Using your card for Regular Payments

General Information

What is a ‘Regular’ Payment?

Regular Payments can be either a recurring payment or an instalment payment. A recurring payment represents an agreement between you (the cardholder) and a supplier in which you pre-authorise the supplier to bill your card account at predetermined intervals (e.g. monthly or quarterly) or at intervals as agreed by you. The amount may differ or be the same for each transaction.

An instalment payment represents an agreement between you (the cardholder) and a supplier in which you pre-authorise the supplier to bill your card account with a fixed amount at predetermined intervals for a predetermined time.

For example:

Recurring transactions:
You may ask your local gym to charge your monthly gym membership fee to your card account each month.

Instalment transactions:
You may have purchased a new LCD television from your local appliance store and are being billed by the supplier for a fixed amount in multiple periods until a defined date.

What are the benefits of Regular Payments?

There are many benefits for cardholders who set up Regular Payments including:

  • Ensures timely payments to the supplier
  • Saves you time as the payment is processed automatically
  • Saves you money as you do not have to pay for cheques, money transfers or postage, nor will you be liable for late fees

Your responsibilities and obligations

You are responsible for notifying the supplier when:

  • your account details change - including a change in card number and/or change of card expiry date
  • you wish to cancel a payment arrangement

Until you notify the supplier, Nexus Mutual is required to process transactions from the supplier. We recommend you keep a copy of any ‘change in account details’ letter sent to your supplier and your earlier Regular Payment agreements. This correspondence will be required if your supplier does not comply to your request in a timely manner and you decide to dispute any incorrectly charged regular payments. 

You should keep a record of all Regular Payment arrangements you have established with your supplier and store in a safe place. Nexus Mutual has a template to help you record your Regular Payments. We also have Account Switching and change of details letter templates to your supplier(s). Access these templates now.

How to cancel a Regular Payment arrangement

You must contact your supplier and request they cancel your Regular Payment arrangement. Closing your card does not automatically cancel your Regular Payment arrangements on that card. You must contact the supplier to either cancel the payment or provide your replacement card details.

Your rights to dispute

Any issues with your Regular Payments, including the failure of the supplier to act on a change in account details or on a cancellation request, should be taken up directly with your supplier first. Should further assistance be required to resolve an issue between yourself and a supplier, please contact us.

Our recommendation

Card numbers and expiry dates can change if your card is lost, stolen or expires – meaning you’ll need to update these details with any suppliers you’ve arranged a regular payment arrangement with.

We recommend setting up a direct debit wherever possible, by providing your supplier with Nexus Mutual’s BSB number (802-254) and your membership number. If you require funds to be charged to an account other than your Access account, please contact us.