Vehicles are a big expense for many businesses, however they’re essential to get people and products to where they need to be to create revenue. But what if you could turn every vehicle purchase into credit card rewards? Think of the haul of points you could earn with an entire fleet upgrade! RewardPay makes it […]
Vehicles are a big expense for many businesses, however they’re essential to get people and products to where they need to be to create revenue. But what if you could turn every vehicle purchase into credit card rewards? Think of the haul of points you could earn with an entire fleet upgrade!
RewardPay makes it possible for a small transaction fee that’s much less than the redeemable rewards value you could gain. We’re talking flights, accommodation, rental cars, gift cards and more. RewardPay also works for lease vehicle payments and pretty much any other business expense, including payments to the ATO. Plus your card’s interest-free period adds flexibility to your cash flow.
How does RewardPay enable card payment for vehicles?
RewardPay is a secure online payment portal that’s super easy to use. It basically turns American Express credit card payments into bank transfers. Here’s how it works:
- You sign up to RewardPay online for free, add your business and Australian issued American Express card details and you’re good to go.
- When you’re ready to pay someone, you add their details plus the amount to pay and we do the rest.
- We process the transaction from your credit card and make the payment on your behalf, using your choice of an electronic funds transfer or BPAY payment.
Why did RewardPay choose to partner with Amex?
RewardPay is about maximising the value your business can gain by making payments with a credit card, even if someone you’re paying isn’t set up to receive card payments. American Express is known throughout Australia for its generous reward point earning rates, which is why we partner with them rather than Visa and MasterCard.
How much does RewardPay charge?
There’s no charge to register for RewardPay, so you can try a few transactions and build from there if you wish. For each transaction that’s up to $20,000, you’ll be charged 2.15% + GST. There are lower rates for higher individual payments. The 2.15% + GST rate is equivalent to 1.61% after tax deductions and GST claims available for most businesses (it pays to check your situation with your accountant).
How much can RewardPay save?
How much you can save will depend on how much business expenditure you process through Amex using RewardPay. Here’s an example to give you some idea:
A business with expenses that come to $20,000 a month (including ATO payments and other general expenses) can earn around 400,000 Amex reward points a year by processing the payments through RewardPay. That’s because RewardPay lets you earn Amex points at the full rate, regardless of the rate normally allowed for your payee or whether they’re even set up for credit card payments.
For most businesses the effective RewardPay transaction rate after tax and GST deductions is 1.61%. In this example, that would add up to $3,864 a year. However, the 400,000 Amex reward points accumulated over the year would have a flight redemption value of around $8,000. And that’s after allowing for the usual travel booking surcharges, fees and taxes.
This is just one example. RewardPay businesses use their Amex points in all sorts of ways. For some it’s about reducing the cost of business class flights. Others use the points to reward employees. And we know of a company that uses them to recognise a valued supplier. With Amex there’s plenty of choice and you’ll know where the most value lies for your business.
How can RewardPay create cash flow flexibility?
Every business is different, but for many RewardPay users the additional cash flow flexibility it provides is one of the main benefits they enjoy. Having up to 50 days interest-free credit available, without having to go to the bank, makes it easier to seize an immediate purchase opportunity, manage a temporary cash flow challenge or take advantage of early payment discounts.
How safe is RewardPay to use?
RewardPay is a trusted online payment platform. Our systems prioritize security, employing end-to-end encryption and complying with PCI Data Security Standards.
“I love the portal. And then what gives me comfort is it still gives us the security we need as a business doing payments online.” Infusion 360, RewardPay user
Get set to buy or lease vehicles with an Amex card today
If you’re keen to earn Amex reward points on a significant business asset like a car, RewardPay is ready to help make that happen. If your Amex card limit is less than the asset purchase price, you can apply to Amex for a limit increase or simply pre-load your card with a positive balance that’s enough to see you through.
As we mentioned above, it costs nothing to sign up for RewardPay. Fees only apply when you set up a payment through our portal. Watch a video and see our pricing.
Still have questions? Chat with us.