MYOB launches industry-first mobile payments app for SMEs
In an industry-first, MYOB’s highly anticipated mobile payments solution MYOB PayDirect is available on 2 April as a limited release to early adopters within the Australian small and medium business community.
MYOB PayDirect turns businesses’ smartphones into quick, easy payments terminals and offers deep integration with popular cloud accounting solution AccountRight so payments are automatically entered into clients’ books. It also enables receipts and invoices to be delivered to their customers on the spot.
Cost of current payments solutions preventing SME success
MYOB also revealed new SME research, which found two in three operators don’t offer credit card payment options (61%), with one in four (27%) citing the cost of processing these payments as a barrier to entry. One in 10 said they have lost customers due to not having credit card payment options.
Interestingly, of the respondents who issued invoices to customers (86%), more than one in three (37%) said at least one quarter of their customers paid them later than their invoice terms.
CEO Tim Reed says, “One of the most important indicators of business health is cash flow. It’s also the 2nd most common business pain point. Having solid control over money-in and-money out is core to the long term success and viability of every business, and can be the difference between it thriving and failing.
“Like the fuel gauge in your car, the new MYOB PayDirect app enables small business owners to view and manage cash flow on-the-go. Business owners will also be able to take action to improve their cash flow by issuing invoices, taking credit card payments and administering receipts on the spot. Compared to the current process of returning to the office to generate invoices at the end of the week or month and then waiting 30 days or more to get paid; MYOB is accelerating the cash cycle dramatically.
“The streamlined application process, affordable monthly payment plans and no lock-in contracts make this a must-have solution for all mobile businesses - from tradies to beauty therapists, and accountants to personal trainers.”
Jim’s Group sign on as premier launch franchise partner for MYOB PayDirect
Jim’s Group Chief Operating Officer Neil Welsh said MYOB PayDirect allowed Jim’s franchisees to close the loop and carry-out the work, present the invoice and collect payment, all on the same day.
"This will impact significantly on their cash flow,” Neil said.
“By fully integrating our Jimbo CRM, the MYOB financial package and PayDirect, we will be providing our franchisees with significant relief around the administrative burden of running a small business. The new system will provide them with more time to spend with their family or to further develop their business.
“By implementing PayDirect into our franchisee network we expect our client experience to be enhanced. Clients will be able to choose between multiple payment options, including credit and debit card transactions. “We are thankful to MYOB for the opportunity to be an early adopter to this exciting technology. This confirms our commitment to our stakeholders that we will embrace technology in order to increase their productivity and therefore the opportunity to impact on their ROI,” Neil said.