Category Archives: News

Featured Image

A Business Owner’s Guide to Credit Cards

No matter how well-established your business is, readily available and unsecured capital is integral to its success and longevity. Even with a positive cashflow, why not look at other means to quickly access funds? With 2 out of 3 business owners using credit cards, here’s a business owner’s guide to credit cards and how they can be the ideal financial buffer.

 When to go cashless

With so many different types of cards on the market, choosing the most suitable credit card can be a real headache for business owners. This is especially true in the early stages of starting a business. However, as your business grows, so will your expenses – which may mean leaning on a credit card from time to time, or using a credit card to take advantage of lucrative rewards schemes.

When it’s time to start thinking about using a credit card for business expenses, firstly look at the current stage of your business and purchasing patterns.

Here are some questions you may want to consider:

  • What are your monthly business expenses? (Rent, office supplies, utilities)
  • Do you need to set aside a budget for significant investments or costs? (Office equipment and technology, marketing and advertising, tax bills, insurance)
  • Do you or your employees frequently travel for business purposes?
  • Are employees often required to make business purchases?

Advantages of using a Credit Card

Credit cards not only offer short term access to funds, they also offer long term benefits for your business. These benefits can include:

  • Ability to manage monthly variable costs, improving and controlling cash flow.
  • Boost credit rating and purchasing power.
  • Credit can be unsecured (secured without a deposit)
  • Ability to separate personal and business expenses – making it easier to distinguish what is tax deductible.
  • Easier bookkeeping – especially when it comes to tax time!
  • Gain credit card rewards – Using a credit card to pay business expenses can offer rewards and loyalty points programs that are not only incentivize but help your business grow.

Use B2Bpay and maximize Credit Card rewards

Whilst credit cards may offer credit reward points on business expenses, there are still billers who will not accept credit card payments.

B2Bpay is a centralised online portal that allows you to pay business expenses – including one-off, scheduled and future dated payments – with your existing credit card. Regardless of whether the biller actually accepts credit cards, through B2Bpay billers receive payment by EFT or BPAY. Billers receive payment within 3 days and there is no extra cost to them.

With B2Bpay, you can earn Qantas points as well as credit card reward points on all business expenses. Even when paying tax, government, insurance, telcos and insurance bills through B2Bpay, business owners will earn full card points.

Beyond the simplicity and reliability using B2Bpay, the unique advantage for business owners is profitability through payments.

The Deloitte ‘SME Digital Payments – New opportunities to optimise’ White Paper 2018 featured B2Bpay as a case study, stating that “by utilising the B2Bpay platform, SMEs could attract significant value, potentially at a level of approximately 7% of expense paid”

Furthermore, the White Paper confirmed that alongside efficient and accurate cash flow management, B2Bpay’s features are:

  • Improved visibility and reporting
  • Automatic bill reminder alerts
  • Alerts through SMS and email (for successful and failed payments)
  • Low cost processing fee (which is also tax deductible)
  • Secure payment mechanism through tokenisation (and no storage of card numbers)
  • Reporting capabilities and centralised expense management

While credit cards can guarantee working capital for your business, B2Bpay can ensure your business payments count in profitability., making you miles ahead of your competitors.

To set up a B2Bpay account, click here.

Featured Image

Christmas Survival Guide for Business Owners

Eat, drink and be merry. If only Christmas were that simple.

When you run a business, Christmas can be a stressful time of the year. You may need to juggle sluggish cash flow, staff going on holidays and, like everyone else, a multitude of personal commitments.

So what can you do to get through the Christmas period without turning into the Grinch?

Up the exercise

We all know exercise is great for reducing stress. But don’t wait until the New Year to up the ante at the gym or dust off the bike helmet. Use the Christmas holiday period as a chance to do more of something you enjoy.

Not only will this help you relax and take your mind off work, it will counter some of the excess indulgence that tends to happen this time of year – helping you feel healthier, happier and more energised for 2020.

Boost cash flow 

If the holiday period is stressful because there’s less revenue coming in, do what you can to boost your cash flow until you’re likely to be busy again.

Are there any outstanding debts you can call to be paid before Christmas? Do you any have insurances or membership fees you could pay by the month instead of annually? Could you use your credit card more than you currently do for large business expenses – like your ATO Tax Bills?

Using a third party payment system like B2Bpay  can help you keep cash in your account longer. You also get the added benefit of earning credit card reward points, which could help you pay for next year’s Christmas holiday!

Take a (proper) break

Business owners are notoriously bad at switching off from work. It’s one of the reasons your customers love you, but it’s also a common cause of stress because you rarely take a real break.

