Mint Streamlines Bank Transfers with PayID for AU Travel Businesses

Sydney, Australia – November 20, 2024 – Mint Payments is proud to introduce PayID into its Mint Virtual Terminal platform, which sits alongside Mint’s existing card acceptance solutions. This will revolutionise how travel agents and travel companies in Australia accept consumer bank account payments.  

Leveraging Australia’s national fast payments infrastructure, this integration empowers merchants to leave behind outdated, manual bank transfer processes and embrace real-time payments with unmatched security, reduced costs, and simplified operations, all embedded directly into existing checkout flows. The result? Increased efficiencies, fewer payment delays, and more time for merchants to focus on what truly matters—delivering unmatched travel experiences to their customers. 

Why Adopt PayID with Mint? 

It’s time to move away from inefficient, manual bank transfers. Here’s why PayID is the smarter choice for Australian businesses: 

• Real-Time Payment Notifications: Stop chasing payments! PayID confirms payments instantly, giving you peace of mind and faster access to funds. 
  
  
• Cost-Effective Payment Solution: Cut down on payment processing costs with PayID, a low-cost alternative to credit cards that aligns with the Australian Government’s push for affordable payment solutions.
  
  
• Seamless Customer Experience: Give your customers a secure, real-time payment option via PayID, alongside traditional card payments at checkout. 
  
  
• Streamlined Invoicing: Generate invoices with embedded payment links, making it effortless for clients to pay. 
  
  
• Enhanced Cash Flow Visibility: Unified reporting consolidates PayID and card transactions, providing a clear view of your inbound cash flow. 
  
  
• Effortless Reconciliation: Detailed settlement reports and enhanced data fields simplify reconciliation, saving time and reducing errors.
  
  
• Bank-Grade Security: With robust authentication and secure addressing, PayID ensures transactions are protected, reducing the risk of fraud. 
  
  
• Save Time, Focus on Growth: Streamline operations and eliminate manual intervention, empowering merchants to prioritise what they do best—delivering amazing travel services. 

Meeting the Moment: Why PayID is Perfect for Today’s Market 

Mint’s Virtual Terminal has been optimized over the past year to better support merchants with tools that drive efficiency and reduce complexity. With potential changes to surcharging regulations and the Australian Government advocating for lower-cost payment options, the launch of PayID is a timely solution. Through Mint Virtual Terminal, merchants can now offer PayID for real-time bank transfers while benefiting from Least Cost Routing on Debit and EFTPOS cards—delivering more value to customers and staying competitive. 

A Word from Mint’s CEO 

“We’re calling on merchants to break free from outdated bank transfer processes and adopt PayID—a faster, smarter, and more cost-effective payment solution,” said Alex Teoh, CEO of Mint Payments. “This integration eliminates the inefficiencies of traditional bank transfers and positions merchants to meet the demands of a modern, security-conscious, and cost-sensitive market. PayID is just the beginning; we’re committed to rolling out more payment options to give merchants and their customers greater flexibility and convenience.” 

For more information about Mint’s PayID integration click here, or speak to our sales team. 

About Mint Payments: Mint Payments is an Australian fintech simplifying payments for complex businesses. With innovative, end-to-end solutions, Mint empowers merchants to thrive in a fast-changing world.  

About PayID® - PayID has been simplifying customer-initiated payments for Australians since 2018, enabling instant payments 24x7. Supported by over 100 Australian banks and financial institutions, PayID eliminates the need to share BSBs and Account numbers, streamlining addressing and providing greater security by using easy identifiers like emails or ABNs that help eliminate confusion around incorrect account details. 

PayID is a registered trademark of NPP Australia Limited.