Has anyone used Yak Pay? | Australian Frequent Flyer
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Has anyone used Yak Pay?

JennyH

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Jan 16, 2013
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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.
 
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Cruiser Elite

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

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

Bell21

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Jan 11, 2018
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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
 

JennyH

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Jan 16, 2013
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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

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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

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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.
 

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