Australian small business? These two digital payment innovations need to be on your radar if they aren’t already
Let’s be honest, as rewarding as running a small business can be it can also be a real time sink, so when new digital innovations emerge designed specially to make running a small business that little bit easier, they’re going to create some interest.
But in the last month alone, two new digital payment solutions born of collaborations between major players and emerging Aussie fintechs, have launched that small businesses will certainly want to know about.
NAB x Slyp - Receipts go digital through NAB mobile app
Paper receipts? More like a paper pain... until it comes to tax time.
Well to ensure those receipts don’t end up in the bin NAB has teamed up with Sydney-based fintech Slyp to provide Slyp’s digital receipt functionality to Australian small businesses and their customers.
Launched in September, the service, which is available through the NAB mobile app, allows customers to digitise paper receipts simply by scanning them on their phones.
According to NAB, over 15,000 receipts have already been digitised through the app, and there’s more to come.
That’s because this is just the first stage of the planned rollout from NAB and Slyp. As part of the next phase, NAB has stated that in the coming months eligible businesses will be able to send digital receipts straight to their customers through the NAB app.
“Our small business customers continually ask us for ways we can help them save time on administrative requirements, to allow them to spend more time with their own customers,” said NAB Executive General Manager Small Business, Leigh O’Neill.
“This feature in our Mobile App provides customers with a simple and easy way to access the many receipts they collect, which is particularly helpful for managing administration and tax requirements and can also provide peace of mind for proof of purchase or product warranty needs.”
Payment Logic x Visa - Yak Pay launched to ease invoice headaches
Paying invoices isn’t going to be at the top of any small business owners ‘fun list’ - in fact, it could be at the bottom - but it’s part of running a business that just needs to be taken care of.
So to make the invoice payment process faster, and potentially less painful, Melbourne-based fintech Payment Logic has partnered with Visa to create Yak Pay.
Yak Pay allows businesses to use a debit or credit card from either Visa or Mastercard to make a single or multiple invoice payments in just seconds over the Yak Pay platform. The payment will then be made to the supplier or payee via ETF within 24-48 hours.
The new service also provides integration with accounting software such as Xero, though there is a 1% transaction fee for Visa and 1.2% for Mastercard to consider.
“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,” said Yak Pay CEO, Sam Plowman.
“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.”
Ready to read about even more financial innovations? Make sure you check out the Mozo fintech hub for the latest news, or head over to our business banking hub for the latest business loan, credit card and bank account offers.
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