Westpac and FeeSynergy
Helping your business with innovative solutions.
In today’s digital environment, the accounting and legal professions demand a more innovative technology-driven approach to managing cash flow. We’ve collaborated with FeeSynergy1 to provide digital payment solutions to address these needs.
FeeSynergy provides accounting and legal firms with an end-to-end automated debtor management solution to improve and manage their cash flow. The solution integrates with leading practice management systems and features an embedded payment process powered by Westpac.
Features and value to your business
- Free up working capital - reduce outstanding payments by giving your clients the flexibility to pay quickly and simply.
- Direct Debit module - allows users to easily set up and manage Direct Debit arrangements via bank account or credit/debit cards in a flexible and secure environment.
- Embedded online payment gateway - secure online payments available 24/72 powered by Westpac.
- Client self-service invoices and statements - total integration lets your clients ‘self-serve’ invoice information.
- Automated payment reminders - tailored email reminders prompt your clients to settle their accounts without the need for manual follow-up.
- Secure - assists your business in minimising Payment Card Industry Data Security Standard (PCI-DSS) obligations in a convenient and secure way 24 hours a day, 7 days a week.
- Fully integrated engagement letters module and access to Equifax credit information and analysis+.
Our products and services
The following Westpac products and services can be used in conjunction with FeeSynergy:
PayWay — online receivables platform
PayWay is a comprehensive, secure, internet-based receivables solution that enables customers to effectively automate and manage payments through multiple channels.
- Convenience for your customers – Offer your customers a wider choice of online payments options including credit and debit card payments and Direct Debit.
- Store payment details in our secure customer vault and trigger payments as needed or set-and-forget regular schedules.
- Virtual terminal enables staff to process credit card transactions for ad hoc payments.
- Increased payment automation and reconciliation functions.
- Seamless integration through an embedded trusted frame (iframe) into your existing webpage.
- Minimise your compliance obligations when receiving sensitive payment information online.
PayWay process flow
- Choose payment options
Choose the payment option you want to offer (Virtual Terminal, Recurring Billing etc.).
- Customer makes payment
Your customers make a payment using any of the payment options offered by your organisation.
- Transaction is processed
Each transaction is processed, and your nominated Westpac account is credited when funds are received.
- Receive payment files and reports
You receive detailed daily and monthly payment files and reports on the PayWay website.
Merchant ID
Merchant ID (MID) is a unique identifier given to you by Westpac. This enables you (the merchant) to securely accept card payments via your PayWay facility.
Business Transaction Accounts
Find out more about the features, fees and charges for our Business Transaction Accounts.
Westpac Online Banking
- Convenience - manage your banking anytime2, anywhere from your compatible devices.
- Efficiency - save time on business administration tasks.
- Take advantage of our many payment options such as Funds Transfer, Pay Anyone, BPAY® and more.
- Create recurring and future dated payments.
- Search up to 3 years of account transaction history and 7 years of account statements (for eligible accounts) online for faster reconciliations.
- Access Merchant statements, transaction and settlement data.
- Control - manage who can access your Online Banking on behalf of your business and customise what they can see and do.
Dedicated onboarding and support
For your benefit, we’ve outlined the onboarding journey so you can be clear on where things are up to and who you can contact at any point.
Onboarding journey
Depending on the state in which you’re based, with your consent, your dedicated local Relationship Manager will contact you to introduce themselves, discuss your needs and guide you through the identification process using the Information We Require checklist to set up your business. Once we understand your needs, you’ll be introduced to an Implementation Manager who will guide you through the process of acquiring the appropriate services:
- Bank account opening
- PayWay and Merchant ID set up
- Westpac Online Banking set up.
If you’re new to us, we’ll need to make sure we capture everything required to set you and your business up within our systems. The Implementation Manager will guide you through the process and documentation including:
- Discussing account signatories
- Internet banking requirements
- Declaration forms
- Merchant ID application forms (if applicable).
Once all the identification documents have been returned and the identification process is completed successfully, your Implementation Manager will issue documentation to establish the products and services discussed.
Your Implementation Manager will liaise with FeeSynergy to finalise the integration with PayWay.
As part of the implementation process your Implementation Manager will also demonstrate how to navigate your digital banking platforms (Westpac Online Business Banking, PayWay) to efficiently manage all products and services implemented by us and FeeSynergy.
Pricing schedules
Find below detailed pricing schedules and details of applicable fees for the suite of Westpac products that form part of the FeeSynergy package. Other fees and charges may apply in addition to those listed in the pricing schedules below. Any other applicable fees and charges will be disclosed and agreed as part of your agreement with Westpac.
Please note reduced or waived fees only apply in conjunction with the FeeSynergy package. Our standard pricing applies to all other banking services that are not specifically stipulated as reduced or waived.
