Frequently asked questions
Shift Payments is a revolving trade account that simplifies all of your supplier payments. It assists businesses by removing the hurdles involved in dealing with trade accounts from multiple suppliers. With Shift Payments, you get more control and flexibility over your trade terms which helps to improve cash flow.
How terms does Shift offer?
Once your account is opened, Shift offers you up to 14 days free payment terms to pay your suppliers. You can also choose to extend your payment terms to 13 weeks for a small transaction fee. You can choose the specific repayment term of each invoice at the time of processing the payment. While you receive extended payment terms, we will pay your supplier invoice immediately.
How do you open a Shift Payments account?
To open your Shift Payments account, go to register.shiftpayments.com.au and follow the steps. All you need is: (1) your mobile number; (2) business bank account; (3) drivers license or passport number. If there are additional company directors or shareholders, you can invite them to also complete their details to finalise the account opening.
There are no setup or ongoing costs for having a Shift Payments account. Depending on the payment terms you choose for your business, transaction fees can apply. For example, there are no costs for 14-day payment terms. If you choose payment terms longer than 14 days, a transaction fee applies ranging from 0.49% (3 weeks) to 4.98% (13 weeks).
How do I process supplier invoices?
It’s easy to pay your supplier invoices in just a few clicks using the Shift platform. The first time you pay a new supplier, we will require a copy of the invoice for compliance purposes. You can upload a photo of the invoice or attach a PDF version. Thereafter, payments to that supplier can be processed without an invoice: all you need is the invoice number or reference and the amount.
How do I pay my Shift account?
Payments are direct debited from your nominated bank account according to the terms you have selected. You will receive an SMS reminder 24 hours before any payment is due.
When does my supplier receive payment?
Payments are made overnight and usually received by your supplier within 1 business day. When you make a payment with Shift Payments, you can nominate the payment description your supplier will see when they receive payment (e.g. an invoice number or name). The supplier will usually nominate a preferred reference number on their invoice. To protect your privacy, payments will always appear to come from you and not from Shift Payments or GetCapital.
Can I request credit limits?
When you first set up Shift Payments, you have the choice and flexibility of requesting a credit limit for your trade account. Alternatively, Shift Payments can recommend a credit limit for you based on your turnover and sales.
Who is behind Shift Payments?
Shift Payments is brought to you by Australian business lender GetCapital.