Payment solutions advisory is critical to The Connected Practice

By now you would’ve heard about The Connected Practice at MYOB INCITE and read about it here on The Pulse. But what is it, exactly?

It brings together transaction processing, compliance and business advisory with a focus on automating processes to enable new income streams to be created in business advisory. But how do payments fit into The Connected Practice?

It’s becoming more and more common, accountants and bookkeepers need to reconsider their business model – specifically, how they invoice, accept payments, protect against fraud, and monitor emerging payment trends.

What does this mean for you and your clients? New payment solutions present opportunities for your clients to attract and retain their customers, improve their own efficiencies and innovate. By understanding more about payments, you can help your clients capitalise on these opportunities through payments advisory.  For you and your practice this can become a new value-added service you can offer.

READ: The Connected Practice – tips on shifting to business advisory services

There are four key ways you can help your clients and build your payments knowledge and advisory capability.​

1. Make payments easy – having multiple ways for your clients’ customers to pay helps them get paid faster. ​
2. Manage payment cost – there are costs associated with payments. Having ways to help your clients reduce these cost with the right mix of payment options, will in turn reducing late payments, improve cashflow, save time on reconciliation.
3. Minimising payment fraud – how to help your clients look out for fraud and fraudulent transactions.
4. Staying compliant – did you know that if your clients are taking credit cards over the phone and maybe jotting down credit card numbers for later use, they’re non-PCI compliant? Penalties apply for non-compliance, read more here.

We want to help you on your journey to payments advisory. MYOB is launching a new re-certification module on Invoice Payments within MYOB Academy. Invoice Payments enable your customers to pay straight from the invoices you send. Learn the ins and outs of Invoice Payments by visiting MYOB Academy. You can earn additional points in your CC re-certification.

READ: Consumers are driving change in payments​

To find out more about Payment Solutions or how payments is driving The Connected Practice, be sure to attend future MYOB events in addition to keeping a close eye on The Pulse.

You can also find out more about MYOB payment solutions, visit MYOB PayBy.