M-Powered Invoices Frequently Asked Questions
How long have M-Powered Invoices been around?
The M-Powered Invoices service was launched (initially as the Customer Payments Service) in August 2002.
How do I get started with M-Powered Invoices?
When your application to use M-Powered Invoices is accepted, you'll be provided with a Welcome Kit with all you need to get up and running.
Apply on-line for the M-Powered Invoices service
Can I add the "How to pay" section to my statements?
The 2004 and later releases of MYOB's accounting software range let you add the "How to pay" section to both invoices and statements.
Accountants Office, the dedicated practice management software suite, can also add the "How to pay" section to invoices but not to statements that are produced when using the latest Accountants Office Practice Manager platform.
Do I have to apply for all four payment channels?
The streamlined M-Powered Invoices application process provides your business with access to all four payment channels for less than the cost of setting up just one by yourself.
Once your application has been approved, you can choose which of the four payment channels you want to offer your customers. However, the cost of providing the service to your customers is the same whether you choose to provide one payment channel or all four.
Most of our customers choose to provide their customers with the convenience of all four payment methods.
Will I need to set up a new bank account to use M-Powered Invoices?
No. Your customers' payments can be deposited in any existing bank account. Payments will simply be deposited in the business bank account you nominate on the M-Powered Services Application Form.
How will I be charged for using M-Powered Invoices?
At the beginning of each month, MYOB Australia will debit your nominated business bank account for the fees payable for the previous calendar month.
MYOB Australia will also provide you with a Monthly Statement summarising all the payments that have been deposited in your account, together with a breakdown of the related fees.
Some of my customers are already paying me by credit card. Can I support M-Powered Invoices through my existing merchant facility?
In order to provide you with the Credit Card by Phone and Credit Card by Internet payment methods, MYOB Australia has formed a relationship with the Commonwealth Bank of Australia.
To receive Credit Card payments through M-Powered Invoices you will need to have a Mail Order / Telephone Order (MOTO) merchant facility approved and established with the Commonwealth Bank.
The level of risk associated with a MOTO transaction is higher than a standard retail agreement (where the credit card is always presented for verification) so a correspondingly more complex merchant facility agreement is required.
You will not need to change your existing bank relationships.
What's the difference between the way I'm handling my customers' credit card payments now and the M-Powered Invoices Credit Card payment channels?
The M-Powered Invoices Credit Card by Phone payment channel allows your customers to pay you by calling a dedicated and personalised Interactive Voice Response (IVR) 1300 number.
The M-Powered Invoices Credit Card by Internet payment channel offers your customers the convenience of making payment online on a secure, personalised web page.
Both systems can process payments at any time of the day or night, you don't have to process a payment manually, you don't have to rely on your staff and you'll know exactly when you've been paid.
What guarantees do I have that my money will be paid?
The monies paid by your customers are totally handled and processed within the security of the existing Australian banking system and are held in Commonwealth Bank accounts, MYOB Australia's sponsoring bank.
All payments made contain a unique reference number that identifies the funds belonging to your business.
How will I know who has paid me?
Every business day MYOB Australia will send you an email notification of all payments that have been made by customers, and you can use this information to update your invoice transactions. To help you identify who's paid you, the invoice number will be shown beside each payment on your Payment Advice.
How are the payments deposited into my account?
Payments are deposited electronically into your nominated business bank account as a bulk transaction.
How long does it take for the payments to be deposited into my account?
If payments have been made during business hours, the funds will be deposited into your nominated business account by the next business day.
Which MYOB software do I need to have to be able to use M-Powered Invoices?
M-Powered invoices can be created by the following versions of the MYOB software range:
- MYOB JustInvoices
- MYOB BusinessBasics
- MYOB AccountRight
- MYOB FirstEdge
- MYOB AccountEdge
- MYOB Accountants Office (for accountants).
- MYOB Exonet
- MYOB AE Practice Manager
View compatibility with MYOB software.
How do I automatically update my invoice transactions and customers' payment details?
Each business day, MYOB Australia will send you an email containing a document listing the payments deposited into your account the previous day (which can be used for manual payment reconciliation) and a special MYOB Payment File.
In some versions of AccountRight, you can automatically update your invoice transactions and customers' payment details by simply double-clicking this Payment File attachment which is provided with your daily Payment Advice email. (You can reconcile your invoices manually with the information provided in the PDF file if you choose.)
I've already customised my invoices. Can I still use the service?
Yes, you can turn your already-customised invoices into M-Powered Invoices.
The M-Powered Invoices User Guide includes instructions on adding the M-Powered Invoices "How to pay" section to your invoices. MYOB Australia will also provide a number of invoice templates that you can use as a guide.