After you record a payment to a supplier or employee in MYOB, you can then deposit the funds into their account. This is called 'electronic payments'.
Why you should use electronic payments
More secure – no carrying wads of cash
Cash and cheque payments are becoming rare – your employees and suppliers are likely to expect cashless payments
Paying electronically from your accounting software makes it easier to keep tabs on payments as it creates an audit trail
You can pay employees and suppliers electronically using a bank file, or if you're in Australia you might also be able to pay them directly.
Using a bank file
Create a bank file from MYOB then upload it to your bank for processing.
Direct payments (Australia only)
Setting up direct payments (Australia only) We're no longer taking new applications for direct payments. If your business is already set up for direct payments you can continue using this feature. You can of course still use electronic payments (paying suppliers and employees by uploading a bank file) – you'll need to follow the steps below to set up your banking details for this.
Pay directly from MYOB
What's the difference?
Using a bank file
available in Australia and New Zealand
included with MYOB (bank fees may apply)
internet banking required
available to selected Australian customers only (see note below)
MYOB fees apply (see FAQs below)
internet banking not required
streamlined payment process
less data entry = fewer mistakes!
full payment audit trail
can pay expenses via credit card or Mastercard debit card
earn MYOB rewards points each time you pay an eligible business expense using your credit card (VISA and Mastercard)
Direct payments availability
Only businesses that are currently set up for direct payments can use this feature. We're no longer taking new applications.
Setting up electronic payments
Before you can make electronic payments you'll need to set up a few things. Take a look at Setting up electronic payments for all the details.
Once you're set up, you're ready to start making electronic payments. For all the details, see Making electronic payments.
The fees per use are:
Debit card (Mastercard only)
0.1% of the total payment value
Example: if paying $10,000, the fee is $10
Credit card (Visa or Mastercard)
1.5% of the total payment value
Example: if paying $10,000, the fee is $150
No, but there's good reasons to pay electronically, such as greater security and convenience and to keep an audit trail of payments in your MYOB.
When you're setting up your employees, you can decide which ones you want to pay electronically by choosing their payment method.
You can also decide which supplier payments you want to pay electronically when you enter their payment transaction:
If you're in Australia, select the option Electronic payment.
If you're in New Zealand, choose the Electronic Clearing Account as the Bank account.
For more information, see:
Anyone who has access to the Banking, Payroll or Purchases areas of the MYOB business can set up and process electronic payments. Access to these areas is controlled by the roles and permissions that are assigned to each user in the MYOB business – see Users.