The Christmas period is a good chance to take a time out when most of your customers are doing the same.

If you can’t shut down completely, why not entrust one of your staff to take the reins for a week or two? Who knows, you may even find that leaving someone else in charge works out fine – which will make you more comfortable to do it again.

Put family first

If you spend the year having to say no to family functions and other social engagements because of work commitments, use the holiday period as a chance to make up for lost time.

By prioritising your family and encouraging your employees to do the same, it helps build a healthy work-life balance that everyone in your workplace will appreciate – which in turn will help you attract and retain valued people.

Be Santa

It always feels good to do something nice for someone else. So why not treat your staff or customers to a surprise gift or get together? It can be a great way to build relationships and shows your appreciation for the people who are important to your business.   

If you’re not sure what an appropriate gift might be, consider a prepaid credit card  that lets your recipient buy whatever they want. You can even personalise the card with your own brand so they think of you (in a good way!) when they open their wallet.

What will you do?

Whatever strategy sounds right for you, now is the time to do something that might help de-stress over the Christmas period. Get it right and it could be a gift that keeps on giving for many years to come!

Featured Image

Innovative Ways to Manage Cashflow

If cash is king for any small business, a positive cash flow is the backbone to survival and success. Being nimble is a major advantage for small business. However, this can also result in fast turnover and sudden short falls. Keeping on top of financial incomings and outgoings can be a daily challenge. Here are some innovative ways to manage your cash flow:

Constantly Forecast and Monitor Your Cash Flow

 Although, forecasting for projected earnings and losses can be as fun as watching paint dry, it is absolutely crucial. A forecast allows you to make informed decisions on which business areas have potential revenue growth as well as where to cut costs.

The fast-paced dynamics of a small businesses can make monitoring cash flow a fickle task. Yet, it’s the constant changes that require a close and frequent analysis of your business income and expenditure. Smart small business owners will even track their cash flow on a weekly basis.

B2Bpay is a secure online portal where you can check on all your payments one-off, automatic and future dated. Become a B2Bpay Biller and track your accounts receivable at anytime from anywhere.

Collect receivables immediately

 Generating revenue can be an unpredictable game. However, keeping on top of invoicing and payment receivables will help maintain a positive cash flow. Here are some suggestions to streamline and efficiently collect money owing to your business:

  • Issue and send invoice efficiently and follow up overdue payments
  • Offer a convenient and secure online payment option on your invoice
  • Offer discounts or incentives to encourage customers to pay early
  • Secure a customer’s booking by requesting partial payment
  • Make deposit payments mandatory when taking a customer’s order

 Extend your payables

The key to a successful business is to keep cash coming in as quick as possible while holding back on expenses for as long as possible. Easier said than done? Here are some useful tips:

  • Work closely and build strong, trusting relationships with suppliers who can offer flexible payment terms.
  • Negotiate and maximise payment terms. If a payment is due in 30 days, see if you can extend it to 45 and don’t pay any earlier.
  • Electronic funds transfer allows you to make payments on the last day they are due. This will help you retain funds for as long as possible without facing the stress of late fees.
  • Streamline your accounts payable process and make payments digitally.
  • Don’t leave it to the last minute to request an extension on payment. Look ahead at upcoming bills. Make a conservative decision whether you can make payment or not. If not, contact your supplier immediately and explain the situation.

B2Bpay Benefits

B2Bpay allows you to pay all your invoices using existing credit cards, whether or not your biller accepts credit cards. B2Bpay accepts all major credit cards.

Pay your invoices through B2Bpay and you will:

  • Boost cash flow by taking advantage of your credit card’s up to 55 day’s interest free period
  • Earn Qantas Points
  • Earn credit card reward points
  • Earn full credit card points when paying ATO, insurance and telco bills
  • Eliminate mundane admin and accounting tasks so you can go back to doing what you do best – building a business

According to a recent Wakefield Research study, within the 500 Australian small businesses that were surveyed, 50 percent have lost $10,000 or more by foregoing a project or sale specifically due to insufficient cash flow issues. Having a positive cash flow not only lets you sleep well at night but allows you to financially expand your business.

Whether you’re looking to tighten expenses or need efficient payment methods, B2Bpay allows you to streamline the constant movement of your business funds. Think of all the additional revenue and extra business opportunities that come along with it.

To register, click HERE. Setting up is easy and at no cost!

Featured Image

Single Touch Payroll

What is Single Touch Payroll?

If you’re a small business with 19 or less employees, you are now required to use Single Touch Payroll (STP) reporting.

