How to Accept Online Payments as an Australian Small Business

Accepting online payments is no longer optional for Australian small businesses — it's expected. Customers and clients want fast, convenient ways to pay, and businesses that make it easy to pay get paid faster.

With so many payment options available in Australia — from bank transfers to PayID to Stripe — it can be hard to know which ones to offer. This guide breaks down the most popular online payment methods for Australian businesses, their fees, and how to set them up.

Bank Transfer (EFT)

Electronic Funds Transfer (EFT) using BSB and account number remains the most common B2B payment method in Australia. It's free for both parties and works for any amount.

FeesFree (usually)

Processing timeSame day to 3 business days

Best forInvoiced B2B payments

Always include your BSB and account number clearly on your invoices. For faster processing, use a description like "INV-042 Your Business Name" so you can easily match incoming payments.

PayID

PayID is Australia's fast payment system. Instead of remembering a BSB and account number, clients pay to your email, phone number, or ABN. Payments arrive in seconds, 24/7.

FeesFree

Processing timeInstant (seconds)

Best forFast, simple B2B and B2C payments

Set up PayID through your internet banking app (most major Australian banks support it). Register your email or mobile number as a PayID and include it on your invoices alongside your BSB. PayID is increasingly the preferred method for smaller invoice amounts.

Stripe

Stripe is the most popular online payment processor for Australian small businesses, especially those selling services online or integrating payment links into invoices.

Fees1.7% + 30¢ per domestic card transaction

Processing time2 business days to your bank

Best forInvoice payment links, e-commerce, subscriptions

With Stripe, you can add a "Pay now" button to your invoices, accept credit/debit cards, and set up automatic recurring billing. It's ideal for service businesses that want to reduce the friction of getting paid.

Square

Square is popular with Australian retail, hospitality, and service businesses that need in-person payments as well as online invoicing.

Fees1.6% per tap/chip transaction; 2.2% online

Processing time1-2 business days

Best forRetail, food and beverage, mobile services

BPAY

BPAY is widely used in Australia for recurring bills (utilities, insurance, subscriptions). To accept BPAY, you need to become a BPAY biller — which requires applying through a participating financial institution. It's generally suited to larger businesses or those with high invoice volumes.

FeesVariable (typically 0.5-1% + fixed fee)

Processing time1-2 business days

Best forBusinesses with regular recurring bills

Choosing the Right Payment Mix

Most Australian small businesses should offer at least two payment options:

For B2B invoicing:
Bank transfer (EFT) + PayID. No fees, fast, and familiar to all Australian businesses.
For consumer-facing businesses:
Card payments via Square or Stripe + PayID for bank transfers.
For online invoicing:
Stripe payment links embedded in invoices give clients the option to pay by card directly from the invoice email.

Make it easy for clients to pay you

BillMate invoices include your payment details clearly and can integrate with Stripe so clients can pay by card with one click. Get paid faster with less chasing.

Set Up Online Invoicing