MYOB and BPAY collaborate to speed up business payments



Accounting | Cashflow | Featured | News | Small Business

By Rebecca Thacker

MYOB has teamed up with BPAY to offer a new invoice payment method, which was rolled out to MYOB customers last week (May 15), allowing businesses to get paid up to four times faster.

MYOB Head of Product Marketing, Kim Owen-Jones said that giving customers the choice of BPAY as a payment method would provide even more ways for businesses to get paid faster.

“We know cashflow is one of the big pain points for businesses, particularly small and medium sized enterprises,” she said.

“Relationships with companies like BPAY are fundamental in getting great solutions to our customers.”

This latest innovation also gives MYOB customers the ability to follow up on payments and track when their invoices are viewed, saving on administration time.

BPAY Group’s General Manager of Product, Scheme & Business Development, Keith Brown, said BPAY was Australia’s leading way to pay with over 1.5 million BPAY payments paid every day.

“Small businesses are the lifeblood of the Australian economy and we’re thrilled to be collaborating with MYOB to help allow SMBs give their customers a way to pay that works for them.”

In addition to the existing credit card payment option, MYOB will now offer BPAY payment solutions as part of its online business solutions.  According to MYOB’s customer data, 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.

 

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