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The SME lender has partnered with Virgin Australia Business Flyer and Velocity Frequent Flyer to offer Velocity Points to business customers.
Following a new partnership with Virgin Australia Business Flyer and Velocity Frequent Flyer, small business lender Moneytech is now providing Velocity Points to business customers who settle a facility with the company direct and through brokers.
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The airline launched its Virgin Australia Business Flyer loyalty program in April last year to provide members with Velocity Points for their business in addition to earning points as an individual. It aims to reward small to medium-sized enterprises (SMEs) with Velocity Points for business spending in the air and on the ground, also giving them additional discounts off base published airfares.
Under the Moneytech arrangement, customers who are (or sign up to be) a Virgin Australia Business Flyer Member can access up to 200,000 Velocity Points when they settle a Moneytech facility.
The point tiers are as follows:
- 200,000 points for Moneytech facilities over $500,001
- 100,000 points for facilities between $250,001 to $500,000
- 10,000 points for facilities under $250,000
- 10,000 points for lines of credit and 1 point for every $20 drawn for ongoing line of credits
The points can be used to purchase a variety of goods and services through the Virgin Australia Business Flyer program.
The SME lender flagged that the new partnership would not only benefit clients but also help brokers and referral partners add additional value to their SME clients.
Nick McGrath, CEO of Moneytech, commented: “We are very excited to be a partner in the Virgin Australia Business Flyer program.
“This partnership will allow our customers to earn Velocity Points for their business on their financial products, which they can seamlessly transfer to an employee or contractor of their business who is a Velocity Frequent Flyer member.
“It’s a win-win for both our customers and for Moneytech.”
He told The Adviser: "The program will also increase the value proposition of the broker, through their relationship with Moneytech, as they will not only be able to provide access to great products but differentiate themselves from their competitors, provide a more personalized and rewarding experience and create a sense of loyalty among their customers."
The CEO said that while many borrowers may utilise points with their credit cards, this partnership to earn Velocity Points through alternative lending products such as equipment finance, line of credit, debtor finance, trade finance and term loans was a “game changer”.
Speaking of the partnership, Nick Rohrlach, CEO of Velocity Frequent Flyer, stated: “We are thrilled to be working with Moneytech to bring the benefits of the Virgin Australia Business Flyer program to their customers.
“This partnership is a great example of how we are constantly looking for new ways to reward our Virgin Australia Business Flyer members and offer them even more value.”
[Related: Moneytech gains additional debt facility]
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