19th March, 2024
Here’s a game-changing fact: of 115 million Australian MYOB invoices, those with online invoice payments enabled were paid up to 3x faster than those without.*
As an accountant or bookkeeper, getting paid on time is crucial to maintaining a healthy cashflow.
By incorporating online invoice payments into your invoicing workflow, you can significantly reduce late payments, spend less time on admin, and improve customer experience.
This article explores the benefits of using online invoice payments in your practice. It also addresses common implementation concerns, and guides you through harnessing this innovative solution to foster business growth.
Enabling invoices to be paid with popular online payment methods (such as Apple Pay™, Google Pay™, PayPal, AMEX, Visa, Mastercard and BPAY) can improve your invoicing in the following ways:
While the benefits of online invoice payments are clear, it’s normal to have concerns about adopting new technology. Let’s tackle the most common challenges head-on:
Implementing online invoice payment software as part of your invoicing workflow isn’t just about keeping up with technology.
It’s about streamlining processes and boosting cash flow, helping free up time to grow your Practice.
Here are some steps to integrate the software seamlessly into your invoicing workflow.
By adopting online invoice payments, you can streamline operations, enhance client service, and accelerate cashflow in your Accounting and Bookkeeping Practice.
This proactive approach to technology adoption can help you remain competitive, responsive, and aligned with your clients’ needs.
Integrating online invoice payments into your MYOB business management platform offers clear advantages, from getting paid faster to improving operational cashflow efficiency and client satisfaction.
So, take advantage today and discover how you can say goodbye to late payments.
Information provided in this article is of a general nature and does not consider your personal situation. It does not constitute legal, financial, or other professional advice and should not be relied upon as a statement of law, policy or advice. You should consider whether this information is appropriate to your needs and, if necessary, seek independent advice. This information is only accurate at the time of publication. Although every effort has been made to verify the accuracy of the information contained on this webpage, MYOB disclaims, to the extent permitted by law, all liability for the information contained on this webpage or any loss or damage suffered by any person directly or indirectly through relying on this information.
Applications for online invoice payments are subject to approval. Fees apply when clients pay their invoices with online invoice payments, view fees and charges. No set-up or cancellation fees. Rate applies to card, BPAY, Apple Pay, Google Pay and PayPal transactions. View terms and conditions here.
*Based on a sample of 115,341,810 MYOB Australian invoices issued between January 2023 and January 2024 on days to payment for invoices paid via online invoice payments versus non-online invoice payment invoices.
Google Pay is a trademark of Google LLC.