Paying bills is rarely anyone’s idea of a good time, but it can be particularly difficult for businesses. From tax to phone and internet bills, rent, supplier invoices, insurance, and a whole host more, the bills stack up and can make a serious dent on cash flow.
Here to ease the pain and make paying bills rewarding is B2Bpay.
Launched by Australian payments pioneers Zenith Payments in partnership with Qantas Business Rewards, B2Bpay is a secure online portal allowing businesses to pay all their business expenses using their existing credit cards, whether or not the biller actually accepts card.
Businesses paying via B2Bpay can earn Qantas Points in addition to the credit card reward points from their card issuer on all business expenses, even if card issuers categorise certain billers as non-points earning – think tax bills and utilities.
As Kevin Butler, general manager of Zenith Payments, explained, the system has simply been designed with business payments in mind, by looking at how businesses actually want to pay.
“Our research shows that the majority of businesses are paying business expenses using solutions that are actually designed for consumer payments, such as electronic funds transfer (EFT) or BPAY,” he explained.
“Businesses have always been a little bit behind on the wave of efficient payment methods; we see a lot of consumer payments going on credit cards, but when businesses are paying their suppliers, the take up traditionally hasn’t been there for a range of reasons including lack of card acceptance and it can be hard for businesses to pay by card.”
So, enabling businesses to easily pay by card simply makes sense.
As well as earning businesses points, the system also helps businesses boost their cash flow by enabling them to utilise their credit card’s interest-free period before paying off their card balance, rather than having the funds leave their bank account immediately when paying by EFT.
So how is B2Bpay a profitable way to pay? According to Deloitte, businesses could attract up to seven per cent worth of their yearly expenses in extra value by paying expenses through B2Bpay.
Between Qantas Points and credit card points earned and interest earned or saved, a business paying $20,000 in expenses per month, or $240,000 per year, can attract around $17,000 in potential value each year.
Given Qantas Business Rewards is Australia’s leading business loyalty program, Butler said the synergies with B2Bpay were obvious.
“Qantas Business Rewards focus on rewarding businesses for many everyday items required to run their businesses, and B2Bpay provides the ability for businesses to actually access rewards when paying for any business purchase.”
For small business owners used to working around the clock, the rewards can be game-changing – just ask Alissa Light of Tooradin Bakery in Victoria.
Light has racked up hundreds of thousands of points over the last six to seven months alone, despite the fact that most of her suppliers don’t themselves accept her American Express card. Thanks to B2Bpay, she’s already had one holiday and booked a second.
“We’ve already flown first class to Singapore, and now I’ve just booked our next trip to Europe, where we’ll be flying business and first class. I haven’t had to pay for flights, I’ve redeemed them through my points,” she said.
“I’d never flown first class before – my first first class trip was thanks to B2Bpay. Without B2Bpay, I wouldn’t be able to go gallivanting around overseas!”
You can learn more about how B2Bpay here.