This rule came into effect on 1 October 2019 , but many small businesses (up to 70% in fact) are yet to adopt it – despite the fact it’s cheap and easy to get started.

What does it mean for small to medium businesses?

STP reporting allows you to report your employees’ payroll information – including salaries, PAYG withholding and super – to the ATO at the same time as you complete your pay run.

This simplifies your bookkeeping requirements as it removes a step from the reporting process. It also improves the timeliness and accuracy of information you send to the ATO.

How do you get started?

To start using STP reporting you need to be signed up to STP-ready software.

If you currently use accounting software such as Xero, Reckon or MYOB you should be ready to start using STP straight away.

Are there free or low cost options?

There’s a wide range of STP-ready software products available – including a number of options that are either free or cost less than $10 per month.

The ATO website features an extensive list of no-cost or low-cost STP solutions.

If haven’t already started using STP reporting, speak with your accountant or bookkeeper and work together to ensure your business is compliant.

B2B Pay and its affiliates do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.

Featured Image

Is it better to rent or buy your business premises?

Setting up a business involves a lot of decision-making. While most people focus on customers, products and pricing, one key decision you need to make is whether you choose to buy or rent your business premises.

There are pros and cons of either approach. But here are some of the key questions you need to ask yourself before you sign on any dotted lines.

What can I afford?

Just like buying a home, buying a commercial property requires a lot of cash. In fact, you generally need to put down a bigger deposit to buy a commercial property – often around 25-50% of the property’s value (plus stamp duty and often GST).

This could turn out to be a great investment if the market works for you. It could also work against you if the market drops and you need to sell to access that money. You also need to factor in the ongoing costs of building maintenance, council rates and other levies that you wouldn’t need to pay if you weren’t the property owner.

Renting is obviously much less of an upfront financial commitment – which can free up more cash to spend on your business. But the downside is you’re helping someone else pay off their mortgage. Likewise, if you invest in renovating your premises, you’re adding value for someone else.

How much space am I going to need (now and later)?

You need to think about the future growth of your business. Being the owner of your premises gives you more flexibility to reconfigure your existing premises (without having to ask your landlord for permission – more on that later). But it also means you’re ‘locked in’ to one site that may not suit you forever.

If you change your business model, shift your focus interstate or simply need a bigger premises, it’s much faster and less costly to make a move when you’re renting.

Am I OK with having a landlord?

One big downside of renting is you don’t have the freedom to make all of your own decisions. You generally have to ask your landlord for permission if you want to make changes to the floorplan, put in a skylight or even paint – which could hold you back from creating the workspace you really want.

Also, if your landlord decides to end your lease or sell the property, you may be forced to vacate the premises and find somewhere else at short notice. Or they may increase your rent each year to the point you can no longer afford to stay.

When you buy, you’re more in control of your own destiny.

Do I want to earn rewards points?

Many business owners are rapid accumulators of rewards points because of the ability to pay business bills on credit card.

While you can’t generally earn rewards points on mortgage repayments, you can use a third-party payment service like B2Bpay to pay your rent – and earn full credit card points (including Amex).

If you paid $240,000 per year in rent and other business expenses using B2Bpay, you could earn:

  • 240,000 Qantas Points (or credit card points) every year, plus
  • 2,400 Qantas Points for your business every year (or even more by paying B2Bpay Bonus Billers).

That’s enough points for 2 x return Business class flights from Sydney or Melbourne to London every year, including approximately $1,517 in taxes, fees and carrier charges.

If you’re renting and looking to boost your rewards points, join B2Bpay free below or click here to find out more.

So what’s the verdict – rent or buy?

Every business owner has their own pros and cons to weigh up, and a hairdresser will have very different requirements to a motor mechanic. The important thing is to do your homework so you can make a decision with confidence, then get on with running your business.

Featured Image

Aussie businesses can now earn Qantas Points for getting paid!

  • To mark a successful first year B2Bpay, in partnership with Qantas Business Rewards, has announced an exciting enhancement to reward Australian businesses even more
  • B2Bpay is now rewarding businesses with Qantas Points when they get paid as well!

Backed by Qantas Business Rewards, online payment platform B2Bpay is revolutionising how SME’s do business and to celebrate the 1-year anniversary since its launch an exciting enhancement has been announced to deliver even more rewards for Australian businesses.

The popular online payment tool announced in April that it will be expanding its reward offering to now also offer additional Qantas Points to businesses when they get paid by customers.

“B2Bpay has had such a successful first 12 months and we are thrilled to be celebrating through introducing a major enhancement to the platform that delivers even more value to Australian business owners and their customers,” says General Manager Kevin Butler.

