A PayTo Agreement is a payment agreement between you and a major organisation that allows funds to be moved from your bank account to another with strict rules, control and visibility. It is a dramatically improved version, from the account holders perspective, of the older BECS Direct Debit payment mandate system.
At GoEscrow we use PayTo Agreements to debit funds from your selected bank account and move them into your escrow bank account established for each transaction. GoEscrow sets up an ‘Ad-hoc’ PayTo Agreements, which means that we can rely on your PayTo Agreement for a future “FundNow” request in the GoEscrow App.
If you have created a PayTo Agreement with GoEscrow, you will find the PayTo Agreement details in your banks mobile banking app or online banking account. Additionally when you process a “FundNow” instruction in the GoEscrow Apps you will see the details of your active PayTo Agreement presented with the option to then fund with a one click PayTo action.