FIRST TRANSACTION: If you have never used PayTo with GoEscrow before on your first “FundNow” process you will be prompted to create a PayTo Agreement.
To set up the PayTo Agreement you inform us of your personal bank account PayID or BSB/Account number and we send a request to your bank for you to authorise. You must log into your banks Internet systems and accept the new PayTo Agreement within 10 minutes. You only need to do this once.
With a PayTo Agreement in place you are authorising GoEscrow to debit funds from your bank account into escrow. You may think of PayTo as a modern replacement for the Australian BECS Direct Debit system with more visibility and control.
The PayTo Agreement has a maximum value you set. This is an effective cap over which the particular PayTo Agreement can not be used. GoEscrow allows PayTo as a ‘FundNow’ option for most parties up to AUD$10,000.00 and this is the default you will see for the PayTo Agreement set up step. You may override it and set any value you desire. This does not mean $10,000 is held in escrow, is debited from your account or that you must have this balance available in your bank at any time. It is simply the maximum you authorise for the PayTo Agreement to be used.
ALL SUBSEQUENT TRANSACTIONS: After the initial PayTo Agreement is set up, authorised and your first transaction is funded you only need to select “FundNow” in the GoEscrow App and select “PayTo”. The escrow transaction amount will be debited from your personal bank account into your escrow transaction bank account instantly from then on.
IMPORTANT: You should never authorise a PayTo Agreement with GoEscrow or anyone else which you didn’t initiate.