Product Overview

Summary: This Fee Collection and Financial Transaction Standard Operating Procedure sets out a clear, compliant and auditable process for how money is requested, received, recorded and reconciled in your organisation. Designed for Australian businesses and service providers, it reduces financial risk, supports regulatory compliance, and delivers a consistent customer payment experience across all sites and teams.

Handling fees and financial transactions is a core business function that carries significant risk if not managed in a consistent and controlled way. In Australia’s tightly regulated environment, organisations must demonstrate that payments from clients, students, patients, customers or funding bodies are requested, received, recorded and stored in line with financial, privacy and consumer law. This Fee Collection and Financial Transaction Standard Operating Procedure provides a step-by-step framework that standardises how frontline staff and finance teams manage invoices, point-of-sale payments, bank transfers, card payments and refunds across the organisation.

The procedure is designed to reduce errors, prevent fraud and misappropriation, and minimise disputes by clearly defining who does what, when and how. It covers the full transaction lifecycle—from issuing quotes and invoices, to accepting payments in person and online, applying concessions or discounts, managing payment plans, and performing daily reconciliation and banking. It also embeds strong internal controls such as segregation of duties, approval thresholds, documentation requirements and record-keeping standards. By implementing this SOP, organisations can improve cashflow, strengthen governance, and provide a transparent, professional experience for customers and auditors alike.

Tailored for Australian workplaces, the SOP reflects local expectations around GST handling, consumer rights, privacy obligations and electronic payment security. It is suitable for use in schools and training providers, healthcare practices, professional services, community organisations and commercial businesses that need a defensible, repeatable approach to fee collection and financial transactions.

Key Benefits

• Standardise fee collection practices across all sites and teams, reducing inconsistencies and customer confusion.
• Strengthen internal controls to reduce the risk of fraud, theft, and misallocation of funds.
• Improve cashflow by clarifying invoicing timelines, follow-up processes and responsibilities for debt management.
• Demonstrate compliance with Australian financial, privacy and consumer legislation through clear, auditable procedures.
• Enhance customer confidence and professionalism by providing a transparent and predictable payment experience.

Who is this for?

• Finance Managers
• Accounts Receivable Officers
• Business Managers
• Practice Managers (Medical, Allied Health, Legal)
• School and RTO Administrators
• Centre Managers (Childcare, Aged Care, Community Services)
• Office Managers
• Franchise Owners and Multi-site Operators
• Compliance and Risk Managers
• Small Business Owners

Included Sections

• 1.0 Purpose and Scope
• 2.0 Definitions and Key Terms
• 3.0 Roles and Responsibilities
• 4.0 Applicable Legislation, Standards and Policies
• 5.0 Overview of Fee Types and Charging Rules
• 6.0 Customer Onboarding and Fee Communication
• 7.0 Quoting, Invoicing and Billing Procedures
• 8.0 Accepted Payment Methods and Conditions of Use
• 9.0 In-Person Payment Handling (Cash, Card, EFTPOS)
• 10.0 Online and Electronic Payment Processing
• 11.0 Payment Plans, Scheduled Payments and Direct Debits
• 12.0 Concessions, Discounts, Waivers and Adjustments
• 13.0 Refunds, Chargebacks and Dispute Resolution
• 14.0 Daily Reconciliation, Banking and Cash Handling Controls
• 15.0 Segregation of Duties and Approval Thresholds
• 16.0 Record-Keeping, Documentation and Data Retention
• 17.0 Privacy, Confidentiality and Information Security Requirements
• 18.0 Management of Overdue Accounts and Debt Recovery
• 19.0 Internal Audit, Monitoring and Reporting
• 20.0 Training, Competency and Induction Requirements
• 21.0 Non-Compliance, Incident Reporting and Corrective Actions
• 22.0 Document Control and Review

Legislation & References

• Corporations Act 2001 (Cth)
• Australian Consumer Law (Schedule 2 to the Competition and Consumer Act 2010)
• Privacy Act 1988 (Cth) and Australian Privacy Principles (APPs)
• Australian Securities and Investments Commission (ASIC) regulatory guidance on financial record-keeping
• ATO requirements for tax invoices and GST treatment
• AS ISO 31000:2018 Risk management – Guidelines
• PCI DSS (Payment Card Industry Data Security Standard) for card payment handling (industry best practice)