Use PayID and collect money quickly, without mistakes.
A class collection is a great way to give your teacher an extra special gift. But organising one can be a logistical nightmare.
Sometimes it’s hard to see people in person to collect their cash, and giving out your BSB and account number can be a headache. All those numbers!
Then there is that awkward moment when someone says they have transferred money to you, but there is no sign of it in your account. Is the money still coming or did they accidentally pay the wrong person?
PayID takes the stress out of class collections:
- You don’t have to share your BSB and account number
- It reduces mistakes
- You receive money instantly into your account
- It’s easier to see what the money is for thanks to longer descriptions
- You don’t have to download a new app – it’s all done inside your usual banking app
Here’s how it works:
All you need to do:
- If you don’t already have a PayID, log in to your banking app and find or search PayID in the menu. Follow the prompts to select your phone number or email address to be your PayID that is linked to your bank account.
- Give your PayID (your phone number or email address) to the people you are collecting money from. If they haven’t heard of PayID before, tell them they can use it instead of a BSB and account number inside their usual banking app when they are making the payment to you.
The people paying you just need to:
- Log in to their internet or mobile banking, start making a payment and look for ‘pay to a PayID’ (or mobile number/email address) in the ‘pay someone’ function.
- Enter your PayID and they will see your name before they make the payment so they know they are paying the right person.
- They can include a longer description – up to 280 characters
“For coach’s present, from Sally! Thanks for organising! 😊” (that’s right – they can even use emojis!). - Once they hit confirm, the money arrives in your account instantly!
For more information, speak to your bank.
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