BPay

BPay is a payment method in Australia allowing Internet banking or telephone banking payments to registered BPay merchants.

The BPay scheme was launched in 1997 and now most Australian banks, credit unions and financial institutions are participating members, covering around 90% of Australian consumer bank accounts.

Fees

The BPay scheme sets a fee, called the Capture Reimbursement Fee (CRF), for BPay payments. The CRF is paid by the biller's financial institution to the bill payer's financial institution, so the fee is not directly paid by the consumer.

The BPay fees as at 1 December 2006 [ [http://www.bpay.com.au/about/bpay_today.aspx BPAY - BPAY Today ] ] are:

BPAY payment from a debit account
* 45.1 cents per transactionBPAY payment from a credit card account
* 40.7 cents per transaction; plus
* 0.297% of the transaction value.

In addition to these fees paid by the biller's bank, the biller's bank will charge fees to the biller according to their individual fee policies. These fees cover the costs incurred by the biller's bank, plus a commission.

External links

* [http://www.bpay.com.au/ BPay website]

References