Hi There,
Having a valid ABN is required for a few reasons. Firstly, it helps us to ensure that the payments made are directed to legitimate businesses or entities. Secondly, it allows us to comply with financial regulations and maintain transparency in financial transactions. It is a standard practice to verify the legitimacy of businesses and protect against any potential fraudulent activities. Also as you mentioned, the card issuers that we support also require our customers and their recipients to be ABN holders in order to process transactions - specifically to those with BSB/Account Numbers.
Many of our clients, such as sole traders, use their personal ABN's to sign up and process transactions on our platforms.
Alternatively, customers can sign up for Payment Logic Personal without requiring an ABN. They can then use their American Express cards to process payments to recipients with BPAY details.
If you have any more questions, feel free to ask.
Kind Regards,
James