Integration benefits


20th September, 2023

Get paid up to three times faster by accepting online payments*

A key benefit of online payment methods is they help businesses get their invoices paid faster.*

Not offering online payment options can seriously hamper cashflow. In fact, research from MYOB found that from a sample of two million MYOB invoices, those sent with online invoice payments were paid up to 3x faster than those without*.

Some business owners are wary of accepting new payment technologies for various reasons. In some cases people are hesitant to change, in others payment security is a concern.

However, these days online payments can be more secure than traditional payment methods, thanks to secure payment gateways. When using online payments you might want to familiarise yourself with Payment Card Industry Data Security Standards (PCI DSS).

MYOB’s online invoice payments software is PCI DSS level 1, meaning it offers the highest standard for safely storing sensitive data. By using our fully encrypted software, the raw cardholder data is never visible or accessible.

Online invoice payments

With online invoice payments businesses can send invoices via SMS, and accept digital wallet payments; meaning customers can pay while on the go.

MYOB research shows 43% of customers check their invoices on their mobile^.

By enabling your business to reach customers on the device they use the most, by SMS-ing your invoice and accepting mobile payments, you could see payments roll in up to 10 days sooner.*

online invoice payments

READ: What digitisation means for businesses and the economy

Taking up new payment tools, such as online invoice payments and direct expense payments, doesn’t have to be a challenge.

In fact, if you’re already using online accounting software like MYOB, you already have everything you need.

READ: Invoice processing: steps, common problems and best practices

Get started with online invoice payments

Seen as perhaps the other side of the coin to e-invoicing, online invoice payments simply allow you to accept card payments, BPAY, and digital payments like ApplePay and Google Pay, and PayPal.

Ever received an invoice with a ‘pay now’ style button on it listing various payment methods?

This is the customer-facing result of online invoice payments, and it’s designed to give customers more choice in how they pay you.

Additionally, your software allows you to set up online invoice payments easily, and can be combined with automated reminders.

Better still, you have access to payment-specific reporting, so you can get a sense of who might need special attention.

Finally, all you need are a few key business details to prove eligibility and you’re ready to apply for online invoice payments.

Get paid faster and more reliably than ever before. Head over to our ‘sign up for invoice payments’ page today **.

Start with direct expense payments

Also, there’s no point decreasing the friction involved with getting money into your business if you can’t also make it super simple to pay money out.

With direct expense payments, you can pay bills and even payroll directly from your accounting software via credit or debit card.

Why is this important? Being able to pay your staff’s wages with a credit card is a feature some businesses wouldn’t survive without.

But there are other benefits as well. For example, being able to pay multiple expenses at a time can save a lot of hassle.

You can even earn points when paying by credit card with MYOB Rewards, which can be redeemed for transactional gift cards.

Additionally, direct online payments are handled through a secure payments portal, which includes an authorisation process that keeps you in control of your money.

Get set up easily — direct expense payments are available for sole traders and Australian Private Companies.

Ready to streamline your expense payments? Check out our ‘enable payments’ page now ***.

*Based on a sample of two million MYOB invoices between August 2019 and July 2020 on days to payment for invoices paid via online invoice payments versus non-online invoice payment invoices.

^ ** Based on MYOB internal data analysing a sample of 315,814 online payment requests from 13/06/2022 to 11/09/2022.

** Applications for invoice payments are subject to approval. Fees apply when clients pay their invoices with invoice payments 1.8% + 0.25c per transaction (including GST). No monthly fees or set up fees apply. Rate applies to both credit card and BPAY transactions. View terms and conditions here.

*** The information above relates to MYOB Payment Services, issued by MYOB Australia Pty Ltd (ABN 13 086 760 198) (AFSL 241059) (MYOB Australia). All information is general information and does not take into account your objectives, financial situation or needs. You should consider your needs prior to acting on any advice or making any financial decisions. Please read the FSG and the PDS before deciding to acquire or use this product or service. Fees and charges apply. All applications are subject to MYOB Australia’s eligibility and assessment criteria.