Partnership offers new payment option for small businesses
Inside Small Business
May 16, 2018
Invoice Bill Paid Payment Financial Account Concept
Credit: Invoice Bill Paid Payment Financial Account Concept
MYOB has collaborated with BPAY to add a new payment option to its Invoice Payments solution. The collaboration will see MYOB, providers of business management solutions, offer BPAY payments solutions to small businesses, in addition to the existing credit card payment option as part of its online business solutions.
MYOB’s payment software helps small businesses get paid four times faster, with its customer data showing that, on average, businesses take 42.6 days to get paid, while those who convert to MYOB merchants and accept electronic payments directly through the platform are paid in under 10 days.
“We know cashflow is one of the big pain points for businesses, particularly small and medium sized enterprises,” MYOB Head of Product Marketing, Kim Owen-Jones, said. “Giving customers the choice of BPAY as a payment method will provide even more ways for businesses to get paid faster. Relationships with companies like BPAY are fundamental in getting great solutions to our customers.”
Keith Brown, BPAY Group’s General Manager of Product, Scheme & Business Development, added, “Small businesses are the lifeblood of the Australian economy. BPAY is Australia’s leading way to pay with over 1.5 million BPAY payments made every day. We’re thrilled to be collaborating with MYOB to help allow SMEs to give their customers a way to pay that works for them. This is part of our commitment to innovating around the BPAY product and helping solve frictions for customers, partners and businesses.”
In addition to giving customers more choices on how they are paid, the latest innovation helps MYOB customers to follow up on payments with the ability to track when their invoices are viewed, saving considerable administration time.
BPAY has been rolled out to MYOB customers since May 15.