MYOB improves cash flow for small businesses

03 Aug 2016

Launches MYOB PayDirect Online in Australia

Leading online accounting software provider MYOB's new integrated payments solution promises to slash the time it takes for SME’s to get paid. This helps address the number one SME pain point of cashflow and will save operators hours of time. The launch of MYOB PayDirect Online is evidence of further significant investment in building out a range of Connected Services to leverage the power of MYOB’s cloud accounting platform for their 1.2 million customers to market and is another market first for Australia’s most innovative large company

SME’s now have the ability to raise an invoice and email it instantly to a customer. When their customer views the invoice, they’re able to pay it online directly from the invoice. Once the payment is finalised, the accounts are updated automatically, saving SMEs time on manual data entry. PayDirect Online will be available as a native feature in online accounting solutions MYOB AccountRight and MYOB Essentials so users are not required to sign up to a third party service

This latest innovation responds to ongoing business pressures highlighted in the latest MYOB Business Monitor research. When asked what elements of the business environment operators expected to cause an extreme pressure on their business in the next 12 months, cash flow emerged as the number one concern, increasing from 22 percent to 26 percent in just the past six months.

MYOB PayDirect Online also reinforces the company’s continued innovation, evolving with the changing nature of payment trends. Online payments are fast becoming the preferred bill payment method with over 16 million credit cards and over 41 million debit cards[1] in Australia used to pay invoices, utility bills, online purchases and business to business payments.

“Australian businesses currently on average wait 44 days to get paid[2], and our research continues to tell us 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. Through PayDirect Online, SMEs will get paid faster, and can gain better control of their sales with online invoices. They can track invoices in real-time, and access those customers that require a follow up,” says Mr. Scollay.

“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. This reduces the clutter and administration for the paying customer” says James Scollay, General Manager of SME Solutions, MYOB.
 

Features of PayDirect Online include:

·         Accept MasterCard and Visa credit card payments

·         Online invoices delivered by email direct from your software or smartphone

·         Fully integrated with MYOB AccountRight and Essentials

·         Viewable via desktop or mobile browser

·         Real-time invoice status tracking
 

Benefits of PayDirect Online include:

·         Gives your customers an easy way to pay you

·         Improves your cash flow

·         Spend less time chasing payments

·         Customers can pay you from any device

·         Less data entry, your accounts are updated in real time

·         In real-time, know when your customer has opened the invoice

·         Ability to track how customers engage with the invoices you send
 

“We are constantly working to innovate and simplify our products to help small businesses succeed. With PayDirect Online, we’re giving business owners the control and visibility over the invoicing process, so they can get paid faster, and make more informed decisions about their finances,” says Mr. Scollay.

For MYOB product information, research results, business tips, discussions, client service and more visit the MYOB website, or its blogLinkedInTwitterFacebookInstagram and YouTube sites

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For further comment or other information please contact:

Saba Chowdhury, MYOB PR Manager

M: 429 605 963/ E: saba.chowdhury@myob.com
 

About MYOB Australia (@MYOB)

MYOB Group Limited ABN 61 153 094 958

Registered office: Level 3, 235 Springvale Road, Glen Waverley, VIC 3150

MYOB (ASX: MYO) is a leading cloud based business management solutions provider. It makes business life easier for approximately 1.2 million businesses across Australia and New Zealand by simplifying accounting, payroll, tax, practice management, CRM, websites, job costing, inventory and more. MYOB provides ongoing support via many client service channels including a network of over 40,000 accountants, bookkeepers and other consultants. It is committed to ongoing innovation, particularly in cloud computing solutions, and in 2015 was awarded the BRW award for the most innovative large company for 500+ employees and placed 2nd in BRW’s Most Innovative Companies Award list across all categories nationally.  For more information, visit myob.com.au or follow @MYOB on Twitter

 

[1] http://www.creditcardfinder.com.au/credit-card-statistics

[2]  http://dnb.com.au/article-tpa-end-of-year-payment-times-set-new-record.html#.Vt0C0fl95D8