“We have learnt that many of the SMEs we’ve helped with simpler more rewarding ways to pay their bills also need support with how their customers pay them. Business owners often struggle to know where to start when accepting card payments. B2Bpay offers an easy solution that also boosts lucrative Qantas points balances not only for your business but for your customers as well,” adds Kevin Butler.

Businesses receiving payments on B2Bpay will now earn 1 Qantas Point for every $20 paid to them by Visa or Mastercard and their customer also earns 1 Qantas Point per $100 in addition to the points provided by their credit card.

“The Qantas Business Rewards program makes it easy for business owners to earn Qantas Points on their everyday business expenses and it’s been wonderful to see so many businesses taking advantage of the B2Bpay platform over the past 12 months. In recognition of the first anniversary of B2Bpay’s launch we are very pleased to be expanding rewards to businesses when they get paid,” said Eric Jelinek, Head of Qantas Business Rewards.

Is it easy to get set up?

With B2Bpay, it’s super easy to get set up. Simply fill in our Online Enquiry Form to get started, and we can get you set up within a day with your own branded payment portal. Then your customers can start paying you online, 24/7. What’s more, it’s completely free to get set up. The only cost is the card processing fee, which you can choose pass on to your customers.

So how does it work?


Step 1 – Invoice your business customers
Simply place the B2Bpay ‘pay now’ payment details on your invoice

Step 2 – Customers pay you
Customers click (or enter URL) to pay by credit card on your dedicated payment page

Step 3 – Funds are sent to you
Funds are transferred within 3 business days to your bank account with reference details

For more information on becoming a B2Bpay biller click here.

For more information on the Qantas Business Rewards program visit Qantas Business Rewards.

Featured Image

Download your Tax Statement in a few clicks

As a business, you can likely claim your credit card processing fees as a tax deduction at tax time. The good news is, this is very easy to do using B2Bpay. Simply login and in a few steps you can get a printed statement, download an Excel file or import a file into your Accounting software system (Xero, MYOB etc).  Then all you need to do is share with your Tax Accountant.

Instructions

  • Log in to B2Bpay
  • Click the “View Payment History” button on your Dashboard
  • Once there – select the dates you would like to view (eg. for this financial year you would select 1July 2018 – 30 June 2019)
  • Then select how you would like to download the statement. You will see 3 buttons: Print Invoice, CSV Download and OFX Download (see details of each below).

Print Invoice

This option gives you a printed Statement which shows your customer tax invoice summary

CSV Download

This option allows you to download a CSV file which you can then open in Microsoft Excel

OFX Download

This option allows you to download an OFX (Open Financial Exchange) file, which is a text file containing payment data. You can then import this file into your Accounting Software package (such as Xero or MYOB). See instructions for importing into Xero here, and MYOB here.

Log in

Featured Image

Top tips for Australian businesses this EOFY

End of Financial Year can be a stressful time but there’s some great tools and incentives for Australian businesses to take advantage of this year.

Kevin Butler, General Manager of Australia’s leading payment solution provider Zenith Payments has shared his top tips for this End of Financial Year.

Kevin Butler’s top five tips for Australian businesses this EOFY

 

1. Think about what purchases you could make before 30 June – and use B2Bpay to pay by card so you can ‘buy now, pay later’ as your card statement won’t be due until next financial year.

2. Read up on the now $30,000 instant asset write off scheme – the threshold was recently increased to $30,000 so take advantage of this before June 30 this year.

3. Check out Corporate Prepaid Gift Cards,  which is a great way to use up marketing budgets with branded pre-paid credit cards you can use to reward staff or customers in the next financial year.

4. Use B2Bpay to pay for all business purchases and:

  •  Reduce cash flow concerns by using your credit card’s up to 55 days interest free period;
  • Earn credit card reward points;
  • Pay ATO bills and earn full credit card points;
  • Receive Qantas Points on EOFY purchases and all other expenses

5. Get some advice from your accountant and check out how your business can benefit. You can even earn credit card and Qantas Points when you pay your accountant using B2Bpay!

“The end of financial year is a great time to do some shopping for your business. Businesses can take advantage by maximising tax deductions before the end of year. What’s more, the government’s $30,000 instant tax deduction initiative is a great tax break for small businesses.”

“Cash flow can often limit the ability of businesses to take advantage of these tax breaks. That’s where B2Bpay comes in by allowing you to use your credit card’s interest free days to hold your cash longer” says Kevin Butler, Zenith Payments General Manager.

