Payment Logic

Turn your business expenses into Points with Yak Pay.

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Make your business payments more rewarding

You can now earn Velocity Points when you process your supplier payments with Yak Pay. Sign up to Yak Pay today and start generating more value in your business, just by paying your bills.

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How to earn Points with Yak Pay

Sign up to Yak Pay and when you pay your suppliers, you’ll get 1 Point per $10 processed through credit card transactions and 1 Point per $3 processed through bank transfers.

Plus, sign up to an account and if you process $20,000 or more in payments by 31 December 2020, you’ll earn 20,000 bonus Points!

Sign up

Here's how it works:

  • Sign up to Yak Pay and link your Velocity account
  • Set up your suppliers to process payments
  • Earn Points for every $1 spent on transactions

Bonus: If you process more than $20,000 in payments before 31 December 2020, you’ll get 20,000 bonus Points.

Terms and Conditions:

1. Earning Velocity Points

To earn and redeem Velocity Points, the User must:

(a) nominate an individual or several individuals to receive Velocity Points on behalf of the User of the Platform. Any nominated individual(s) must be a Velocity member. Customers may enrol as Velocity members at any time subject to the Velocity Member Terms and Conditions; and

(b) link a nominated Velocity member’s Velocity membership to the Platform. A User can link the Velocity member’s Velocity membership to the Platform by going to the “Rewards Program” section on the Yak Pay portal, selecting the Velocity Frequent Flyer option and inputting your Velocity Membership Number, First Name and Last Name and pressing “Link”. This will link your Velocity membership account and you will begin earning Velocity Points on eligible payments.

Velocity Points will be awarded to the nominated Velocity member account for the User, or if there is more than one nominated Velocity member on the Platform, Velocity Points will be awarded equally to any nominated Velocity member accounts. Nominating more than one Velocity member on the Platform may result in an uneven distribution of Points. The Platform will track which Velocity member(s) receives an additional Velocity Point for each transaction. The Platform will rotate between the nominated Velocity members who receive an additional Velocity Point for each transaction where an uneven distribution of Points occurs. Nominated Velocity members who will earn Velocity Points through the Platform must be authorised to do so by the User.

Once Velocity Points have been earned through the Platform, Velocity will credit any Velocity Points earned to nominated Velocity members linked to the Platform at the time of the earn. Velocity Points will be awarded within 2 business days of a payment being processed through the Platform.

Yak Pay will award Velocity Points to the nominated Velocity member as follows:

Eligible Products

Eligibility

Velocity Points earn rate

Credit Card Offer

The nominated Velocity member will be eligible to receive the specified Velocity Points when a payment using credit card is processed using the Platform.

1 Velocity Point per AUD$10 processed using credit card on the Platform.

Bank Transfer Offer

The nominated Velocity member will be eligible to receive Velocity Points when a payment is made by Bank Transfer using the Platform.

1 Velocity Point per AUD$3 processed using Bank Transfer on the Platform.

2 Personal Information

Yak Pay’s privacy policy is available at https://yakpay.com/privacy

3. Taxation Implications

It is recommended that the User, and their nominated Velocity member who will receive the Velocity Points, seek independent advice from their accountant or tax adviser so that any potential tax implications or liabilities, such as fringe benefits tax or income tax, that may arise from the earning and/or redemption of Velocity Points are understood. Any tax implications arising to the User or their nominated Velocity member who will receive Velocity Points are the User’s sole responsibility and Yak Pay, Payment Logic and Velocity will not be responsible or liable for any taxes as a result of the issue, receipt or redemption of Velocity Points.

20,000 bonus Velocity Points offer:

A Velocity member(s) will receive 20,000 Velocity Points (the Acquisition Offer) when, between8:00am AEST 19 October 2020 and 11:59pm 31 December 2020 inclusive (Offer Period): (1) a new User of the Yak Pay payment platform (Platform) signs up to the Platform; (2) the new User nominates a Velocity member(s) to receive Velocity Points through the Platform; (3) the User links their preferred payment method and is approved for use of the Platform; and (4) makes a total of $20,0000 worth of payments through the Platform by 11:59pm 31 December 2020. The Acquisition Offer is limited to the first 2,000 new Users who sign up to use the Platform. Users who are currently signed up to the Platform, or have previously signed up to the Platform, will not receive the Acquisition Offer. The total Velocity Points for the Acquisition Offer will be awarded to the nominated Velocity member or distributed equally between any nominated Velocity member accounts in the Platform (no more than 20,000 Velocity Points will be distributed). Nominating more than one Velocity member on the Platform may result in an uneven distribution of Points. If a Velocity member has enrolled in Family Pooling, any Velocity Points received as part of the Acquisition Offer will be awarded to the nominated beneficiary of the Family Pool. Velocity Points will be awarded up to twelve weeks after the Acquisition Offer criteria has been met. Velocity Points are not exchangeable and cannot be taken as cash. The Acquisition Offer is subject to the Yak Pay and Velocity Terms and Conditions, and the Velocity Membership Terms and Conditions.