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When you invite your customers to set up a Trade Account, they will need to complete the online registration process and provide their ABN, ID (Australian driver licence or passport), phone number and online business banking details.
You select the terms you want to provide to your customers when you invite them to register for a Trade Account. Your customer will then receive those terms on any transaction that you process to their Trade Account.
There is no cost to your customers to accept the terms you offer.
You can change the terms provided to your customer at any time via the Shift Trade platform.
You can view the status of your customers by logging in to the Shift Trade platform. Your customers will be listed in the ‘Customers’ tab and will have a ‘process payment’ button once their Trade Account is set up and ready to transact.
The person who processed the transaction will receive a notification via SMS when payment for that transaction has been authorised.
Please contact Shift on 1300 249 649 (option 3 then option 1) to cancel the payment. Once cancelled, you can then process the payment again. Alternatively, you can instruct your customer to decline the payment request so that you can resubmit the correct amount.
Please contact Shift on 1300 249 649 (option 3 then option 1) or email trade@shift.com.au. Our options for rectifying an incorrect payment will depend on whether that payment has been sent to the bank for processing.
If the payment has not been sent for processing, we can cancel the transaction. Once cancelled, you can then process the payment again.
If the payment has already been sent for processing, we are unable to cancel it and a refund will be required. Shift will advise you of the customer account number and Shift banking details for transfer of the refund amount. Once the refund is received it will be applied to the customer’s account (usually within 3 business days) and a confirmation email will be sent to both you and your customer.
Yes, you can request an accounts receivable role for any employee in your business. The director of the business will need to complete a Third Party Authorisation form for each employee authorised to use the platform. To request a Third Party Authorisation form, please contact Shift on 1300 249 649 (option 3 then option 1) or email trade@shift.com.au.
If your customer’s direct debit fails, we will try again the following day. If the second attempt fails, we will contact your customer to discuss alternative arrangements.
The liability for all customer payments remains with Shift.
While a customer has overdue payments to Shift, you will be unable to process further payments to that customer.
These are the questions you’re most likely to hear from your customers and some guidance on how best to answer them.
Please note, these are intended for your reference and are not designed to be provided to your customers.
Shift Trade makes it easy for both suppliers and buyers to take advantage of the benefits of trade terms when transacting.
Suppliers use Shift Trade to offer trade terms to their customers.
Buyers use their Trade Account to get flexible payment options when buying from suppliers who don’t offer trade terms.
In both cases, your supplier is paid on time; you have longer to pay; and Shift bridges the gap.
To open a Trade Account, you will need an ABN, an Australian mobile number, ID (either an Australian Drivers Licence or passport) and online business banking details.
All directors are required to register.
Your limit will be determined at the time of registration for your Trade Account.
You can request a limit increase by logging into the Shift Trade platform and selecting the ’Increase limit’ option from the dashboard.
If your supplier is using Shift Trade to offer trade terms to you, there is no cost to repay on those terms.
If you’re using your Trade Account to add trade terms when buying from suppliers who don’t offer trade terms, the cost depends on the value of the invoice and the payment terms you choose.
The transaction fee is clearly displayed in the platform before you confirm your preferred payment term. You can choose different options and compare the cost of each before you making a decision.
Your Trade Account does not have any establishment or account keeping fees - regardless of whether you’re accepting supplier terms or adding your own terms.
The amount of time you have to repay is determined by the terms that apply to the invoice.
If your supplier is using Shift Trade to offer trade terms to you, those terms will be communicated each time you are asked to approve an order you have placed (they can also be viewed in the platform). Shift will debit repayment from your nominated bank account according to the terms your supplier has offered and you have approved. There is no cost to you if you repay on those terms. If you would like longer to pay, you can choose to extend those terms (on eligible invoices) and pay a transaction fee.
If you’re using your Trade Account to add trade terms when buying from suppliers who don’t offer trade terms, you choose how long you have to repay. Select the terms that suit your business. The maximum term available is weekly instalments over 20 weeks. You can choose shorter terms – either repay in full or repay in instalments.
Shift uses transaction data from your business bank account to determine your account limit. We take that transaction data from your bank statements. To make that process more efficient, we will ask you to authorise your financial institution to send bank statement data directly to Shift.
Bank statement data feeds are routinely used by credit providers and accounting platforms to streamline the process of accessing the data required to provide services to clients. If you use an accounting platform, you have almost certainly provided this authorisation in the past.
Authorising your financial institution to send bank statement data does not give Shift any authority over your bank account.
Repayments to Shift are processed via direct debit from your nominated bank account.
Direct debit amounts and dates are clearly displayed in your Trade Account and you will receive an SMS notification from Shift two days before each direct debit is due to be processed.
If your supplier is using Shift Trade to offer trade terms to you, your supplier will process your order through Shift and you will receive an SMS notification from Shift asking you to approve the transaction.
Shift does not pay your supplier until you approve the transaction and that’s typically when they start delivery or release goods. Rapid approval keeps everything moving.
Please note that your trade terms start when you receive the notification rather than when you approve the transaction.
If you purchase from a particular supplier regularly, you may want to enable autobilling. When autobilling is turned on, Shift pays that supplier automatically and doesn’t wait for you to approve each invoice. Shift will still send an SMS confirmation to you each time an order is processed.
There is an ‘Increase limit’ link immediately underneath your current limit in your Trade Account dashboard.
The Shift Trade platform is a more efficient way to manage our accounts receivable. We receive payment on every invoice upfront and our customers still receive trade terms at no cost to them. Shift Trade also provides our customers with added flexibility. On eligible transactions, customers can choose to extend our terms using either pay-in-full or weekly instalment options.
If you are paying upfront, you can continue using the payment methods you have used in the past, such as direct deposit, cash or credit card. If you prefer to take advantage of the trade terms your supplier is offering, you will need to open a Trade Account.
Supporting the growth aspirations of more than 30,000 Australian businesses
Shift’s range of credit and payment products enable businesses to take control of their cash flow, purchase assets, streamline trade terms and choose the right financial products for their ever-changing needs. As dedicated business specialists, Shift provides financial certainty to businesses so they can operate and grow.
https://www.shift.com.au/
If you have any questions, our team is here to help. Call us on 1300 249 649 from Monday to Friday (8:00am – 7:00pm AEST/AEDT) and Saturday (9:00am – 2:00pm AEST/AEDT) or email trade@shift.com.au.
