MYOB PayDirect turns businesses’ smartphones into payments terminals New research shows 2/3 SMEs don’t offer credit card payment options
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 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 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 forall 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.
MYOB PayDirect payment plans
- Pay As You Go Plan: $0 per month + 3.2% per transaction ex GST + card reader fee* of $199 ex GST. Ideal for smaller businesses that take less than $2000 in payments per month
- Everyday Plan: $20.00 per month + 2.1% per transaction ex GST + card reader fee of $199 ex GST. Ideal for businesses that take between $2000 – $5000 in payments per month
- High Volume Plan: $60.00 per month + 1.35% per transaction ex GST + card reader fee of $199 ex GST. Ideal for established mobile businesses that take over $5000 in payments per month
- Bendigo Bank will provide merchant accounts for MYOB PayDirect, and will enable small businesses to settle into the bank account of their choice.
- Mint Wireless is the mobile payments gateway provider for MYOB PayDirect.
- Payments feature – turning a compatible iOS smartphone into a mobile merchant terminal, taking payments on-the-go, sending receipts and improving cash flow. Android compatibility will be available in late April.
- AccountRight Live integration for clients running their accounts in the cloud, which adds:
- Compatible with internet-enabled devices with iOS 6 or higher, and Android 4.0 or higher in late April.
- The app is free to download from the Apple app store 2 April, and on the Google Play store in late April.
- MYOB PayDirect card reader:
- Invoicing – for managing, creating, editing and sending invoices
- Contacts – for managing, creating and editing contact details of customers and suppliers, including maps and driving directions.
- Connects to the compatible smartphone via an audio jack
- Accepts ‘swipe and sign’ and ‘chip and sign’ credit cards**
- Daily transaction limit per merchant is $2,500***
- When fully charged, will perform up to 2,500 transactions
- A new, advanced companion card reader that accepts more payment types including EFTPOS and ‘chip and pin’ cards will supersede the current MYOB PayDirect card reader later this year. The advanced card reader will be delivered to existing MYOB PayDirect clients when available before 1 August 2014 at no extra charge. Clients will be notified by MYOB when available.
Integration with the MYOB Essentials range and many additional features including EFTPOS compatibility and chip and pin will follow over subsequent months.
*The card reader fee enables MYOB PayDirect clients to receive the current card reader and a new, advanced companion reader with more payment options including EFTPOS and ‘chip and PIN’ credit and debit cards later in 2014.
**VISA and MasterCard only at present
***The merchant can apply to increase the daily transaction limit
For further comment or other information please contact:
Angely Grecia Mitchell Hunt
MYOB Public Relations Consultant Haystac Public Affairs Senior Account Manager
Established in 1991, MYOB is Australia’s leading accounting software provider. It makes life easier for approx. 1.2 million businesses across Australia and New Zealand by simplifying accounting, payroll, tax, CRM, websites, job costing, practice management, inventory and more. MYOB also provides ongoing client support via many channels including a network of over 40,000 accountants, bookkeepers and other consultants. It is committed to ongoing innovation, particularly in cloud computing solutions, and spends more than AU$35 million annually on research and development. For more information, visit myob.com.au.
About Jim’s Group
The Jim’s Group is celebrating 25 years in franchising in 2014. Australia’s largest service franchise network, Jim’s Group began as a single lawn mowing business owned and operated by founder Jim Penman in 1982. Jim’s Mowing was franchised in 1989 and today there are 36 different Jim’s Divisions, including Jim’s Cleaning, Jim’s Antennas, Jim’s Bookkeeping, Jim’s Dog Wash, Jim’s Pools, Jim’s Test & Tag and Jim’s Fencing. The Jim’s Group now has more than 3,300 franchisees across four countries, including Canada, New Zealand and the UK.
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