Ezypay processes its first live PayTo transaction through their integration with aXcelerate
Ezypay has announced its first live transaction using PayTo, the fast, efficient, and secure way to digitally pre-authorise payments from a bank account, processed through integration partner, aXcelerate, the award-winning student management system (SMS).
The milestone renders aXcelerate as one of the first providers in the vocational education and training (VET) sector capable of processing PayTo payments, leveraging the full suite of benefits PayTo has to offer.
PayTo is a secure, fast and easy digital way to make real-time pull-payments directly from bank accounts. Launched in mid-2022, it is the latest innovation in payments technology in Australia. Ezypay positioned itself as one of a small number of payment service providers capable of processing PayTo payments on day one. Central to PayTo is real-time payment processing, which eliminates the standard three-day Direct Debit response time and allows billing outside of business days. The new payment method is expected to give students more control over how they pay, whilst equipping education providers with enhanced customer validation to help reduce security risk. As a superior alternative to Direct Debit, PayTo will enhance the collection of funds for Education Providers, reducing the administrative overheads and poor customer experience that traditional forms of failed payment follow-up can bring.
aXcelerate CEO, David O’Rourke, detailed how PayTo will benefit the education and RTO space and aXcelerate. “More and more aXcelerate clients are diversifying their course offerings to provide a breadth of long and short courses, both accredited and non-accredited, and this is indicative of the whole sector. With the need to improve cash flow a priority for any business, particularly in the current economic climate, Ezypay’s ability to offer PayTo to our clients is timely value enhancement to the aXcelerate platform.”
Partnering in 2019, Ezypay and aXcelerate continue to offer education providers with a seamless learning management experience by incorporating flexible automated billing within the existing aXcelerate platform. The integration enables businesses to offer multiple payment options to students, including PayID, direct debit and credit card, and to improve revenue collection rates through advanced failed payment handling capabilities.
Ezypay CEO James Foster, commented on the partnership with aXcelerate and the recent milestone, saying, “As a leader in the subscription payment market for 27 years, Ezypay is incredibly proud to work with aXcelerate to make this industry-changing payment solution available to its customers. Supporting partners such as aXcelerate is at the heart of what we do as a business, and I look forward to many more announcements like this.”
As the rollout of PayTo continues amongst the major Australian banks, both Ezypay and aXcelerate aim to enable more Australian trainers to process student tuition fees through the revolutionary payment method.