Frequently asked questions.

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What is a Paid transaction account?

A Paid transaction account provides core functionality and access to the full feature set of the Paid platform.

These features include:

Sending and receiving fast payments.
Linking and reserving progress payments.
Cash flow funding.
Enhanced transaction history including detailed claim information.

What are held funds?

If we are unable to match the reference code of a payment to an approved claim, the associated funds will be made temporarily unavailable. They will be shown on the receiver's transaction account dashboard.

The receiver of the funds can assign the held funds to an available progress claim from the assign funds dialog.

What is a unique payment security code?

When paying a progress claim, the payer will be asked to use a unique payment security code in the transfer payment description or reference field.

This unique payment security code is necessary to:

match funds to a progress claim.
secure payments for subcontractors and suppliers.
ensure funds are used for the associated project.

What are linked and reserved funds?

Linking is the connection of funds from a payer's progress payment to a payee's progress payment.

Linked payments are a promise from the payer, that funds from the payer's progress payment will be used to pay the payee's progress payment.

When the payer's progress payment is fulfilled, funds will be reserved to pay linked progress payments.

The reserved funds will not be accessible to the payer, and they will be paid to the payee automatically according to the contract terms.

Linking gives suppliers and subcontractors greater peace of mind that they will be paid on time for work they’ve completed.

What are the transaction fees?

All progress claim fulfilments incur a minimum fee of $0.01. Transaction fees are only charged to the receiving account (payee).

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Paid Dot Pty Ltd (trading as Paid.inc) issues the Paid Transaction Account. Consider the Product Disclosure Statement [hyperlink] and Target Market Determination [hyperlink] and whether the Paid Transaction Account is appropriate for you, before acquiring or continuing to hold it. Paid.inc does not hold an Australian Financial Services Licence (AFSL) nor is it an authorised representative of an AFSL holder. The Paid Transaction Account is issued by Paid.inc pursuant to an intermediary authorisation granted by Gobsmacked Loyalty Pty Ltd (ABN 60 098 218 216) (Licensee), which has an AFSL number 444609. The Licensee has also authorised Paid Promotions Pty Ltd (ABN 91 670 052 856) (Paid Promotions) to provide general advice, and to offer to arrange for the issue, variation or disposal of the Paid Transaction Account by Paid.inc.

Any advice included in this website is general only, is provided by Paid Promotions and has been prepared without taking into account your objectives, financial situation or needs. Before acting on the advice, you should consider whether it’s appropriate to you, in light of your objectives, financial situation or needs. You should also obtain and consider a copy of the Product Disclosure Statement [hyperlink] before making any decision about whether to acquire the Paid Transaction Account.