New year banking resolutions
1. Spend less time on admin
Biz Invoice is an online tool that lets you generate, send and manage invoices on the go, and send automatic payment reminders – all of which could save you time. It is complimentary with Business One Low and High Plan accounts and is accessed through Westpac Live on PC and mobile.1
If you’re an eligible sole trader you can offer your customers a BPAY® payment option in addition to bank transfer payments. Apply for BPAY in Biz Invoice Settings, and please note that fees and charges apply.2
2. Get paid almost instantly when NPP applies3
NPP – the New Payment Platform – processes receipts and payments in near real-time, 24/7, between participating banks in Australia. So, there’s no more waiting to get money into your account at weekends and during holiday periods – helping you know exactly where your business stands financially at all times.
3. Have data fed to your accounting software every day
Stay on top of your transactions by connecting your eligible Westpac transaction accounts to your compatible accounting software or third-party service providers (such as XERO, MYOB or QuickBooks). Bank feeds are simple to set up in Westpac Live.4
4. Keep your registered business details up to date
Make sure your online banking profile information is up to date for the new year. You can update your registered business address, and add/update your business contact phone number, email address and ABN for online banking profile in Westpac Live. Follow the links to learn how.5
This can be done by your Administrator and follows the standard Administrator approval process.
5. Manage who has access to your third-party accounts
You can now manage your third-party accounts easily through Westpac Live:
- Remove third party account access (sole and joint accounts)
- Edit the level of account access you have given on a sole account.
To access this feature, go to the Account Activity page and select ‘Third party access’. Administrators can access it via Account Access levels in User Administration.
6. View cheques and deposit/withdrawal slips
You can view scanned images of cheques, deposit slips and withdrawal slips in Westpac Live. Once the image is obtained, a copy can be saved and printed for your records. Make sure you turn this feature on for the appropriate Users and read our how to view these images guide.
Things you should know
1. This information does not take your personal objectives, circumstances or needs into account. Consider its appropriateness to these factors before acting on it. Read the disclosure documents for your selected product or service, including the Terms and Conditions or Product Disclosure Statement at www.westpac.com.au/business-banking/online-banking/ and www.westpac.com.au/business-banking/bank-accounts/, before deciding.
2. BPAY Eligible Account Holders: To be eligible to set up BPAY Payments with Biz Invoice you must be registered for Online Banking and be a Sole Trader who is the sole owner of the Westpac Business One Low Plan or Business One High Plan account to which Biz Invoice is linked. This information does not take your personal objectives, circumstances or needs into account. Consider its appropriateness to these factors before acting on it. Read the disclosure documents for your selected product or service, including the and , before deciding. Terms, conditions, fees, charges and eligibility apply. Full details are available on application.
3. Fast or near real-time payments are sent and received using Osko by BPAY and can be addressed to either a PayID or a BSB and account number. Near real-time payments require both the payer and payee to have Osko enabled accounts. Payments may take longer in some instances, such as where there is a technical interruption to the service, there is a payment to a first time payee or when the payment is caught for additional security screening. BPAY® and Osko® are registered trademarks of BPAY Pty Ltd ABN 69 079 137 518.
4. Not all accounts are eligible to be included in a feed. These can include loan accounts and accounts requiring multiple authorisations for transactions. Bank feed must be set up with your Third Party Service Provider before it can be connected in Westpac Live. If your Third Party Service Provider does not appear in the drop down menu in Westpac Live, you may need to check that your provider is registered with Westpac. Should there be any changes in your user access or network access levels, you may need to disconnect your bank feed(s) as any access changes will not impact bank feeds. Westpac does not guarantee or endorse the products and services offered by these Third Party Service Providers which may be subject to terms and conditions and fees and charges.
5. To update your address for Commercial Cards, Merchant Facilities, Equipment Finance and Account Analysis Fee Statements, please call 132 142 or visit any one of our Westpac branches.
BPAY® and Osko® are registered trademarks of BPAY Pty Ltd ABN 69 079 137 518.