We are often asked whether POLipay can facilitate online debit payments from a customer’s bank account to your merchant account when the customer’s bank account is dual signatory.
“What does this have to do with me”, you ask? If you run an online business that deals with transactions from other businesses - this article is mostly for you.
In short, the answer is no. But there is a very good reason for this.
How POLi manages the transaction
Customers wishing to use POLi to make a payment to a merchant must use a single signatory Internet Banking account as POLi does not support dual signatory Internet Banking accounts. The reason for this is that in the case of a dual signatory account the first signatory logs in and lodges the payment, and the second signatory logs in independently and authorises the payment.
As each step is completely independent of the other, POLi is not able to automate the entire payment transaction within a single Internet session. For this reason, POLi cannot facilitate any payments where two authorisations are required.
Most NZ businesses use a single signatory account
Before you worry that this is a problem, bear in mind that the majority of the 400,000+ businesses in New Zealand have a single signatory Internet Banking account associated with their business. This means that those businesses can, and do, use POLi to make payments.
POLi has plenty of examples of merchants that operate in the business to business (B2B) space where their customers are successfully using POLi. Some well known examples include Bunnings, Warehouse, Insurance & Savings Ombudsman Service, Ministry of Economic Development, New Zealand Transport Agency, Farmlands and many merchants using POLi as a payment method on their Xero invoices.
So your business can too.
If you have a number of customers who only use a dual signatory account you could follow the lead of some of our merchants who have asked their customers to approach their banks direct. They have simply requested a single signatory Internet Banking account to be provisioned specifically for the purpose of making POLi payments. Problem solved.
Don’t put off implementing POLi
Remember, the sooner your complete the installation process for POLi the sooner your can begin receiving Internet Banking Debit payments online.
If you need a hand with anything, just get in touch with us.
We’ll be glad to help.