The limited release, which MYOB claims as an “industry first”, is available from today and is aimed at securing sign-ups from early adopters in the SME sector.
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.
“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.”
MYOB CEO Tim Reed said 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,” and enables receipts and invoices to be delivered to customers on the spot.
Reed said new SME research conducted by MYOB had found 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, while one in 10 said they had 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,” Reed said.
“One of the most important indicators of business health is cash flow. It’s also the second most common business pain point,” Reed said.
“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 for all mobile businesses - from tradies to beauty therapists, and accountants to personal trainers.”
Reed says Bendigo Bank will provide merchant accounts for PayDirect, and will enable small businesses to settle into the bank account of their choice, with Mint Wireless the mobile payments gateway provider for PayDirect.