You know how it goes. Maybe you’re out to dinner and someone doesn’t have their wallet. Maybe someone was late on their share of the electricity bill. Sure, in the past, things like this might have caused tension. In fact, we found in a recent Galaxy Research report that almost a third of Australians have fallen out with a friend or family member over unpaid IOUs. However with real-time payments between eligible accounts being introduced to a number of financial institutions, the ability to pay people back will become so much easier.
Check out some of the most common ‘I owe you’ scenarios, and see how real-time payments can stop IOUs from coming between you and a good time.
Take the tension out of travel
It has been a jam-packed day. You and your travel companions rented bikes to ride down to the beach, hired snorkeling gear, checked out the reef, then topped it off with some cocktails and a flamenco dancing lesson at a seaside club. You check your balance before your next drink and notice you’ve paid for most of the activities today. In the past, this may have led to some tension among the group. Not anymore.
If you and your fellow travellers are eligible for real-time payments, you don’t have to wait to get paid back for trip expenses. Using your PayID – a unique, easy to remember identifier such as your phone number or email address – you can get paid back in a jiffy.
Create household harmony
Let’s say someone in the house pays for groceries, then the electrical bill and then for the Netflix account. If you don’t pay your share of the bills on time, you might be getting the cold shoulder while you’re trying to enjoy Stranger Things.
There’s an easy solution. Get every bill-paying member of the house to create a PayID. As well as real-time payments, you can also send more detailed descriptions of the payment, helping you keep better track of everything in the house. You’ll be able to budget better knowing which payment is for the internet bill, which is for the groceries and so on.
If you need more of a boost for your budgeting, Splitwise helps people living together split the bills as they come in and keep track of who has paid for what. The app even sends friendly email reminders so you don’t have to slip into payment chasing mode.
No doubts on a night out
You’ve had a great time at dinner, when all of a sudden someone has to leave and they’ve asked you to cover their half of the bill and they’ll pay you back. Before they leave, check if their bank is set up for real-time payments. That way, rather than giving them your BSB and account number they can use your PayID and send you their half straight away through a real-time payment. Don’t forget to include any tips or additional service charges from the restaurant when you split up the costs.
Are you keen to rid yourself of IOU stress and take advantage of real-time payments? All you need to do to get ready is register your PayID. You can do that now, right here: https://www.ing.com.au/everyday-banking/pay-id.html
Real-time payments can be made between accounts at participating financial institutions under the New Payments Platform. Payments made from an Orange Everyday bank account through the New Payments Platform will be capped at $1,000 per day per account. ING customers can receive real-time payments on the following accounts: Orange Everyday, Savings Maximiser, Savings Accelerator, Business Optimiser, Orange Advantage and Mortgage Simplifier.
Source: Survey conducted by Galaxy Research for ING, January 2018
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