Australia’s leading accounting software provider, MYOB has announced its new mobile payments solution MYOB PayDirect as a limited release to early adopters within the Australian small and medium business community.
MYOB PayDirect turns businesses’ smartphones into quick, easy payment 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 customers on the spot.
New SME research indicates that 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.
According to CEO Tim Reed, cash flow is one of the most important indicators of business health and also the second 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 success and failure.
Quite like the fuel gauge in a 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.
The streamlined application process, affordable monthly payment plans and no lock-in contracts make this a must-have solution for all mobile businesses.
Jim’s Group signs on 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, positively impacting their cash flow.
By fully integrating their Jimbo CRM, the MYOB financial package and PayDirect, Jim’s Group will be providing their franchisees with significant relief around the administrative burden of running a small business.
Jim’s Group also expects client experience to be enhanced through multiple payment options enabled by PayDirect, including credit and debit card transactions.
MYOB PayDirect payment plans include: Pay As You Go Plan; Everyday Plan; and High Volume Plan.