What’s PayTo and how does it work?

PayTo is a digital alternative to direct debits that allows you to set up ‘payment agreements’ with businesses or merchants who offer PayTo as a payment option. This can make it easier to manage your bills, memberships and other expenses. 

The use of PayTo is subject to the PayTo conditions of use set out in section 5 of the Macquarie Electronic Banking Terms and Conditions.

When will PayTo be available for my account?

PayTo is now available for the following accounts:

• Macquarie Transaction Account
• Macquarie Savings Account
• Macquarie Offset Account
• Macquarie Business Savings Account

Payment agreements give you:

• Greater control: You can view, authorise and manage your payment agreements via the Macquarie Mobile Banking app or Macquarie Online Banking. You can see when payments are due, although an exact date might not be provided. You can also pause, cancel or make certain changes to your payment agreements at any time.
• Convenience: Use your bank account or PayID directly for payments that previously needed a card. PayTo works with BSB and account number and/or PayID. 
• Security: Macquarie Authenticator is required for all payment agreements with a payment amount of over $5,000 and payment agreements that have no payment amount specified, so you can have the confidence that your transactions are secure.

You can set up payment agreements with businesses or merchants who offer PayTo as a payment option. You’ll need to provide the business or merchant with certain information, such as your BSB and account number and/or PayID.

It’s important to note you must have an Australian mobile number registered with Macquarie to view payment agreements in Macquarie Mobile Banking app or Macquarie Online Banking and/or provide instructions in relation to payment agreements.  

If you’ve set up Macquarie Authenticator, the payment agreement will appear as a push notification in the app for you to authorise. If you do not have Macquarie Authenticator, this notification will appear in the Macquarie Mobile Banking app and Macquarie Online Banking. Once authorised, your account will be debited in line with the terms of the payment agreement between you and the business or merchant to pay for goods and/or services. This could be a one-off, ad-hoc or recurring payment with a payment amount that may be fixed or variable.

Please note that it’s your responsibility to ensure that you carefully consider any Payment Agreement request before you provide your authorisation. Macquarie will not be liable for any loss that you suffer as a result of any payment processed by us in accordance with the terms of a Payment Agreement.

When the payment comes through, you will receive a notification that the payment has been debited from your account. There won’t be a need to reauthorise. If you have insufficient funds, the debit will fail and you will receive a notification that the payment has failed.

Please note that Macquarie Authenticator is required to authorise the following payment agreements set up with businesses or merchants:

• Payment agreements with a payment amount of over $5,000; or
• Payment agreements that have no payment amount specified as they are variable, such as an electricity or mobile usage payment.

See below for information regarding migrated direct debit arrangements.

Payment agreements are a digital alternative to the existing direct debit system. It’s up to the business or merchant to decide whether to move their direct debit arrangements over to PayTo. If you have an eligible account, you should check with the business or merchant to see if they can support PayTo.