Ipaymy is a new way to earn frequent flier points on business and household expenses. I have been using it for the last few months and thought it was worth sharing my experience.

What is Ipaymy?

Ipaymy is a payments company based in Singapore who simplify the management of bills and allow their customers to generate frequent flier points on everyday bills. 

They are regulated by the Monetary Authority of SIngapore (MAS) as a Major Payment Institution, and launched in Australia in 2021. 

Is Ipaymy Safe?

That’s a great question. I have used them a number of times to make payments. All payments have been received by the supplier a few days after my credit card was charged. This is a good thing as it gives Ipaymy time to minimize fraud.

As you are using a credit card to make the payment you should also receive protection from your credit card provider. I intend to keep using them! 

How Does Ipaymy Work?

First you need to sign up online for Ipaymy. Consider using this referral code which benefits both of us. 

Once you have signed up you will need to add your credit card(s) and upload your first bill. To be honest the UX is a bit clunky and I struggled. However they have a great support team and a live chat feature to help you through.

All bills need to be genuine so you cannot use Ipaymy to “manufacture” points. When we spoke to the Ipaymy team they said they are reviewing bills to ensure they are genuine.

Bills are not processed in real time but are processed overnight. You can also forward date your bills to meet your cash flow needs.

Once the bill is paid by Ipaymy you will get an email confirming payment.

Pros of Ipaymy

• The most important advantage is you can receive points on bills and expenses where credit cards are not accepted,
• Maximise your cash flow by taking advantage of interest free days on your credit card,
• A single wallet to keep all your credit cards, allowing you to choose the right card for the right purchase. This is useful if you have reached your credit card limit or need to meet a minimum spend for bonus points,
• A convenient place to manage all your bills, you can track all your bills in the one place providing a convenient record of payment,
• You get an email confirmation when the payment has been made,
• Ipaymy keeps the details of the business for recurring payments, and
• You can pay any bill with a BSB and account number and ABN

Cons of Ipaymy

• There is a two day delay to pay your bills with Ipaymy, so make sure you plan ahead,
• While you must upload your invoices into Ipaymy I could not find the uploaded copy,
• Does not support BPAY (but it does support ATO!),
• Ipaymy does not accept American Express Cards, although they said it was on their roadmap,
• You need to set the supplier in your account and the business needs an active ABN (this is also a positive!), and
• It’s not as quick as using your Bank and paying direct (but you don’t get points that way)

What Credit Card Should I Use With Ipaymy?

In this example I am using either my St George Amplify Visa Card to generate Krisflyer points. At the moment Krisflyer is a much easier way to redeem business class flights from Australia to the rest of the world. While it’s easy to generate Qantas points through all their partnerships it is nearly impossible to find good flights.

As Ipaymy charges a 1.2% fee to process each invoice make sure you use a card with maximum points for each dollar spent. My Commbank Ultimate Awards card only gives me .33 Krisflyer points per dollar spent and has points capping while my St George Amplify Card gives me one Krisflyer point per dollar spent and is uncapped.

Given the higher earn rate from the St George Card and the better premium cabin award availability via Krisflyer, the St George Amplify card is the better option.

IPAYMY vs SNIIP vs DEFT

DEFT is great for paying rent as you get a unique DEFT ID. They also take American Express charging 1.5% per dollar, costing 1.5c per point using the American Express Ultimate Card.

SNIIP is another great Amex option and can be used for most, but not all BPAY billers. Again SNIIP charges 1.5% equating to 1.5c per point. The fees for SNIIP are on par with DEFT.

Ipaymy only charges 1.2% for Visa or Mastercard transactions. If I use my St George Amplify Visa card (with no points capping) I am only paying 1.2c per point. This is good value.

Ipaymy is a great alternative to both SNIIP and DEFT and is my preferred way to pay my everyday bills. 

IPAYMY Promo Code Worth $30 for personal and $200 for Business

Use this promo code and we both get either $30 for a personal sign up or $200 for a business. I like the product so much I signed up without any code!

IPAYMY Promo Code For New and Exisiting Customer Transactions

We were also able to negotiate a promo code for new and existing users to save money on their transactions. We don’t benefit from this code but you will!.
New Users – First Payment Fee up to A$50,000 with promo code PBHFIRST
Existing Users – $10 off the ipaymy transaction fee with the promo code PBH10

On Time Guarantee

One other benefit highlighted by the Ipaymy team is that payments are back by their ‘on-time guarantee’ meaning if your payment is late it is on them!  As all payments can also be set up as recurring you never have to worry about a late payment again (and be subject to late payment fees).

Summary of Ipaymy

Ipaymy is a great product that closes the gap in the market for those invoices who charge a premium to use a credit card or do not accept them at all. While they can be used for household expenses it comes into its own when used for business expenses.