POLi

POLi is an online payments service available in Australia and New Zealand. The solution is a good alternative to credit and debit card transactions, meaning traders can make deposits to a swing trading account through existing internet banking services. Our review will focus on its use in trading and answer key questions including how does it work and is it safe? We will cover supported brokers, transfer fees, processing times, security and more.

Top brokers that accept POLi include Pepperstone, CMC Markets and Plus500.

How POLi Payments Work

History

POLi Payments Pty Ltd was established in 2006 before being acquired by SecurePay Holdings in 2014, a fully owned subsidiary of Australia Post. It is a recognised payment gateway available to merchants and customers in Australia and New Zealand. Operations are headquartered in Melbourne.

POLi is well-known across various industries as a reliable and secure payment solution, currently providing services to 5000+ institutions via API integration. Companies offering the payment method include Air New Zealand, Virgin Australia, Sportsbet, plus top swing trading brokerages. Today the company has over 30 million customers conducting frequent transactions.

What Is It?

POLi is a safe and secure payments solution. The transfer method links directly to an existing banking account from a registered financial institution. Available banks include ANZ, Western Union, ING Direct, Commonwealth Bank and Westpac. It offers a great alternative to credit cards with no lengthy payment forms required for online transactions. Reference information and banking details are pre-populated to ensure a convenient deposit solution.

Transaction Times

POLi online payments are processed instantly, though larger transaction volumes (+$1000) can take a little longer to be released. This is significantly quicker vs AUD and NZ TransferWise transactions with an average one working day handling time.

Note, brokers may also have their own processing timelines which can cause delays in funds being available in your swing trading account. Customers are sent a completed payment notification from POLi following a successful deposit.

Pricing Review

Merchants are charged a commission fee for successful payments only. These business fees are 1% of the transaction value (capped at a maximum of $3). Value-added services such as refunds incur an additional fee of $2.10. POLi does not charge merchants a sign-up or monthly support fee.

Typically, swing trading brokers will absorb any payment rates. For example, Pepperstone does not charge any additional fees for POLi deposits, though the broker states that any transfer costs will be passed on to traders. It is always worth checking for charges and figures on the broker’s deposit and withdrawal page before opening a live account. It’s also worth noting any exchange rate fees depending on your account base currency.

Security

POLi is a secure payment method. The solution uses a proxy service meaning customers simply access their registered banks via the company’s server. All communication via the service occurs with HTTPS security transport using 2048 bit SSL. No sensitive information, including usernames and passwords, are stored or cached. The proxy server also implements advanced security against DNS threats and protects against potential security breaches with multiple layers of firewall technology. As individual customers are not directly involved in the payment process, the likelihood of scams or fraudulent activity is reduced.

The service also possesses a security certification from the International Organisation for Standardisation (ISMS). All assets and information technology are subject to regular security management audits. Additionally, constant third-party vulnerability scanning is performed across the system to protect against any unauthorised actions including file system changes. Customers should feel assured that any new Australian or New Zealand bank is fully audited before being able to offer POLi payments.

Pros of POLi for Traders

Benefits of trading with POLi include:

• No Registration Needed – Traders are not required to register for an account or download any third-party platform. The solution links directly to an existing bank account
• Easy To Use – POLi auto-fills payment details to make transactions simple and easy to use. Just select the payment method in the funding section of your broker’s interface, check the relevant information and submit the desired amount
• Fast Processing Times – Swing trading clients can be assured of instant payment processing. Transaction confirmation is delivered to an email address or SMS. Check your broker’s processing times as this can impact when funds will appear in your account
• Secure Payments – The payment method implements various features to ensure transactions are secure. Sensitive information is never captured. This includes storing passwords and usernames. Other security features include SSL encryption, proxy server and ISMS certification. It is also worth understanding your broker’s safety features too. These can include access to compensation schemes and regulatory authorisation

Cons of POLi for Traders

Disadvantages of trading with POLi include:

• Limited Availability – Currently POLi payments are only available to residents of Australia and New Zealand. This is a shame as it will rule out many international swing trading clients. The website does, however, state that other territories may be added in the future
• Payments Cannot Be Reversed – Payments made with this solution cannot be withdrawn. Be cautious when entering transaction details such as the deposit amount and always double-check auto-filled information. Dispute times can be lengthy and customer service is lacking so it is best to avoid needing this
• No Direct Customer Service – The POLi payments service does not provide any customer contact options including a regional phone number or email support. A limited FAQ page is provided on the website. Traders will need to contact their broker or registered bank for comprehensive help and guidance
• Working Day Processing Only – Differences between a supported merchant bank and a customer bank can cause processing delays. Transactions placed on a weekend or public holiday date will not be processed until the next working day if the corresponding banks are not compatible. This will cause a delay with account funding

How To Make POLi Deposits & Withdrawals

Swing traders are not required to open an account with POLi as services are facilitated through an existing bank account. Look out for the POLi payments logo within your broker’s account funding section. Note, this may be under the bank wire transfer heading.

Once located on the webpage, enter the deposit amount. Remember, brokers may have their own minimum or maximum deposit limits. Redirection to the funding interface is automatic. You will then need to enter bank account login details. Take care to check transaction amounts before confirming. A demonstration page is also available on the POLi payments website for step-by-step instructions.

Some POLi supported banks may also integrate additional security measures when depositing to an account. This can include providing a one-time SMS verification code or identity verification for larger transactions. Although POLi payments are typically instant, brokers will have their own processing times. It could also be worth checking that withdrawals are accepted back to this payment method.

Verdict

POLi is a secure method for depositing and withdrawing to online trading accounts. It is also good to see it offered for free by many brokers. The fast processing time and security provisions is an added benefit. Finally, the lack of registration requirements and transaction auto-fill mean it is a good way to quickly fund accounts. On the downside, it is a shame that the service is currently only available to Australian and New Zealand traders.

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