When processing transactions via our platform we provide you with the option to make payments using Bank Transfer as the funding source. When you choose this option, it's important to note that we do not store your bank details for direct debit requests. Instead, you will need to transfer the funds to our bank account from your online banking platform.

To process a Bank Transfer payment, follow the steps as listed below:

Step 1: Create a Payment

  1. Login to our platform.
  2. Click Create Payment, select your preferred payment type and proceed to complete the payment creation process.
  3. When you arrive at the Payment Processing page, choose "Bank Transfer" as the funding source.
  4. Proceed to Authorise and Process your payments.

Step 2: Transfer Options

After completing the payment setup, a popup window will appear, providing you with transfer details. You have two options for transferring funds:

Option 1: PayID (Faster - Instant Payment)

PayID is our preferred option for transferring funds as it ensures faster processing. PayID enables instant payments, allowing us to receive your funds quickly and pay your payees promptly. To make a PayID transfer, follow these steps:

  1. When adding PayID details in your online banking platform, select the "Email" option.
  2. Enter your unique PayID email address, which is assigned to your account.
  3. Similar to EFT transfers, ensure you use the reference code provided in the popup window, which will be different for each new payment.
  4. Proceed to process the payment from your internet banking account.

Option 2: EFT (Slower - Overnight Payment)

EFT, or Electronic Funds Transfer, is a slower payment method that typically takes one business day to complete. To proceed with an EFT transfer, follow these steps:

  1. Log in to your online banking platform.
  2. Create a new payee called "Payment Logic" or "Yak Pay" using the BSB and account numbers displayed in the popup window within our platform.
  3. Each time you create a new payment, make sure to use the unique reference code provided in the popup window.
  4. Proceed to process the payment from your internet banking account.

Once we have received the funds we will recognise the funds have been received and notify you via email. We will then forward the funds to your payees, typically around 5pm on any given business day. The funds will then be received overnight by your payee(s).

By following the steps outlined in this article, you can successfully make payments via Bank Transfer in our system. PayID offers the advantage of faster processing, allowing us to serve you and your payees more efficiently. However, if PayID is not available with your bank, you can opt for EFT as an alternative method.

Info: Some banks do not support PayID payments. To check if your bank supports this payment method Click Here.

If you need any further assistance or have any questions, please email us or schedule a call by Clicking Here.