Any invoices issued by Grow can be paid via PayTo.
Most Australian banks support PayTo, including:
Macquarie Bank (CMA - not the Accelerator account)
ANZ (including ANZ V2 Accounts)
CBA
Westpac
NAB
etc
How to pay a Grow invoice via PayTo
When you receive an invoice from Grow, if you click the online invoice link (Review and Pay) you will have the option to pay via credit card and PayTo.
Select PayTo, enter your SMSF name as the bank account name, "Full name" as well as your SMSF BSB and account number.
You will then receive an authorisation approval via your mobile banking app to approve.
You need to authorise the payment.
When you enter your SMSF bank account details, you will have 30 minutes to approve the payment via your online banking or mobile banking app.
Depending on your bank, you may get multiple notifications:
Requesting approval for the PayTo payment.
Confirmation of the payment.
Cancellation of the PayTo agreement (where it is a one-time ad-hoc payment).
Is PayTo an ongoing Direct Debit?
PayTo can be used for both one-off payment authorisations or recurring arrangements.
When using PayTo to pay a Grow invoice, it is a one-off, ad hoc payment authorisation, not an ongoing Direct Debit agreement. This is why you get a confirmation of the PayTo and then a cancellation soon after.
Additional fees for PayTo
There are no additional fees for paying a Grow invoice via PayTo.
Any processing fees (of up to $5 per transaction) are incurred by Grow.
When paying via PayTo, you only pay the amount on the invoice, even though the Xero confirmation may indicate a higher payment was made.
Do I have to use PayTo?
No. You can continue to pay via other methods, such as EFT transfer.
To authorise a PayTo payment, you need to log in to your banking app and approve it; however, it is simpler than a manual payment as you don't have to worry about ensuring the amount, reference number and other details for the payment are correct because the PayTo payment is linked directly to the invoice issued by Grow.