Has anyone used Yak Pay?

[JennyH]

I know that Yak Pay has been mentioned in a few other threads, but I was wondering if anyone has actually used it to pay a business (maybe including SMSF)? I think it is probably the cheapest on the market now and at 1% for Visa, makes the dragon a more viable option than EBP.

 

[Cruiser Elite]

Finalised account last week - will start processing some pmts morrow - will report back if no one else does

 

[kpc]

1.1% (incl gst) with Visa (1.32% with MC!)...I do miss EBP at 0.8%

 

[Bell21]

I know that Yak Pay has been mentioned in a few other threads, but I was wondering if anyone has actually used it to pay a business (maybe including SMSF)? I think it is probably the cheapest on the market now and at 1% for Visa, makes the dragon a more viable option than EBP.

Be careful if paying SMSFs - their terms expressly prohibit related party payments

 

[kpc]

Be careful if paying SMSFs - their terms expressly prohibit related party payments

 

[JennyH]

Hmmm - I might wait back to hear what Cruiser Elite's experience is like. The fact that they need you to upload previous credit card statements before they will approve your account has me feeling slightly uneasy.

 

[Cruiser Elite]

All I needed to upload was proof of identity by way of a utility bill or such substantiating home address and a Company Bank Statement - I have no problems with this at all.

As for rent payments from a Company which I am a Director and 100% Shareholder to my Self Managed Super Fund I have had a discussion this morn with Yak Pay it is definitely a NO NO - so I guess we go back to EBP for this monthly payment.

 

[Cruiser Elite]

OK so I have used Yak Pay for a number of transactions this week - uploading Payees and funds very straight forward - it displays 2 separate items in your CC - the amount requested to upload and the 1.1% fee separately.

I input every bill separately to ease tracking - you receive Payment Advice email each upload showing full breakdown incl GST.

You absolutely cannot pay anything to yourself - you cannot upload funds from Visa to then pay off your AMEX - EBP had no prob with this.

I did have another issue yesterday settling an AMEX FOREX transaction via YP - but I forwarded them the docs substantiating the FOREX purchase and they have noted that for future transactions.

So far so good - will advise further if I hit any hurdles.

 

[NJSteve]

Hmmm - I might wait back to hear what Cruiser Elite's experience is like. The fact that they need you to upload previous credit card statements before they will approve your account has me feeling slightly uneasy.

When I initially signed up to Payment Logic they also required a statement for each card to verify the card against the user. Further having a card completed the approval of the account seeing as you obviously can't make payments without having a card. I didn't end up going ahead with PL as they only accepted Amex but since they've launched Yak Pay I've begun started using both and have had no issues. tbh I don't mind the extra verification if it means the platform is safer

 

[perthtraveller]

Is it ok to use a personal credit card (e.g. Citi Prestige VISA) with YakPay?

Would the card issuer deem YP, RP, EBP etc "business transactions" and therefore not issue points/close card?

(currently getting a bonus point per $ on Citi Prestige, hence the question!)

 

[Cruiser Elite]

Perfect with St G - how are you getting bonus point per $ on Prestige?

 

[perthtraveller]

Perfect with St G - how are you getting bonus point per $ on Prestige?

Thanks for the reply! Which of the payment processors do you use with your St G personal?

Historical bonus point on my Select which for some reason is still being issued today

 

[Cruiser Elite]

Both EBP and YP perfect with St G

 

[NJSteve]

Is it ok to use a personal credit card (e.g. Citi Prestige VISA) with YakPay?

Would the card issuer deem YP, RP, EBP etc "business transactions" and therefore not issue points/close card?

(currently getting a bonus point per $ on Citi Prestige, hence the question!)

Yeah we've been using YP with our St G card and the payments you make on the platform are granted full points as the card issuer has no input and knowledge of your use. ATM YP are the cheapest on the market and has been great for us

 

[NJSteve]

Is it ok to use a personal credit card (e.g. Citi Prestige VISA) with YakPay?

Would the card issuer deem YP, RP, EBP etc "business transactions" and therefore not issue points/close card?

(currently getting a bonus point per $ on Citi Prestige, hence the question!)

Also not to mention, when we added our card on YP there's a drop down box with a number of cards to select from - citi cards were there

 

[NJSteve]

Both EBP and YP perfect with St G

If you don't mind me asking, why use EBP when YP is cheaper?

 

[Aus ATC]

If you don't mind me asking, why use EBP when YP is cheaper?

I haven't used Yak Pay, but it seems to be more business oriented - need an ABN, no related party payments. EBP suits me as I use it for personal transactions only including "cash advances" at a lower rate (1.3% vs 2%) than my credit card, + I get points for the transactions. It's a reasonable "cash flow tool" for me at the moment.

 

[Cruiser Elite]

If you don't mind me asking, why use EBP when YP is cheaper?

EBP permits some recipients that YP forbid

 

[daft009]

EBP permits some recipients that YP forbid

Like BPay

 

[Cruiser Elite]

Amongst many others