Found a bit of an Easy Bill Pay loophole

[NJSteve]

After speaking with some people on the forums about how EBP allows some payment types that Yak Pay (the platform we use for our MC/ Visa transactions) does not (like BPay) I thought I'd check it out. Kind of had a bit of a revelation after having signed up and played around a little bit, you can actually use YakPay to EFT your funds into the account for a cheaper fee (1% as opposed to approx. 1.3%) - using a credit card this still gets you points, saves money and means less time on their platform. Time vs. money is then the conversation but if you're making large transactions it starts to pay off

 

[Bell21]

At first, I was a bit confused when I read above, but I think you're saying YP - EBP for funds transfer, and this gives you a 1% vs 1.3% rate on EBP - is that right?

 

[NJSteve]

At first, I was a bit confused when I read above, but I think you're saying YP - EBP for funds transfer, and this gives you a 1% vs 1.3% rate on EBP - is that right?

Yes, sorry I'm a bit all over the place today with it being a Friday - That's what I'm trying to say

 

[Bell21]

Interesting and thanks - I'll have a look into it and PM you if I have any questions

 

[Cruiser Elite]

Ok I did a little $10 ‘tester’ and all worked fine - zero fees from EBP - anybody tested it on significant sums?

 

[coles525]

Do users of YP require an ABN to participate? (If yes, can anyone just get one and use for personnal bills?).

 

[Cruiser Elite]

Should have reported back I have done a couple more transactions this way and all appears well ATPIT

 

[opusman]

Can you withdraw funds from EBP?

 

[Cruiser Elite]

Yes no probs to get funds out

 

[opusman]

So basically you can buy points for 1% this way.

 

[Cruiser Elite]

I would assume FF pts cultivation would be the underlying reason most would use this type of payment vehicle - not too sure how accurate the 1% figure is - could vary substantially from user to user

 

[amaroo]

I wouldn't recommend warehousing for very long.

 

[Scr77]

I wouldn't recommend warehousing for very long.

Do you think warehousing till the May bonus time is safe?

 

[amaroo]

Depends how far you push the envelope - what’s in the T&C - and any draconian penalties a provider may take.

Just my opinion.... but straying from a lane can have negatives.

 

[Scr77]

Depends how far you push the envelope - what’s in the T&C - and any draconian penalties a provider may take.

Just my opinion.... but straying from a lane can have negatives.

Thanks. I guess we’ll see.

 

[NJSteve]

So basically you can buy points for 1% this way.

That's one way of looking at it, alternatively you can simply use the method to use EBP for a lower price

 

[NJSteve]

Yes,

Do users of YP require an ABN to participate? (If yes, can anyone just get one and use for personnal bills?).

Yes and yes. You can set yourself up as a sole trader for free online, get your abn and start using the platform

 

[Cruiser Elite]

That's one way of looking at it, alternatively you can simply use the method to use EBP for a lower price

And even then you can get tripped up - cover your tracks