MYOB is planning credit card payment function

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MYOB is planning credit card payment function

More good news for small business owners wanting to spend less time managing payments.

MYOB plans to allow businesses to make payments directly from within the software, instead of having to re-enter payment details into Internet banking systems.

The new MYOB feature will be available in the first quarter of 2019 and will allow businesses to pay suppliers or employees by using credit or debit card details stored securely in MYOB. 

Once a supplier's invoice or an employee’s details are entered into MYOB, users will be able to process payments by selecting “Pay Now”.

The feature will offer same-day payments and alert users when payments are due.

The changes are the result of a partnership between MYOB and MasterCard, which plan to work together on additional initiatives.

“In the next five years we will see more change in payments than we’ve seen in the previous fifty years. Enabling small business owners with enhanced payment technology is just the first of many initiatives we will deliver in partnership with MYOB,” said Richard Wormald, Mastercard Division President for Australasia.

MYOB says there is “huge scope” to improve cash management for Australian small businesses.

Earlier this year, Xero revealed it was working with NAB to allow users to make bank payments from within Xero. Today, a Xero spokesperson told BIT that the company is working with NAB to deliver a "fully integrated payments experience". The service is currently in beta and a full launch is scheduled for early 2019.

The NAB Xero Payables service uses "low cost bank payment channels". The spokesperson said more payment options, such as credit cards and BPay, are in the development pipeline.

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