What is PayID
PayID is a payment method widely used across Australia that's designed to simplify the process of sending and receiving money, making it easier to link your payment details with a recognisable identifier.
How PayID works
PayID works by establishing a unique identifier with your payment details that can be used to quickly move money between parties.
The tutorial below shows how PayID works in Symbion Elite Rewards.
PayID benefits
PayID adds a range of benefits to Symbion Elite Rewards Fast Payments feature.
Simplicity: You don’t need to remember or share complex bank account numbers.
Speed: Transactions are often processed quickly, usually within minutes.
Security: Since you’re not sharing your bank account details, it adds an extra layer of security to your financial transactions.
What you need to know about PayID
When setting up a PayID payment through Symbion Elite Rewards there are some important things you need to know.
Your payment details are only valid for 36 hours
Once this time has expired the payment details will be canceled and you will receive an email notifying you. In this situation your funds will not be debited from your account.
You’ll make your payment through your bank account
To complete the PayID payment process you will need to log in to your bank account and make a payment to the PayID details you’ve created in the Symbion Elite Rewards Platform.
EonX is the payment processor
Symbion Elite Rewards Fast Payment feature is operated through EonX Services PTY LTD, as such, you’ll see their name as the payment destination in your PayID details. They are simply acting as the payment processor, or ‘middle-man’ for your payment.
Have questions?
Do you want to know more about PayID? Simply request a call from your local Customer Success Representative.
