FAQ – Shift Trade customers
Shift Trade – Q&As your customers
Why are you making me change how I pay you?
As a business, we have decided to use technology to improve efficiency and maintain competitive pricing. The Shift Trade platform enables our accounts receivable department to save time and effort through automation while providing valued customers such as yourself with more flexible payment terms that can improve cash flow and accounts receivable efficiency.
Why do I need to set up BankLink?
Shift uses BankLink as a payment and settlement account. It is used to access direct debits and, more importantly, to determine your account limit. This enables you to defer invoice payments, so they align with your sales and help free up cashflow.
Can I still use my existing payment methods?
Yes, you can continue to pay by direct deposit, cash on delivery, EFTPOS, credit card or cheque.
How much can I borrow?
Account limits up to $500,000 are available.
What is the minimum invoice amount?
The minimum invoice amount is $20.
What does it cost?
Using Shift is free unless you want to extend your repayment date. A 0% - 9.99% transaction fee applies, based on the repayment term selected.
How long do I have to repay?
Pay on the due date offered by us or extend any transaction up to 20 weeks for a small transaction fee from Shift.
How do repayments work?
A schedule of your repayments is available via your Shift Trade Account. Repayments are automatically debited from your nominated business bank account. You will receive a reminder two days prior to your payment due date to advise on the amount to be deducted from your account.
What happens if the direct debit fails?
You will be charged a $25 dishonour fee and a second attempt to direct debit the due payment will be scheduled for the next day. If the second attempt fails a Shift team member will contact you to organise a new direct debit date. If you are experiencing financial hardship, you can always change your payment schedule agreement to terms that work for your situation.
What happens if I don’t have enough available credit?
You can request a credit limit increase through the Shift Trade platform. Simply click on your company name in the Shift Trade platform, select settings, scroll down to account and enter your new requested limit.
Do I need to authorise all supplier invoices?
When customers receive a supplier invoice via Shift, they’re given the option to activate auto billing for future invoices. This is a set and forget option that helps reduce time spent on accounts payable.