Monday, 07 October 2019 10:23

Visa, Payment Logic partner to launch Yak Pay for SMBs Featured

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Global credit/debit card provider Visa has partnered with 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.

Yak Pay is owned by Payment Logic, with Visa’s role including product design expertise, go-to-market strategy planning, and introductions to partners across the payments ecosystem.

According to Visa, estimates that credit and debit cards are used for approximately three percent of expenses paid by small businesses in Australia, mean many business owners don’t benefit from the convenience and security of digital payments or the cash flow benefits of using credit.

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.”

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.”

Visa says 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 Parsons.

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