20th September, 2023
A key benefit to digital payments is the ability to get paid much faster.
While some business owners have been wary in accepting new payment technologies in a haphazard.
In some cases, the difference between taking on new tools or not could define success or failure of a business.
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*.
Additionally, 43% of customers check their invoices on their mobiles^.
By adopting digital payment technology that allows businesses to send invoices via SMS, and accept digital wallet payments, customers can pay while they are on the go.
READ: What digitisation means for businesses and the economy
Digitisation is important when it comes to payment tech, which naturally has an impact on the effective speed of cash flow in and out of business.
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.
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 OIP, and it’s designed to give customers more choice in how they pay you.
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.
All you need are a few key business details to prove eligibility and you’re ready to apply for online invoice payments.
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.
That’s where direct expense payments come in, allowing you to 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 be able to 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.
Importantly, direct online payments are handled through a secure payments portal, which includes an authorisation process that keeps you in control of your money.
And getting set up couldn’t be simpler — direct expense payments are available for sole traders and Australian Private Companies.
*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.