Get paid up to three times faster with digital payments tech

A key benefit to digitising payments is the ability to get paid much faster, but there are also benefits to being able to pay staff and suppliers more easily, too.

A significant discussion in the lead up to this year’s Federal Budget has been the Digital Economy Strategy, which aims to bring Australian businesses up to speed with contemporary tech, improving productivity as a result.

While some business owners have been wary in accepting new technologies in a haphazard fashion, there are some that are either inevitable or simply too good an opportunity to miss. In some cases, the difference between taking on new tools or not could define the success or failure of a business.

In fact, research from MYOB found that 46 percent of Australian small businesses moved more of their operations online when the pandemic hit, and 85 percent of those say it was a defining factor in staying afloat throughout the disruption.

READ: What digitisation means for businesses and the economy

Digitisation is particularly important when it comes to payment tech, which naturally has a direct 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 to get started at your fingertips.

Getting started with online invoice payments (money in)

Seen as perhaps the other side of the coin to e-invoicing, online invoice payments simply allow you to accept card payments on an invoice online via credit card or BPAY.

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 when and how they pay you, in order to get paid up to three times faster*.

Like many similar features of online accounting tech, your software allows you to set up online invoice payments easily, and can be combined with automated reminders so that you can take the hassle out of chasing clients.

Better still, in MYOB software, you have access to payment specific reporting, so you can get a sense of who is paying on time, and who needs special attention.

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

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

Getting started with direct expense payments (money out)

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, too.

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? Having the ability to pay your staff’s wages with a credit card is a feature some businesses wouldn’t be able to survive without, especially during a time of increasing business disruptions, which can make cash occasionally hard to come by.

But there are other benefits as well. For example, being able to pay multiple expenses at a time can save a lot of hassle — especially when your time comes at a premium. You can even earn points when paying by credit card with MYOB Rewards, which can be redeemed for in the form of transactional gift cards for use with major retailers and beyond.

Most 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 that’s probably the most important factor to consider overall.

And getting set up couldn’t be simpler — direct expense payments are available for sole traders and Australian Private Companies. If your entity type is not supported yet, you can register your interest here and get notified as soon as direct expense payments are available.

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.

** 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 which is 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.