How can I pay my premium?

Paying your premium with initio is simple and hassle-free.

Monthly payments can be made using Visa or Mastercard (credit or debit).  Annual policies have the additional options of online EFTPOS and Account2Account transfers for easy, secure bank payments.

Please note, initio does not currently offer direct debit OR manual transfers via your banking app or bank website.  Our staff will therefore not be able to provide you with bank account information.  Payment options are strictly limited to those outlined below.

Payment Frequency – We have options to pay either annually or monthly

Payment is required immediately upon the purchase of any policy.  You can choose to either pay annually or monthly at that time.  We do not offer other frequencies or payment terms.  Paying the annual premium up front is more cost effective, this can be seen in the quoted amounts.  Depending upon whether you are paying annually or monthly the following methods of payment are available;

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Credit or Mastercard/Visa Debit Card (Monthly or Annual Policies)

Payment can be made online using your credit/visa debit card. We accept both Visa and Mastercard, including credit and visa debit cards.

• Monthly policies automatically renew and charge your card on the same day of each month.
• On an annual payment you purchase a years worth of insurance upfront (that you can cancel at anytime and get a refund for the un-used portion). Each year we will remind you when your policy is up for renewal and you will need to login to your dashboard to renew and pay for your policy
• There is no credit card fee applied to your insurance purchase.

Common Queries for Card Transactions

• Can I change from monthly to annual payments after I’ve started my cover?   If you would like to change from a monthly renewing policy to an annual renewing policy you will need to set up a new quote from your dashboard and select the “pay annually” option before continuing to fill out your property details again.  Unfortunately we cannot switch a monthly policy to an annual policy any other way at this time.  After you have set up a new annual policy we can cancel your initial monthly policy and issue you a refund of any overpaid premium.
• Can I pay with American Express?   No, we do not currently have an option for payment via American Express cards
• Do you charge a credit card fee?   No, we do not.
• What if I need to change the card used for my monthly payments?   This can be changed at anytime via your initio dashboard, please login, proceed to ‘account’ in the top right hand corner and then select ‘credit card’ to update.
• My monthly payment didn’t go through this month, how can I fix it?   You can arrange for the payment to be re-tried by either contacting our support team, or updating your credit card details in your initio dashboard. When card details are updated, the system will automatically try to process any outstanding payment—even if you re-enter the same card details.

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Account2Account Transfer (annual policies only)

An additional option is provided for annual policies where you can use your bank account login details to load an automatic transfer payment from your selected account using the Account2Account service.  “Account2Account” is an online facility which processes payments directly from your account in real time, it creates a one-off online payment utilising the online banking system.  The payment is set up via our policy purchase system,  please choose the Account2Account option when you come to the initio payment screen. 

To use Account2Account, your banking account must be with one of the following banks:

• ANZ
• ASB
• BNZ
• Kiwibank
• The Co-operative Bank
• TSB
• Westpac

For a demo and/or further information of how Account2Account transfers work, please see here.

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Online EFTPOS (annual policies only)

Online EFTPOS is a modern payment method that lets you make online purchases through your bank’s mobile app. This secure payment solution connects directly to your bank account without requiring you to share sensitive banking details. Currently available to ANZ, ASB, BNZ, The Co-operative Bank and Westpac customers.

How to make a payment

1. 1. Choose your bank from the payment options
   2. Enter your mobile phone number
   3. Open your bank’s app and approve the payment notification

Key benefits

• • Direct account-to-account transfers
  • No need to share banking credentials
  • Secure payment process
  • Simple smartphone-based payments

Frequently asked questions

How secure is Online EFTPOS?

Online EFTPOS is one of the most secure payment methods available today. This is because it doesn’t ask you to enter your bank or payment details directly. Instead, you approve each payment through your bank’s app, adding an extra layer of security.

What is the maximum purchase limit for Online EFTPOS?

