PayID® for business

What is PayID?

Your PayID is a unique identifier linked to your business account and can be your email address, mobile number or ABN. Once you create a PayID, you can give it to customers instead of your BSB and account number to make paying and getting paid easier. In most cases, payments made using PayID are received almost instantly.

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A better way to pay and get paid

Rather than wait hours or days for money to clear, payments made using PayID are received almost instantly. This makes it easier to know where your business stands financially.

Make paying easier for customers

Give customers your PayID instead of your BSB and account number to make it easier for them to pay you. They know their payments are going to the right place because your business name appears when they enter your PayID.

Improve your cashflow

Receive payments from customers and suppliers sooner and make payments on the due date to keep your money longer.

Fast payments

Payments made with PayID are sent and received through the Fast Payments system, in real time 24/7, in most instances within seconds. PayID doesn't replace your BSB or account number, it's just an easier alternative.

Easier bank reconciliation

You can create descriptions of up to 280 characters when making payments to accounts which have a PayID. This makes it easier to identify and categorise payments when doing your bank reconciliation.

Simple and secure payments

Reduce the risk of fraud or payments being sent to the wrong account, as you and customers can see the name of the person or business when paying.

Protect your business with PayID

Low cost

Easily take payments with no extra overhead and no need for an EFTPOS machine or a subscription to a payment service.

What you need to register your business for PayID

You must own or have the authority to operate an eligible business account such as one of our popular business transaction accounts.
Either your phone number, email address or ABN (Australian Business Number) .
When ready, follow the instructions below or alternatively you can view our step-by-step instructions to Create a PayID for your business for NAB Internet Banking and the NAB app.

How to create a PayID for your business

It’s easy to set up a PayID for your business. Simply follow these steps below and once done you can start using it straight away.

Instructions

Login, opens in new window and select Payments and select ‘PayID register’.
Select Create PayID and select an account you would like to use with your PayID.
Choose the PayID you want to create - phone number, email address or ABN.
Choose the PayID name you would like to use for your business.
If you used an email address or a mobile number as your PayID, you’ll need to complete the verification process.

You’ll receive a confirmation message that your PayID is now ready. Remember to display your PayID on your invoices along with your BSB and account number.

1

Step 1

Go to nab.com.au and select 'Internet Banking' from the drop-down menu.
2

Step 2

Enter your 8 to 10 digit user ID, and your password. Then select Login.
3

Step 3

Once you've logged in, click Profile & Settings. Select 'PayID Settings' from the drop-down menu.
4

Step 4

Select Create PayID.
5

Step 5

Read and accept the PayID Terms of Use, tick the check box, then select Next.
6

Step 6

Select the eligible account to link to the PayID.
7

Step 7

Choose the type of PayID (email address or mobile number). Businesses can also choose their ABN.
8

Step 8

Confirm the PayID is available by selecting Check availability.
9

Step 9

Select your PayID name from the options below, and select Next.
10

Step 10

A security code will be sent to your mobile phone or email (depending on the PayID being registered). Type the code into the field and select Submit.
Complete

You have now created your PayID.

1

Step 1

Log into the NAB App on your device.
2

Step 2

Tap More in the bottom menu.
3

Step 3

Tap Settings.
4

Step 4

Tap Payments.
5

Step 5

In the list, tap View and create PayIDs.
6

Step 6

Read the information, then tap Create a PayID.
7

Step 7

Tap Select an account to link.
8

Step 8

Tap an eligible account to receive payments to.
9

Step 9

Tap Select a PayID type.
10

Step 10

Enter your phone number or email address.
11

Step 11

Tap Select a PayID name.
12

Step 12

Tap a name to help other people identify you.
13

Step 13

Check the information then tap Create PayID.
14

Step 14

A code will be sent via SMS to your registered number or email address.
15

Step 15

Enter the security code sent to you and tap Confirm.
Complete

Your PayID has been created.

1

Step 1

Log into the NAB app on your device.
2

Step 2

Tap the Menu icon in the top left.
3

Step 3

Tap Settings.
4

Step 4

Tap Payments.
5

Step 5

Tap View and create PayIDs.
6

Step 6

Read the information, then tap Create a PayID.
7

Step 7

Tap Account.
8

Step 8

Tap an eligible account to receive payments to.
9

Step 9

Tap PayID.
10

Step 10

Select PayID type, and enter your phone number or email address.
11

Step 11

Tap PayID name.
12

Step 12

Tap a name to help other people identify you.
13

Step 13

Read the information then tap Create PayID.
14

Step 14

A code will be sent via SMS to your registered number or email address.
15

Step 15

Enter the security code, and tap Confirm.
Complete

Your PayID has been created.

How the payment options compare

PayID is a great way to pay and get paid through Fast Payments, but you still have other payment options with Overnight or Real Time Gross Settlement (RTGS) payments.

	Fast Payment	Overnight payment	RTGS payment
Cut-off times	Fast Payment Payments are processed 24 hours a day, seven days a week.	Overnight payment 6pm for accounts at other financial institutions.	RTGS payment 3.50pm.
Timeliness of payment	Fast Payment Close to real-time. Funds are sent and received in under 60 seconds in most instances.	Overnight payment From a few hours to overnight or longer on weekends.	RTGS payment Usually less than two hours only available during business hours.
Payment confirmation	Fast Payment Real-time payment confirmation.	Overnight payment No payment confirmation.	RTGS payment No payment confirmation.
Information sent with the payment	Fast Payment 280 characters and remitter name and timestamp.	Overnight payment 18 characters and remitter name.	RTGS payment 140 characters and name and address of benficiary.