Sniip now Allows Business Payments to BSB / Account Numbers

[serfty]

Seems there are some hoops to go through including recipient ABN.

BSB + Account Numbers - Sniip

Everything You Need To Know. Your Ultimate Guide to Bill Payments from a BSB + Account Number via Sniip! FULL BENEFITS and $0 FEES.

sniip.com

 

[Franko Costa]

I've submitted a couple already - what is the fee?

 

[serfty]

I've submitted a couple already - what is the fee?

I belived it to be whatever the normal fees are, such as used for BPay payments.

 

[Franko Costa]

I

I belived it to be whatever the normal fees are, such as used for BPay payments.

Are they the personal or business rates?

 

[serfty]

Are they the personal or business rates?

Both, depending on card type/payee ...

 

[daft009]

So looks like sniip has finally started BSB/ACC payments to suppliers

 

[tuan_nobel]

quite a convoluted process to get bsb-acc set up, but still, that's a good direction.

 

[slowbro]

I wonder whats the turnaround of them reviewing the uploaded invoices and approving it

 

[daft009]

quite a convoluted process to get bsb-acc set up, but still, that's a good direction.

Yeah I added 2 bills late last night, still waiting for them to be approved. They do say 2 business days iirc

 

[Rembrandt]

quite a convoluted process to get bsb-acc set up, but still, that's a good direction

I was thinking the same, but came to the realisation there must be strict requirements they need to adhere to as you could use direct deposits for many other things other than paying invoices.

 

[Franko Costa]

I was thinking the same, but came to the realisation there must be strict requirements they need to adhere to as you could use direct deposits for many other things other than paying invoices.

Like what

 

[Rembrandt]

Like what

I don't know what's so funny.

Sniip may need to make sure payments are going to legitimate businesses etc over simply paying money into some random persons bank account etc. Once again sniip is a payment facilitator and there are regulations they need to follow. Otherwise it would be a simple case of customers entering in a BSB and account number without uploading an invoice for sniip to review.

 

[daft009]

Yeah I added 2 bills late last night, still waiting for them to be approved. They do say 2 business days iirc

mine got approved last night but they flagged as 2.19% for amex so forget it. i'll just use pay.com.au which is slightly cheaper (i am already on their premium plan)

 

[serfty]

I don't know what's so funny.

Have you not come across the term "Manufactured Spend"?

 

[Franko Costa]

Have you not come across the term "Manufactured Spend"?

Maybe not.

I have a lot of invoices to pay, but at 2.19% the cost of acquisition is too high

 

[bernardblack]

Yes, I submitted a biller (electrician) Friday evening, they were approved late Saturday night, then I had to verify my account, which took from submission yesterday afternoon until just now.

And then the rate offered is the business one, which is more than the direct Amex payment option through Stripe that the biller's invoice has. So I'm webchatting with Sniip now just to make sure there isn't something I can tweak so as to pay the personal rate. If not, I'll just use the direct Amex option.

 

[bernardblack]

OK, they came back with: They have a list of industries that Amex won't allow them to process at all, and a list that Amex will allow at the consumer rate. Anything else (which includes electrical trades, apparently), gets the business rate.

So I just paid direct.

 

[Franko Costa]

OK, they came back with: They have a list of industries that Amex won't allow them to process at all, and a list that Amex will allow at the consumer rate. Anything else (which includes electrical trades, apparently), gets the business rate.

So I just paid direct.

Yes this is what they told me. They also said that their margins were 0.03% on these payments that I do not believe in the second. There are other providers that are cheaper than this where you can pay BSB ACC