By RewardPay
When you make a payment through RewardPay, your supplier is paid within two business days of you submitting it. This applies across all payment methods, whether you pay by American Express, Visa, Mastercard or Pay-by-Bank.
Below we explain how the timing works, why it takes two business days, and what can cause a delay.
Submit your payment, and provided we have everything we need, your supplier receives the funds within two business days, counted from when you submit. In some cases we may need something from you first, such as an invoice, an answer about the payee, or the last steps of your account setup. If that happens, your payment cannot progress until you get back to us, so responding quickly is the best way to keep it on track.
The timing reflects how funds are settled, reconciled and then cleared into your supplier’s account.
When you submit a payment, you pay RewardPay first, either by credit card (American Express, Visa or Mastercard) or by transferring the funds for a Pay-by-Bank payment. We reconcile those funds on our side, and provided we have everything we need, we pay your payee by bank transfer the next business day. As with any bank transfer, the funds may then take until the following business day to appear in your payee’s account.
If your payment is finalised in the portal by 5pm AEST/AEDT on a business day, it is paid out the next business day. For deadline-sensitive payments such as the ATO or superannuation, we recommend allowing three to four business days to be safe.
If you have opted to earn loyalty partner points on the payment, they will appear in your business loyalty account within 7 days of the payment landing in your payee’s account.
Most payments move through within two business days without any action needed from you. Delays usually happen when we are waiting on something from you. The most common reasons are:
We need more information about the payment. For your first few payments we may ask for an invoice as part of our due diligence, or we may have a question about the payee. If we need to reach you, the payment cannot progress until we hear back.
Your account setup is not yet complete. If your identity verification is outstanding, or your beneficial owners have not all been added and verified, we cannot approve payments. You can read exactly what we need in our guide, Everything you need to know to set up your RewardPay account for transacting.
The single best way to avoid a delay is to have your account fully set up before you transact, and to respond to any request from us as quickly as possible. If we reach out and do not hear back, your payment will be held until we do.
If you are unsure about the status of a payment or need to get something to us quickly, our Australian based support team is here to help at support@rewardpay.com.au.
Signing up to RewardPay takes about five minutes. Before we can approve your first payment, we complete a few verification checks required under the Anti-Money Laundering and Counter-Terrorism Financing Act. These protect you, your business, and everyone on the platform.
Signing up is free, takes around 5 minutes, and there are no setup fees or ongoing obligations. Click here to register. You will need your ABN, email address, and mobile number. When creating your password, make sure it is unique to RewardPay and stored somewhere safe. Once registered, check your email to verify your email address, then log in and complete a one-time identity verification. Once verified, your account is ready to start making payments and earning rewards.
RewardPay offers three subscription tiers. The Free tier has no platform fee and you only pay a processing fee per transaction. The Silver tier ($79/month) and Gold tier ($159/month) offer progressively lower Amex transaction rates, making them well suited to higher volume businesses. Visa, Mastercard and Bank payment fees are the same across all tiers. All platform fees are billed 3 months in advance and processing fees are a deductible business expense. See our full pricing breakdown here.
RewardPay supports payments to any Australian business with an active ABN – including suppliers, the ATO, superannuation clearing houses, rent, contractors, marketing, utilities, equipment and accounting. Payroll payments are also supported via Visa, Mastercard or Pay-by-Bank. Some restrictions apply – see the RewardPay Terms & Conditions for details.
Still have questions? Chat with us.