The technology is from Australia developer Mint Wireless. MYOB is claiming an ‘accounting industry first', though the Mint Wireless technology has been in use in more limited applications for over a year now.
The technology uses a free app and a small card reader which connects through the smartphone’s audio jack. Given the widespread use of MYOB accounting software in Australia, the release is likely to greatly accelerate the use of mobile payments locally.
The app is initially available only on iPhone, with an Android app soon. The company says it has no plans to release a Windows Phone app for the card reader, though it does have a Windows 8 app for AccountRight
MYOB says the system is ideal for on-the-go tradespeople, and will help with their cashflow by enabling them to bill and get paid immediately. It integrate with MYOB's AccountRight cloud-based accounting software.
There are three payment options: pay-as-you-go at zero monthly, plus a 3.2% transaction fee, an ‘everyday’ plan at $20 a month, plus 2.1% transaction fee, and a high volume plan at $60 a month, plus 1.5% transaction fee. For all plans there is also an initial $199 upfront fee for the card reader.
“Mobile technologies are quickly blurring the line between our personal and work lives,” says CEO Tim Reed “For people running a business, having a central device to stay in control of their business can be extremely handy.
”PayDirect will enable business owners to take payments, send receipts and manage their invoicing and contacts on-the-go. Our research shows one in ten business operators already take payments on-the-go, but one in three say they would benefit from being able to. You can run business from your pocket and work even more effectively while out of the office.
“For accountants and bookkeepers, MYOB PayDirect will also help realise the vision of a paperless office. As clients sync payment straight from their phones to AccountRight, this will reduce data entry, improve accuracy and save time.”