As a small business located in Melbourne, we launched Australia's first B2B payment platform (Payment Logic) in 2013 in partnership with American Express.
Over the last 6 years, it has been a fantastic journey working closely with the American Express team, highlighted by hitting the milestone in June 2019 of successfully processing more than $1 billion (per annum) of B2B payments.
We have stayed focused on this partnership, spending the time, effort and resources to continually improve our platform's functionality and usability. To date, the feedback from our clients is that we are the clear leader in the B2B marketplace. The biggest question we receive is "whether we accept other credit cards, notably Visa and MasterCards, in addition to their American Express card?"
Today, we are addressing that opportunity and launching another product specifically for Visa and MasterCard, called Yak Pay.
Yak Pay is powered by the same payment platform as Payment Logic and utilises everything we have built and learnt over the last 6 years. Our clients will be able to use Yak Pay to make any B2B domestic payments using their Australian issued Visa or MasterCards.
We are delighted to have achieved what we have done with American Express and we will work equally hard to continue to grow further with them, but today's announcement gives us an opportunity to expand our business. We believe that the dual approach of Payment Logic and Yak Pay will give us a broader reach and wider offering, which will ultimately benefit more Australian businesses.