BPAY Biller Case Study: (June 2007)
BPAY says making a voluntary super contribution can now be done within a few moments, thanks to the almost 200 different super funds offering this payment option.
And while making a simple BPAY super payment is particularly convenient with tax time looming, it is also useful for self employed people who make payments whenever they have additional cash flow, or anyone wanting to make an un-deducted super contribution at anytime.
“Once upon a time – not very long ago in fact – there was no other option than writing a cheque, mailing it and having it manually processed at the other end,” says BPAY General Manager Andrew Arnott.
“It’s now faster than making a cup of tea,” he says. “Australians are familiar with BPAY – they’re comfortable with it and they don’t need training. There are no forms, which means no struggling with paperwork.”
As one of 97 super providers adopting BPAY, AMP’s Director of Savings & Retirement, Peter Nicholas, says speed, cost and convenience are the reasons why investors are turning to their PC, rather than their chequebook, to make super payments.
“BPAY is one of our fastest growing payment methods,” says Nicholas. “We’ve seen a 40 per cent rise in payments via BPAY over the past 12 months.”
“It’s no surprise when you consider BPAY is paperless, immediate and available 24/7. The manual process of writing a cheque could mean missing a payment deadline,” he said.
With its biller database growing by the day, BPAY is no longer simply a vehicle for paying ‘recurring’ bills such as the gas and electricity. Voluntary superannuation contributions are one of 15,000 payments that can be made via BPAY.