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PayTo: Which banks are ready for the payment revolution?

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Last editedNov 20221 min read

Are you ready to collect payments in a faster, more secure way? PayTo is a new digital way that your business can initiate real-time payments direct from your customers' bank accounts. 

You can read our in-depth explanation of PayTo in our blog here, but to put it simply: imagine a faster and more flexible alternative to Direct Debit that can also verify customers instantly when they set up new mandates. PayTo offers you an alternative way to collect payments without the high fees and failure associated with credit cards, and without the manual errors that can come from your customers using other forms of manual push payments. Oh, and did we mention the best part? PayTo can also collect instant one-off payments so that you can collect those all-important first payments through direct bank payments too. 

Good things come to those who wait

PayTo technology is so new that many banks are still in the process of connecting to it. So while Australia is getting PayTo ready, you can sign up now with GoCardless now to start collecting Direct Debit payments, then seamlessly start taking both PayTo and Direct Debit payments side-by-side once the banks are ready. 

This means if your customer doesn’t have access to PayTo we can take the payment by traditional Direct Debit and then migrate them once their bank offers PayTo.

Not sure which banks are ready yet? Check out our bank coverage table below.  

PayTo Bank Coverage

Bank Current Status
Commonwealth Bank Live from September 2022
Great Southern Bank Live from September 2022
Bendigo and Adelaide Bank - BEN Live from October 2022
Delphi Bank (part of Bendigo and Adelaide Bank) Live from October 2022
RACQ Live from October 2022
Defence Bank Live from October 2022
Police and Nurses Bank Live from October 2022
Bank Australia Live from October 2022
BankWAW Live from October 2022
First Option Bank Live from October 2022
Horizon Bank Live from October 2022
National Australia Bank - NAB Not Live
Westpac Not Live
Macquarie Bank - MQG Not Live
Australia and New Zealand Banking Corp Not Live
Bank of Queensland Not Live
HSBC Australia Not Live

We’re going to keep this list updated, so you can regularly check back for updates on how the banks are progressing.

Bank Coverage table last updated: 23 November 2022

What should I do if a bank isn’t ready to offer PayTo?

Unlike other payment providers, GoCardless gives you access to both Direct Debit and PayTo in one place. This means you can collect payments using Direct Debit and as a bank goes live with PayTo, we can migrate your customers over to PayTo mandates without you needing to do anything. The benefit of this approach is that your customers won’t need to make any manual changes to their payment agreements, and neither will you! Plus with PayTo your customers can continue to pay through the method they’re used to - including invoices, payment links in emails or through the checkout on your website. 

To walk you through all of the benefits and exactly how PayTo works with your existing strategy, we’ve launched PayTo University - a free, online learning platform that you can use at your own pace. 

I’m ready to get paid faster

Talk to us about your current payment strategy, how you can use PayTo, and all things payments by getting in touch now.

Over 70,000 businesses use GoCardless to get paid on time. Learn more about how you can improve payment processing at your business today.

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