“Powered by Zenith Payments B2Bpay is an innovative solution that allows small businesses to pay all business expenses via a single, secure online portal.”

“Using B2Bpay will negate the usual loss of points that occurs when paying the ATO directly by credit card. Instead our customers are rewarded with a much-needed silver lining at tax time with full credit card points and additional Qantas Points too.” adds Kevin Butler.

With B2Bpay, business owners can maximise credit card rewards on all payments in addition to boosting cash flow, productivity and tracking of business expenses.

Log in

Featured Image

The upside of Amex changes in April 2019

B2Bpay still the most profitable way to pay all of your business expenses.

On 15 April 2019, American Express made changes to points earning and redeeming rates. You can visit their website here and see how your card has changed.

The good news is, regardless of which card you have; you are still better off using your American Express card to pay all your business payments using B2Bpay to earn credit card points, and to earn Qantas Points on top of that. Although the points transfer value has reduced by up to 50% when transferring your American Express Rewards Points to airline points, the earn rate has doubled or more than doubled on some cards.

As Steve Hui ‘The Points Whisperer’ founder of iflyflat.com.au helps business with strategies to earn more points says “ensuring you have the right card is the first step, then deciding where to travel is the second step”. “Then you can focus on using it to maximise points and that’s where B2Bpay comes in by helping you earn full points on bills like your ATO BAS bill and by earning extra Qantas Points too”.

B2Bpay is reducing American Express card processing fees

Some more good news is that as of 17 April 2019, B2Bpay reduced card processing fees for paying with American Express cards from 2.4% to 2.2% (1.54% after tax deduction) excluding GST.

So which cards earn more points than before?

A good example of this is the  American Express Platinum Business Card and the American Express Platinum Card.

B2Bpay payments fall into the ‘all other spend’ category’ ,with this earning rate:

Before 15 April:              1 Membership Reward point per $1

From 15 April:                 2.25 Membership Reward points $1

In addition to these changes to the points you earn, American Express has also halved the redemption rate for when transferring Membership Rewards points to airline or hotel points.

But, because the earning rate has more than doubled, you are still ahead and will earn more points than before. Plus you will pay the reduced B2Bpay processing fee.  Winner!

Example:

Let’s use paying the ATO as an example of how you can earn even more points using B2Bpay after 15th April…

A customer uses B2Bpay to pay a $10,000 ATO bill (or any other bill):

Before 15 April:

Earn 10,000 American Express Membership Rewards Points

= this can be transferred to 10,000 Qantas Points

Plus at least 100 Qantas Points from B2Bpay

TOTAL: 10,100 Qantas Points 

From 15 April:

Earn 22,500 American Express Membership Rewards Points

= this can be transferred to 11,250 Qantas Points

Plus at least 100 Qantas Points from B2Bpay

TOTAL: 11,350 Qantas Points

 

 

 

Featured Image

Now you can be rewarded for paying bills and getting paid.

 

Innovative payments fintech B2Bpay has just announced that it will now offer Qantas Points to small businesses when they accept payments. SME’s will receive 1 x Qantas Point for every $20 paid to them via the B2Bpay portal.

The beauty of B2Bpay for small businesses is that not only can they can offer their customers the opportunity to earn Qantas Points when they pay them, but now they can also earn Qantas Points for themselves when getting paid.

Since the launch of B2Bpay a year ago, customers have been earning 1 Qantas Point for every $100 spent via the portal.

B2Bpay General Manager, Kevin Butler said “B2Bpay has been very successful to date and we attribute it to the fact that we are very customer centric and enjoy nothing more than rewarding them for paying their everyday bills,”

“Recently, we decided that we would like to extend the Point earning potential to our billers – small businesses that are accepting payments.”

“Being able to reward small businesses for getting paid is a first of its kind in our industry and we are very excited about it,” Kevin said.

B2Bpay has found a unique angle to provide Australian small businesses with an extra incentive to do business and benefit from processing payments.

 

How do I become a B2Bpay Biller?

It costs nothing for you to become a B2Bpay biller and you can also opt for your own branded payment portal.

We can help you get set up. All you have to do is add a link to your invoices (eg. pay.b2bpay.com.au/ yourcompanyname) so they can start getting paid online via credit card at any time of the day.

 

Get paid quickly and save time and hassle

Getting paid by card is faster and by offering online payments you make it more convenient for your customers to pay you, at any time of the day or night.

Cut down your manual work and time on the phone because you don’t have to cross-check bank statements or card details.

Watch our video on how it all works here.


If you would like to have a chat to us, please call 1300 205 575.