Hoping there was an easier, more rewarding way for you to pay your monthly dues? Certain important payments like rent, income tax, insurance, and such can’t be paid with credit cards, or otherwise don’t let you earn miles or rewards from those hefty payments. That is before ipaymy came into the picture.
What Is ipaymy?
ipaymy is an innovative, user-friendly platform that lets you pay for transactions with your credit cards, and allows you to get rewards and rebates from those payments. This means you don’t have to resort to a bank transfer for certain transactions that don’t accept credit cards, and that you can expect to get juicy rebates from those transactions.
Now you may be wondering–what’s the catch? ipaymy sounds like a really good deal!
Well, every transaction will incur a small fee of 2.25%. Now, I understand that it’s easy to be wary of a required transaction fee, in actuality you can get more than you give!
The cost you pay for the ipaymy fee is just a small percentage of the rewards you can earn from the points or air miles you accumulate. But we’ll get more into that later.
What Are the Benefits of ipaymy?
- Use any credit card. ipaymy accepts Mastercard, Singapore-issued Visa, and international credit cards.
- Automate for recurring payments. Set and forget by scheduling your recurring monthly payments so you don’t need to log back in all the time.
- Split payments. Organise your expenses by spreading them over different credit cards, so you can optimise rewards and manage your balances.
- Faster payout date. The recipient can get your payment as soon as the next business day.
- Document storage. Keep track of your finances by storing invoices, receipts, and other records.
- Dedicated Support. Contact the ipaymy team for any questions and assistance.
- Earn rewards. Earn miles, program points, and rebates when using your card. ipaymy also has a Points Guarantee program to make sure you get your points credited, else you can get a fee refund. Click here for more information on the program courtesy of the ipaymy Help Centre.
- Make overseas transactions. ipaymy’s “Pay Abroad” function lets you send money to overseas recipients. This also allows you to transfer money from a Singapore bank account to an overseas bank account.
How Does ipaymy Work?
ipaymy’s simple platform lets you accomplish transactions in four easy steps:
- Add your recipient’s information and bank account details.
- Select the recipient
- Schedule the payment. You can select the payout date, or set a recurring payment schedule.
- Confirm and pay. Your credit card will be charged with the transfer plus the ipaymy fee.
Cashback and Airline Miles
A big benefit of ipaymy is that payments that normally don’t get you anything, will have you getting something. The ipaymy fee is small, and in actuality also earns you air miles, contributing to that next holiday you’re planning.
The cash back reward, depending on your bank will often earn you more than the ipaymy fee–a 5% cash back will still net you 2.75%, which is much better than getting nothing.
Using ipaymy as Your Business Tool
A credit card can help you get instant funds, which should help you manage your cash flow better, but, unfortunately, there are limited ways to use them for your business.
ipaymy, of course, removes this restriction. Here are a few ways ipaymy is an effective tool for managing business cashflow:
No need for bank transfers–all your payees will accept credit card payments
Bank transfer? Nah. Pay in cash? Nah. ipaymy lets you settle payment obligations with your credit cards, and all your payees will readily accept.
Convenience in your pocket
Ipaymy is a user-friendly, secure platform that–as discussed earlier–makes it quick and easy to pay. You can say goodbye to the usual financing options for businesses and the associated troubles that go with them, and settle any dues in as quick as one business day.
You can keep track of payment status, set reminders for payments, take note of your invoices and schedule ongoing payments from a single dashboard. You can easily schedule salary payments, rent, and other recurring expenses.
Early payment discounts
Get early payment discounts and receive more favourable pricing from your suppliers.
Flexible payment terms
It gives you plenty of ways to settle your expenses, like giving you the option to switch your regular cheque payments to your credit card to get the flexible terms your credit card affords you. You can pay vendors as soon as you need to, but you are given ample time to hold onto funds.
Access to 55-day interest-free small business loan
Startups and other SMEs know the difficulty of running a young business, and the stress of managing cash flow during the early years. ipaymy helps these businesses make the most of a credit card by giving them what is basically an interest-free loan that fits snug in a wallet!
With ipaymy, you can use your credit card to access up to 55 days of interest-free cash. This makes it so that certain inhibitions are removed for the credit card use of a small business, giving it breathing room in the cast of paying regular business expenses, like rent, suppliers, payroll, and more.
ipaymy also allows a business to pay dues early without having to worry about the accumulated cost of interest. This is especially important during emergencies.
When your business needs to sign off on a rare financial opportunity or needs to make repairs after an unfortunate incident that damaged some facilities, you can easily use ipaymy to get interest-free cash to make the required payment with your credit card instead of taking a loan.
This flexibility afforded to you ipaymy is interest-free, allowing you to hold off on paying cash for as long as 55 days for when your credit card statement arrives. And that’s all for the cost of a small fee of 2.25%
Lest we forget, using it on your business also affords you the cash backs and air miles! Considering that when running any professional establishment, a lot of the things you need to pay for are quite big-ticket, you’ll be swimming in those rewards.
Check out this table for the ipaymy fee charges for each transaction:
|Credit Card Type||Transaction Fee||Terms and Conditions|
|Visa / Mastercard||1.79% (No promotion code required)||For scheduled rent payments
Singapore-issued Visa / Masterard credit cards
Minimum 6 months scheduled payments
|Visa / Mastercard||2.25%||Singapore-issued Visa / Mastercard credit cards|
|Visa / Mastercard / American Express||3.30%||International credit cards|
Banks Supported by ipaymy
Take note that not all credit cards are eligible for rewards like air miles, rebates, or points. Your Singapore-issued Visa or Mastercard might not be one of them, so make sure to check.
The following banks are supported by ipaymy:
- Bank of China,
- Standard Chartered
You can also check out this full list of participating credit cards from the ipaymy help center.
Ongoing ipaymy Promotions
Limited-time Tax Payment Promotion 2021
ipaymy is currently running a limited-time promotion for Singapore tax payments. Using the code “TAX2021” you only have to pay 1.75% for the transaction fee. Promo runs until before 31 July 2021. For more information, click here.
Rent Promotion – 1.79%
Use ipaymy to schedule your rent as a recurring payment for a minimum of 6 months, to get a discount from 2.25% to 1.79%. This is great, as this not only removes rent payment on your to-do list, you can avoid the possibility of paying late and incurring fees, and passively earn some points in the process. For more information, click here.
The Bottom Line
ipaymy is not only convenient and efficient but also rewarding. Whether it’s for personal or business, paying your rent, taxes, and other invoices is made easier by letting you pay with your credit card, along with the bonus of getting rebates, air miles, or points.
While getting access to your credit card for most expenses is really convenient, there might be certain instances where getting a loan is more appropriate–say when you don’t want to overspend above your credit card limit.
So, in the case you might need a loan with flexible terms and fair interest rates, you can count on Loan Advisor to give you some financial guidance. We are a loan comparison site offering free loan quotes from Singapore’s established, 5-star rated licensed lenders.