PayWay Fees and Charges3
| PayWay Service | Item type | Change cycle | Price excluding GST | Price including GST |
|---|---|---|---|---|
| Establishment Fees | ||||
| PayWay Establishment Fee | PWSESTAB | Per service | $100.00 | $110.00 |
| Transaction Fees | ||||
| Recurring Credit Card Transaction Fee4 | PWSCCREC | Per transaction | $0.30 | $0.33 |
| Recurring Direct Entry Transaction Fee | PWSDEREC | Per transaction | $0.30 | $0.33 |
| PayWay Virtual Terminal Transaction Fee4 | PWSCCVT | Per transaction | $0.20 | $0.22 |
| PayWay Refund Transaction Fee4 | PWSCCREF | Per transaction | $0.20 | $0.22 |
| Monthly Fees | ||||
| PayWay Participation Fee | PWSMONTH | Per facility | $20.00 | $22.00 |
| Other Pricing | ||||
| PayWay Dishonour Fee | PWSDEDIS | Per transaction | $2.50 | $2.75 |
| Other PayWay Fees (not applicable for FeeSynergy Solution) | ||||
| Fraud Guard Transaction Fee5 | PWXFRGRD | Per transaction | $0.05 | $0.055 |
| MCR online (transaction routing fee)5 | PWMCR | Per transaction | $0.0005 | $0.0006 |
| PayWay Change Request Fee5 | PWCRFEE | Per service | $700.00 | $770.00 |
| Visa and Mastercard Secure Code Mthly Fee5 | PWX3DSEC | Per month | $10.00 | $11.00 |
Merchant Service Fees – PayWay Services
Our current fees and charges are set out below. We may introduce new (and change existing) fees and charges in line with the ‘Merchant Business Solutions Card Acceptance by Business Terms and Conditions’. A detailed explanation of all fees and charges that may apply can be found in 'Your Guide to Merchant Fees and Charges' at westpac.com.au/merchant-terms.
| PayWay Service | Charge cycle | Price excluding GST | Price including GST |
|---|---|---|---|
| Merchant Fees | |||
| Merchant Service Fee (MSF) | Per transaction | Direct 0.263% | Direct 0.290% |
| Interchange Fees | Visa/Mastercard Interchange fees are charged by Westpac to cover the fees payable to the card issuer that supplied the card to your customer. They are applied on credit and debit transactions calculated as a % or as a per transaction charge depending on the type of card being processed. Calculated on a gross, net, or volume basis. UnionPay Interchange fees for UnionPay credit and debit transactions are charged by Westpac to cover the costs incurred by us associated with processing UnionPay transactions. These are calculated using rates which we set as a percentage of the value of the transaction and are based on our overall costs associated with UnionPay interchange fees. The rate is applied to the value of UnionPay transactions in a monthly statement cycle. We review and adjust this rate on a periodic basis to reflect any changes in costs we incur from UnionPay. Calculated on a gross, net, or volume basis. |
||
| Scheme Fees | Scheme Fees are charged by Westpac to cover the costs associated with Visa, Mastercard and UnionPay processing your transactions. These fees will vary depending on factors such as the brand of the card scheme (Visa, Mastercard or UnionPay), where the card was issued (Australia or overseas), and the transaction value. Calculated on a gross, net, or volume basis. | ||
| EFTPOS Purchase MSF6 | Per transaction | Blended 0.458% | Blended 0.504% |
| Minimum MSF if monthly MSF does not exceed $22.007 | Per merchant ID | $20.00 | $22.00 |
| Additional Fees | |||
| Chargeback Fee | Per item | $30.00 | $33.00 |
| Excessive Chargeback Fee | Per item | $25.00 | $27.50 |
Important information
Proposal
This proposal is intended to give you a broad summary of the products and services available and is for discussion purposes only. It is not a formal offer by us to provide any product or service. At this stage there is no intention to create legal relations between us even if you give us approval to proceed. We may enter into a formal contract later when all the terms and conditions have been agreed. Final formal credit approvals by us and any other verification required from you will be sought prior to entering into a contract with us. The availability of any or of all the products, services and facilities referred to in this document is also subject to completion of Westpac’s and where required, industry-wide, standard documentation. Only those communications that are in writing from us may be considered as a response to any request or clarification in relation to this document.
Confidentiality
This document contains commercially sensitive information and is provided by us on the basis that it will be treated as strictly confidential. This document may not be reproduced, restated or otherwise disclosed in any manner whatsoever, whether in whole or in part, without our prior written approval, except as compelled by law or for analysis within your organisation.
Intellectual property
Ownership of the intellectual property on systems, services and products described in this document will remain vested in Westpac.
Accuracy
We do not give any representation or warranty (express or implied) that the information in this proposal is complete or accurate other than to the extent required by law.
Variations
Subject to the law and the terms and conditions of this proposal and for certain products, we may vary any of the terms and conditions in this proposal without notice after the date of this proposal.
