Rello accounts are enabled for EFT/PayID payments using a unique virtual bank account assigned to every merchant account, which can also be switched off in favour of an agency's existing bank account.
What is a virtual bank account?
Every Rello merchant account has a unique virtual bank account assigned to it. This account operates just like a normal bank account but is owned and managed by Rello, allowing Rello's platform to automatically reconcile payments and process disbursements in real-time, as funds are paid in/out of the account.
Electronic Funds Transfer (EFT)
Virtual bank accounts present an account name, BSB and account number, just like a normal bank account. Anyone can send funds to a Rello virtual account via normal bank transfer methods (using the BSB/account number).
PayID
Each virtual bank account has it's own PayID, allowing anyone to send funds via the New Payments Platform (NPP).
This means that while your bank account might not support a PayID, Rello can provide you with one via a virtual bank account, disbursing funds received directly to your bank account via traditional direct credit.
Real-time notifications
As Rello's platform manages transactions via virtual accounts in real-time, Rello can provide instant notifications of payment receipt and related disbursements, even if the funds take a few days to arrive in your account (assuming your account is not NPP-enabled).
Use your own bank account
Despite the benefits of using a Rello virtual account, if you prefer not to use this service then you may:
Turn off EFT/PayID as a payment method entirely
Display your own bank details instead of Rello's virtual account
When you disable Rello's virtual account service, Rello can no longer:
Handle disbursements for EFT/PayID payments made using your bank account
Provide notifications to you or integrated partners on transactions that Rello has not processed