Payer information for Receive a Deposit

The payer’s financial institution may have specific steps they may need to go through to approve a PayTo agreement, such as receiving a SMS confirmation or going through two-factor authentication.

Multiple payers

If more than one person wants to organise their deposit payment, you can simply take each payer through the platform separately.

How will I know the payment has been processed?

Both the sales agent and payer will receive an email confirmation for each payment that the payment is being processed.  

Your accounts department will be able to confirm and reconcile, as per usual processes, when the deposit money has been received in the Statutory Trust Account. 

What if the payer wants to pay their deposit using a foreign currency?

Receive a Deposit can only process payments  in Australian Dollars from an eligible account held at a participating Australian financial institution. 

What if the payer wants to pay their deposit from a joint account?

Payers can provide details of a personal account that is held in joint names to pay their deposit. The account will need to be PayTo enabled and held with a participating financial institution. 

Some financial institutions may not allow PayTo payments to be authorised from joint accounts where both account holders are required to authorise the payment. Payers should refer to their financial institution.

I’m seeing an error message during the payment process

If you see any error messages during the Receive a Deposit process, our troubleshooting guide will help you.

From which financial institutions can a sales deposit be collected through Receive a Deposit?

A sales agent will be able to collect a deposit using Receive a Deposit from an eligible account held with a participating financial institution registered for PayTo.

Can I accept deposits in more than one Statutory Trust Account at a time?

As a Sales Agent, you can only collect deposits into one Statutory Trust Account. If you no longer require access to your existing linked Statutory Trust Account, your NAB Connect Admin can update your access in NAB Connect.