An Australian payments company thinks American small businesses will pay for the privilege of earning points. PayRewards, the US arm of Pay.com.au, has launched with $28M in funding and a promise that bank transfers which currently earn nothing can earn something.
The parent business is not speculative. Pay.com.au says it has processed more than $7bn over twelve months for over 30,000 customers, growing 100% year on year since it was founded in 2019.
Chief executive Blake Hutchison frames it as a fairness problem. “Large companies negotiate their way into rewards,” he said. “Small businesses get an invoice and a due date.”
The pricing is refreshingly plain. There is no monthly platform fee, and on a bank transfer a business pays 1.75% to earn one point per dollar or 3.25% to earn two.
Then you reach the company’s own valuation of its currency. PayRewards says its points are generally worth one to two cents each.
