What is a Trust Account? A trust account is a bank account that is specifically set-up to hold funds on behalf of third parties. The bank account must be audited to maintain its integrity and compliance. Our trust account is held with Westpac Banking Corporation Ltd and audited by WPIAS Pty Ltd.
Why does the money go into our trust account? We request that the debtor pays into our trust account for the following reasons:
We know when the debtor has paid without having to continually contact you.
We can continue our collection process within our time frames which increases your success rate.
We can take immediate payment over the phone by credit card.
We can set up direct debit authorities for negotiated payment arrangements or payments in full.
We can request payment by Bpay and credit card in all correspondence sent.
Why am I receiving Trust Receipts? A Trust Receipt is sent to you and the debtor each time money is receipted into our trust account. It shows you who it was received from, the amount received, the date received and the method of payment.
How long before you remit trust account funds collected? Any monies in our trust account are remitted to your nominated bank account weekly on a Wednesday. Payments receipted by Bpay, credit card, direct debit and cheque are remitted to you once funds have cleared. Funds are disbursed to you by EFT. A trust clearance fee of $2.20 will be deducted from receipted monies.
Do you deduct your commission/fees from trust monies? We deduct the commission/fees due from monies receipted into our trust account and remit you the balance. Commission/fees are calculated according to the agreed rates. We will receive a weekly Trust Statement and Trust Tax Invoice detailing the amounts receipted and paid from our trust account.
What guarantee do I have that you will forward my money? Monies collected on behalf of our clients are held in a separate trust bank account. To protect clients and debtors we are subject to regularly external audits of our trust accounts by WPIAS to safeguard financial transactions and for us to hold our government licenses. Our trust account is compliance with the Debt Collectors (Field Agents and Collection Agents) Act 2014.
Who pays the Bpay and Merchant fees? Bpay and Merchant fees paid by the debtor, where applicable.
What if the Debtor pays me direct? If your debtor pays you direct you need to let us know immediately. We will continue to pursue your overdue debtors until we receive proof of payment from you.
How do I obtain copies of my Trust Statements and Trust Tax Invoices? By accessing the Client Login you can obtain copies of Trust Statements and Trust Tax Invoices. Instructions showing how to access can be found by clicking on the following link Instructions.
