The team behind online payment platform ipaymy have a solution to help you manage your business’s expenses, improve cash flow, and rack up precious air miles while doing it. We spoke to co-founder and chief executive officer, Ethan Dobson, about how the company aims to change the way businesses manage and pay their expenses.
Why did you launch ipaymy?
There are two realities every small business operator is intimately familiar with. First, cash flows in the wrong direction way too easily. Second, cash flows way too slowly in the right direction. This leaves business operators squeezed in the middle, facing delays in receivables and dealing with increasing pressure on payables. This is the nature of the game in some way. With almost zero products or assistance available to small businesses from large financial instructions, where are they left to go? I think the answer is ipaymy.
How can it help businesses?
We built the most recent version of our product specifically to deal with the constant cash-flow challenges faced by small business operators. We’ve introduced what we think is the most powerful, yet practical way to meet monthly payment obligations without spending cash. Our product effectively allows operators to use their credit card as a small business loan that is instantly accessible and features up to 55-day interest-free terms. They can pay expenses like invoices, salaries and rent using the cards they already have in their wallet. This frees up cash and opens up a whole new world of options for the business: order more supplies, hire more people and secure the resources you need now. Our users also enjoy the personal benefit of being able to earn large amounts of air miles for their business expense payments.
How exactly does it work?
It’s simple. If you’ve ever used a credit card, then you already know how to use ipaymy. There is no application process and you can make your first payment within minutes of signing up, which is free. It works like this: create an account, enter a few details about who you want to pay (supplier, employee or landlord, for example), select the card you would like to use for the payment, and tell us when you want the payment to be made. After that, we charge your credit card for the amount of the expense you are paying, plus a small fee to cover our costs. Then, we pay the specified recipient by bank transfer in just two business days.
In addition to secure and reliable payments, we’ve also added in tons of features like payment scheduling, supplier management tools, expedited payment services, and much more we think small business operators will love. All of this is also backed by our on-time payment guarantee.
More air miles are always great, but what else does the platform offer?
Air miles are really the cherry on top of the cake. It’s not the core of what we offer, but a benefit that comes with using your credit card to pay your business’ expenses. We built ipaymy to be a tool that helps small businesses win. The miles are a nice to have, but the access to cash is a critical success factor. We are more passionate about helping businesses win, but it’s also great to see folks who work so hard being able to take a nice vacation now and then, courtesy of us.
For more information or to sign up, visit ipaymy.com.
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