How do I manage and complete investment payments on Birchal?
Managing and completing investment payments on Birchal involves understanding the available payment methods, payment processing timelines, and the steps required to finalize or modify your payment. Below is a comprehensive guide to help you navigate the process.
Overview of Payment Methods
Birchal offers the following payment methods for completing your investment:
Direct Debit: Funds are automatically deducted from your bank account on a specified date.
Bank Transfer: Transfer funds using the provided BSB and account number.
PayID: Use the unique PayID details provided to make a payment.
It is important to pay the total subscription price for the shares you applied for via the CSF Platform, as you are legally obligated to do so after the cooling-off period (five business days after your application). Failure to complete payment within the specified timeframe may result in the cancellation of your application, and shares will not be issued.
Payment Processing Timelines
Payments are not processed immediately after you make an investment application. Instead, payment processing begins at the earlier of:
When the company reaches its minimum subscription amount.
The offer’s closing date.
Here’s how payment processing works for each method:
Direct Debit: Payment details are provided during the application, but the actual debit occurs after the offer closes or the minimum subscription is reached.
PayID/Bank Transfer: Processing begins after the offer closes, and settlement can take several business days to finalize.
You can view your scheduled payment date by navigating to My Portfolio > Pending Applications, selecting the company, and opening Payment Details.
Completing Investment Payments
To complete your investment payment on Birchal, follow these steps:
Log in to your Birchal account.
Navigate to My Portfolio > Pending Applications.
Select your investment.
Click Make/Update Payment.
Choose your preferred payment method (e.g., Australian Bank Transfer).
Use the bank details provided to make the payment via your banking system.
After completing the payment, click I Have Paid for My Investment.
Bank transfer reconciliation can take up to five business days. During this time, you may ignore any failed payment notifications or similar messages.
Modifying Payment Methods
If you need to change your payment method, you can do so without creating a new account. Follow these steps:
Go to My Portfolio > Pending Applications.
Select the company for which you want to modify the payment.
Click Make/Update Payment.
Follow the prompts to choose your new payment method.
Available options include:
Direct Debit: Funds are automatically deducted from your bank account.
Bank Transfer: Use the provided BSB and account number to transfer funds.
The next screen will display the details you need to complete the payment.
FAQs on Payment Issues
What happens if I don’t complete my payment on time?
If payment is not received within the specified timeframe, your application may be cancelled, and shares will not be issued. Prompt payment ensures the completion of your investment.
What happens to my payment after the CSF offer closes?
If the CSF offer is closed and payments have been made, all payments will be refunded. You will receive an email notification once the refund is processed. If you did not make a payment, no action is required.
By following this guide, you can efficiently manage and complete your investment payments on Birchal. For further assistance, refer to the platform’s support resources or contact customer support.