Our disputes resolution
Sometimes you may want to talk about problems you are having with us. We aim to resolve your complaint at your first point of contact with us. So please raise your complaint with any of the people handling your banking or you can contact us 8am – 8pm, 7 days a week, from anywhere in Australia by:
- Phone: 1300 130 467
- Email: Go to www.westpac.com.au, click on ‘Contact Us’ and then ‘Feedback and complaints’.
- Mail: Reply Paid 5265, Sydney NSW 2001
If you remain dissatisfied with the outcome you can ask for an independent review by your Westpac Customer Advocate or raise it with the Australian Financial Complaints Authority (AFCA):
Australian Financial Complaints Authority
- Phone: 1800 931 678
- Post: Australian Financial Complaints Authority GPO Box 3 Melbourne VIC 3001
- Online: www.afca.org.au
- Email: info@afca.org.au
Fees and charges
Conditions, fees and charges may apply to products and services referred to in this document. These may change or we may introduce new ones in the future.
For further information, please refer to the:
- Merchant Terms and Conditions, available at www.westpac.com.au/merchant-terms,
- Deposit Accounts for Business Customers Terms and Conditions, Online Banking Terms and Conditions and Business Debit Mastercard Terms and Conditions available at: www.westpac.com.au,
- PayWay Terms and Conditions, available at PayWay Terms and Conditions
- FeeSynergy terms and conditions available on request, and
- Disclosure documents for any other selected product or service, including the Terms and Conditions or Product Disclosure Statement if applicable.
Referral fees
Our merchant services business has arrangements with a number of intermediaries who introduce customers. Further details in relation to commissions and benefits we pay is available in the Westpac Retail and Business Banking Financial Service Guide and Credit Guide accessible here (PDF 249KB).
Taxation disclaimer
Any taxation position described in this proposal is a general statement and should only be used as a guide. It does not constitute tax advice and is based on current tax laws and their interpretation. Customers must seek their own independent tax advice in relation to their individual circumstances.
Things you should know
To be eligible to apply, your business must be registered in Australia.
The information in this document is general information only and does not take your personal objectives, financial circumstances or needs into account. Consider its appropriateness to these factors before acting on it.
- The FeeSynergy product solution is used in conjunction with Westpac’s product PayWay. FeeSynergy is an independent organisation and does not form part of the Westpac Group. In addition to the agreement with Westpac for the PayWay product and a merchant agreement to provide you with a Merchant ID to start taking card payments, an agreement will also need to be entered into with FeeSynergy to use their services. Westpac Group expressly disclaims liability for any loss or damage whatsoever (including but not limited to indirect or consequential loss) which is suffered or sustained by you in connection with FeeSynergy.
- Subject to system availability.
- PayWay Fees and Charges are debited from your nominated PayWay billing account.
- Merchant Service Fees apply to accept credit / debit cards. Refer Merchant Service Fees (MSF) for PayWay Services in the table above.
- These fees will apply when additional features in PayWay are activated. The fee amount quoted is only valid for the following modules: Virtual Terminal, Recurring Billing and Customer Vault (Credit/Debit Card and Direct Entry).
- Charged as a % of the transaction value and/or a flat fee per transaction, depending on the type of card being processed. Calculated on a gross, net, or volume basis.
- $22.00 per EFTPOS or eCommerce facility if the cumulative charges for Mastercard, Visa, UnionPay (applicable products only), EFTPOS Purchase Merchant Service Fees, Interchange Fees and Scheme Fees per month fall below $22.00.
+May be subject to fees as advised by FeeSynergy
Applications for merchant services are subject to approval. Terms and conditions, fees and charges apply. Full details are available on request. The fees set out in this document may change or we may introduce new ones in the future. Read the disclosure documents for your selected product or service before deciding. Unless otherwise specified, the products and services described in this document are available only in Australia from Westpac Banking Corporation ABN 33 007 457 141 AFSL and Australian credit licence 233714.
If you are an existing merchant customer, please refer to your offer letter or email and the documents that form your agreement for the merchant facility, including the ‘Merchant Business Solutions Card Acceptance by Business Terms and Conditions’ and ‘Your guide to merchant fees and charges’ for further details.
Further information on interchange fees applied by Visa and Mastercard dependent on presented card type can be found under:
Visa: https://www.visa.com.au/about-visa/interchange.html
Mastercard: https://www.mastercard.com.au/en-au/business/overview/support/interchange.html
Mastercard® is a registered trademark of Mastercard International Incorporated. Visa is a registered trademark of Visa International Service Association. UnionPay is a trademark of UnionPay International Co. Ltd.
BPAY® registered to BPAY Pty Ltd ABN 69 079 137 518.
Unless otherwise specified, the products and services described on this website are available only in Australia from © Westpac Banking Corporation ABN 33 007 457 141 - AFSL and Australian credit licence 233714.