BPAY is a widely accepted payment system in Australia that can be used to pay for a variety of common items. This can include taxes, car registration, driver’s licence and more. Payments are made via a person’s bank account and will be transferred to an organisation using their biller code. The customer must also enter a reference number that relates to the payment and business, mainly for tracking reasons.
In terms of BPAY betting sites, this payment method is available for customers to use via a local betting site. A lot of bookies have a BPAY notification system via their website or mobile app. This allows customers to notify the betting site that a payment has been made via BPAY. You just need to enter the deposit amount and as a result, this will speed up the process of approving the payment on the bookmaker's end.
While there isn’t a decided mobile app for BPAY payments, it’s widely available on a Bank’s mobile app. The process will depend on which bank you’re a member of. But in general, it should be an easy and quick process of transferring money via a mobile app.
At the moment, there are four main betting sites that have BPAY deposit options available and they’re all Australian owned. By signing up to these Aussie owned and operated betting sites, you are helping the Australian economy grow. It’s always good to support local businesses and you can generally find some very unique features that can’t be offered by the bigger International companies.
Advantages and Disadvantages
There are pros and cons of using any payment method and let’s discuss what you can expect by using BPAY.
- Popular option in Australia: BPAY isn’t just used for betting sites, it’s one of the most widely used payment methods in Australia. The majority of people would’ve used BPAY to pay their taxes or car registration so it will be a familiar system for most.
- Safe payment option: As this is a bank to bank transaction, it’s going to be a lot safer and more secure compared to other options.
- Easy to use: It’s an easy to use system as you only need to enter a couple of details to get started.
- Australian owned: BPAY has been around for over 20 years and is 100% Aussie owned.
- Slow payment processing time: The nature of the banking system can mean slower processing time. So you’re going to find that BPAY will provide a slower process time in comparison with instant deposit options. But in general, it will usually only take 1 business day.
- Not widely accepted for deposits: BPAY is not widely accepted among International and some Australian betting sites. This is mainly because it requires a bookkeeper or accounts team to keep track of the payments, which isn’t an ideal system. However, this is more of a negative for a business owner than the general public.
- Can’t withdraw: BPAY is only available for depositing funds and cannot be used to withdraw funds into a bank account. Instead, a bank account transfer is the only way to withdraw money into your bank account.