20th April, 2022
MYOB Business customers can now access funding in as little as three hours with new loans and invoice finance integrations.
The news follows earlier announcements regarding MYOB’s partnership with Valiant and Butn, and results in the creation of a new cashflow and lending hub as part of the MYOB Business offering.
As a scalable business management platform, MYOB Business already offers a powerful set of online features to enable accounting and payroll processes.
By embedding business loans and invoice financing, this platform now delivers a much sought-after piece of the puzzle: speed of access to capital.
We know that 72 percent of businesses find the process for applying for finance takes too long. In fact, 84 percent of respondents to an earlier MYOB survey said that when they need funding, they need it immediately.
The new Loans and Finance hub addresses this demand in two ways. First, short-term shortfalls in cashflow as a result of unpaid invoices can be addressed in as little as three hours* with the help of Butn’s invoice financing capabilities.
Or, when the situation calls for a small business loan, you can now receive no-obligation quotes from more than 80 lenders within 24 hours, with no credit checks, from Valiant.
According to MYOB General Manager of Financial Services, Andrew Baines, providing Loans and Finance to customers is key to helping more businesses maintain cashflow and liquidity.
“Cashflow is one of the major bugbears for small business owners, and while our recent SME Success Report shows invoice payment times are improving, small businesses often have outstanding payments which can stall business operations,” said Baines.
“Cashflow inhibitors can have significant impacts, particularly on small businesses.
“Easy access to loans and finance and, more importantly, fast outcomes in terms of available cash, helps customers take control of their finances so they can focus on running, and building, their business.”
Designed for MYOB Business, Loans and Finance has also been made available for customers using AccountRight Live (Browser version) and New Essentials.
*Based on MYOB customer data for the period June to December 2021.
For conditions and a detailed pricing breakdown, refer to the Butn’s terms and conditions on the Butn website and the agreement between yourself and Butn.