MYOB and BPAY join forces to speed up small business payments
Running your own cafe, florist, butcher or boutique fashion store can be stressful enough without having to worry about being paid on-time. So to take the stress out of small business, MYOB and BPAY have today announced a partnership that will speed up your payments.
The collaboration means that MYOB’s customers will now be able to process BPAY payments from their customers and clients as part of the software company’s invoice payments service, which is also capable of processing credit card transactions.
Essentially, small businesses using MYOB’s invoicing software now have another way of being paid which Head of Product Marketing, Kim Owen-Jones says will help solve a key problem for small businesses; cash flow.
“We know cashflow is one of the big pain points for businesses, particularly small and medium sized enterprises,” he said.
“Giving customers the choice of BPAY as a payment method will provide even more ways for businesses to get paid faster.”
Late payments killing off small businesses
Late payments might be a serious inconvenience when you’re running your own business, but unfortunately they are a pretty common occurrence with MYOB’s consumer data revealing that businesses take an average of 40 days to get paid.
And the resulting stagnating cashflow can seriously hurt small businesses.
In fact, the problem is so bad that the Australian Small Business and Family Enterprise Ombudsman last year reported that ‘a lack of cash flow is the leading cause of business insolvency and this underscores the importance of the issue of late payments which can easily put many businesses out of operation.’
The seriousness of the issue was recognised by the Turnbull Government last year who vowed to change the wait-time for businesses being paid by the government from 30 days, to 20.
"It demonstrates the government's continued commitment to small business, the engine room of employment in Australia,” Turnbull said.
And with the recent arrival of the New Payments Platform - providing real-time funds transfers between Australian bank accounts from different providers - small businesses could wave goodbye to cashflow problems for good in the near future.
And while MYOB might have your small business accounting software sorted, you can check out a range of business banking products using Mozo’s small business hub.