POLi Payment is a popular online payment method developed by Beyond Payments, an Australian company established in 2006. The service enables users to make payments using their bank account details directly from their internet banking platform or mobile POLi Payment app. In this comprehensive guide, we will explore the concept of POLi Payment, how it works, its features, and various aspects related to its use.
Overview and Definition
POLi Payment is a type of electronic funds transfer (EFT) service that allows users to initiate payments online without having to provide credit card information or other sensitive details. The platform connects directly with participating banks in Australia, New Zealand, and the United Kingdom, providing real-time payment confirmation for both merchants and consumers.
How POLi Payment Works
The process of using POLi Payment involves a straightforward interaction between the user’s bank account and the merchant’s online store. Here is an overview:
- The consumer navigates to their desired purchase on a participating e-commerce website.
- At checkout, they are presented with the option to pay via POLi Payment instead of credit card or other payment methods.
- When choosing POLi Payment, the user selects their bank from a list provided and is redirected to the respective online banking portal.
- Using their internet banking credentials (username and password), the consumer logs in and confirms the transaction details on their bank’s website.
- The transaction amount is then deducted directly from the user’s account balance.
Types or Variations of POLi Payment
While primarily recognized for its role as an EFT service, there are specific use cases and variations that users should be aware of:
- POLi Perfection : An advanced version allowing for faster payment processing through a streamlined authentication process. This approach is more prominent among the company’s newer releases.
- Micro payments : Although less common than standard transactions, POLi offers this service as an alternative to card-based models.
Legal or Regional Context
POLi operates within the regulatory frameworks of its respective regions:
- Australian market : As part of Australia’s ePayment landscape since 2007 when Beyond Payments was founded by Simon King.
- New Zealand and other territories , beyond Australia also supported their own userbase respectively.