Visa and Payment Logic launch Yak Pay, making it easier for small businesses to pay suppliers
10/07/2019
Visa, the global payments technology company, has partnered with Australian fintech Payment Logic to launch Yak Pay, a company providing small businesses with the ability to use digital payments when paying non-card accepting suppliers.
Visa estimates that credit and debit cards are used for approximately three percent of expenses paid by small businesses in Australia, meaning many business owners don’t benefit from the convenience and security of digital payments or the cash flow benefits of using credit1.
Yak Pay CEO, Sam Plowman said, “Paying bills on time, maintaining good relationships with suppliers and ensuring strong credit ratings are essential for small business survival. In launching Yak Pay, our intention is to help relieve these pressures for small business owners, enabling them to focus on growth.”
Yak Pay is owned by Payment Logic, with Visa’s role in its establishment being product design expertise, go-to-market strategy planning, and introductions to partners across the payments ecosystem.
Dan Parsons, Visa’s Head of Merchant Sales and Acquiring for Australia, New Zealand and South Pacific said, “Cash is still prevalent among small businesses, as many suppliers don’t accept digital payments. This can be stressful and time-consuming for the owners and managers of these businesses, and we know that many prefer the security, convenience and record-keeping capabilities offered by credit and debit products.
“We’re thrilled to partner with an Australian fintech to provide a solution for other small business owners. It’s a great story of Australian start-ups enabling one another’s growth.”
The Yak Pay platform is able to integrate into accounting systems, saving businesses, accountants and bookkeepers time and effort.
“In building an efficient end-to-end solution for small businesses we’ve taken a partnership approach that today delivers the security provided by Visa’s global network, as well as the seamless accounts payable and reconciliation processes enabled by Yak Pay’s Xero integration,” added Sam.
Yak Pay is a Visa preferred business offering Visa cardholders the low rate of 1% plus GST.
1 Visa calculation using PCE reported by ceicdata.com and commercial card volume reported by RBA.
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Samantha Vogts
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About Visa Inc.
Visa Inc. (NYSE: V) is the world’s leader in digital payments. Our mission is to connect the world through the most innovative, reliable and secure payment network - enabling individuals, businesses and economies to thrive. Our advanced global processing network, VisaNet, provides secure and reliable payments around the world, and is capable of handling more than 65,000 transaction messages a second. The company’s relentless focus on innovation is a catalyst for the rapid growth of connected commerce on any device, and a driving force behind the dream of a cashless future for everyone, everywhere. As the world moves from analog to digital, Visa is applying our brand, products, people, network and scale to reshape the future of commerce. For more information, visit About Visa, https://usa.visa.com/visa-everywhere/blog.html and @VisaNews.
About Yak Pay
Yak Pay is brought to you by Payment Logic, Australia’s first B2B payments platform launched in 2013. We are a leader in B2B payments and currently process hundreds of thousands of transactions each year. Yak Pay makes accounts payable, a typically slow and dull process, easy, painless and rewarding. Yak Pay holds a key belief that business owners should be empowered and that accounts payable should work for you, not against you. To find out more visit www.yakpay.com