Yes. Customers can cancel or pause agreements at any time.
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