Global payments technology company Visa 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 per cent 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.”
Parsons added, “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 Plowman.
Yak Pay is a Visa preferred business offering Visa cardholders the low rate of 1 per cent plus GST.