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MYOB has introduced a new online payment system, enabling SMEs to offer MasterCard and Visa credit card payments, and access online invoices delivered directly by email.
MYOB integrates direct online payment system
26 July 2016
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6 minute read
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MYOB said the new system, called MYOB PayDirect Online, will allow SMEs to raise an invoice and email it instantly to a customer, and the customer will be able to pay directly from the invoice.
“Once the payment is finalised, the accounts are updated automatically,” said MYOB.
PayDirect will be available for both MYOB AccountRight and MYOB Essentials.
MYOB general manager of SME solutions James Scollay said the integration came in response to research conducted by MYOB, in which business operators identified cash flow as the number one factor likely to cause extreme pressure on their business over a 12-month period.
The added feature is also a response to changing payment trends, said Mr Scollay.
“Online payments are fast becoming the preferred bill payment method, with over 16 million credit cards and over 41 million debit cards in Australia used to pay invoices, utility bills, online purchases and business-to-business payments,” he said.
Mr Scollay said that on average, Australian businesses currently wait 44 days to get paid, and MYOB research continues to show that cash flow is a significant concern for businesses.
“We’re working to reduce this time, and address SME pressure points of cash flow and uncertainty in finances,” he said.
“We know that the bulk of SME payment volume is through an invoice. Now, when a customer receives an invoice from a business, they can hit the ‘pay now’ option and directly make payment through their credit card.”
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