The purchase limit for Online EFTPOS depends on your bank:

• • ANZ: $5,000 per transaction
  • ASB: $5,000 per day
  • BNZ: $12,000 per day
  • Westpac: $5,000 per day (unless otherwise agreed with Westpac)
  • Co-operative Bank: Flexible daily limit, based on your individual agreement with the bank

How long do I have to approve my payment?

You have 4 to 7 minutes from the time the payment request is sent to approve the transaction in your bank app.

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Annual Payment Transaction Not Working?

It can be frustrating when your insurance payment doesn’t go through, especially if there’s money in your account. In most cases, the decline is coming from the bank rather than your insurance provider.

Below are the most common reasons this happens, and what you can do to fix it.

Two-factor authentication (2FA) approval required

Some banks require extra confirmation for payments now, especially larger or less frequent ones like an annual insurance premium. This is known as two-factor authentication, or 2FA. Instead of automatically approving the payment, your bank may pause it until you confirm it’s really you.

How this usually works:

• • Your bank sends a push notification to your banking app, or
  • You receive a one-time code by text, or
  • You’re asked to approve the payment in-app or via internet banking

If the approval step is missed or times out, the payment may be declined.  What you can do:

• • Keep your phone nearby when making the payment
  • Check your banking app and text messages for an approval request
  • Make sure your bank has your correct mobile number
  • If your bank uses an App, open the app and approve the transaction, then try the payment again

If you don’t see any approval request, contact your bank to check whether 2FA is required for this type of payment and whether anything is blocking it. Once the authentication step is completed, payments usually go through without issue.

Insufficient available funds – Even if your account balance looks fine, some of that money may be unavailable. This can happen if:

• • There are pending transactions
  • Your account has a hold or overdraft limit
  • Funds are reserved for another payment

What you can do:

• • Check your available balance, not just your total balance
  • Wait for pending transactions to clear
  • Transfer funds from another account if needed

Daily transaction or payment limits – Banks often place limits on how much can be paid in one transaction or within a day. What you can do:

• • Check your daily payment or card limit in your banking app
  • Temporarily increase the limit
  • Contact your bank for help

Card security or fraud checks – Banks monitor card payments closely. Larger or less common payments, like an annual premium, can sometimes trigger a security block your block.  This is one of their methods to protect you from scams. What you can do:

• • Check for a notification from your bank
  • Confirm the transaction is legitimate in your banking app
  • Call your bank to remove the block
  • Try the payment again once cleared

Expired or replaced card details – If your card has recently expired, been replaced, or reissued, the old details may no longer work. What you can do:

• • Update your card details in your online dashboard
  • Use your new card number and expiry date
  • Make sure the name and CVV match exactly

Online or international payment restrictions – Some banks restrict online payments or certain merchant types by default. What you can do:

• • Check that online payments are enabled on your card
  • Ask your bank if any merchant restrictions apply
  • Enable the payment type if it has been turned off

Temporary bank outages or system issues – Sometimes the issue is simply a temporary banking problem. What you can do:

• • Wait a short time and try again
  • Check your bank’s service status page
  • Try a different payment method if available

What to do if your payment is declined

If your annual premium payment doesn’t go through:

1. 1. Check your bank account and card details first
   2. Look for messages from your bank
   3. Contact your bank if the reason isn’t clear
   4. Once resolved, log back in and retry the payment
   5. If you are still having issues please give our team a call to assist.

If you’re ever unsure, our team can help guide you on next steps and make sure your cover stays on track. Insurance payments should be simple, and most declines are quick to fix once you know the cause.

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Want to switch between Monthly and Annual Payment Options?

For details on how to switch between monthly and annual payments, check out our article on ‘Switching Payment Frequency‘.  For details on how to renew an existing annual initio policy and where to find that payment information, please check our this support article “How to renew your annual policy with initio”

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Direct Debit?

Please note, initio does NOT currently offer direct debit as a payment option.

 

Get a quote

Useful links:

How to set up an account with a visa debit card
Does initio offer multi policy discounts?
Why has my house insurance premium changed?
How does initio get paid?
How to set up an account with a visa debit card