After you record a payment to a supplier or employee in MYOB, you can then deposit the funds into their account. This is called 'electronic payments'.
Why you should use electronic payments
More secure – no carrying wads of cash
Cash and cheque payments are becoming rare – your employees and suppliers are likely to expect cashless payments
Paying electronically from your accounting software makes it easier to keep tabs on payments as it creates an audit trail
You can pay employees and suppliers electronically using a bank file, or if you're in Australia you might also be able to pay them directly.
Using a bank file
Create a bank file from MYOB then upload it to your bank for processing.
Direct payments
MYOB Direct Payments Shutdown
MYOB Direct Payments will no longer be available from Monday, 14 October. To continue paying suppliers or employees electronically, you can do so using a bank file. We recommend you set this up before 14 October.
If you have any MYOB Rewards points, you'll need to redeem them before 13 October 2024. If you need some help, email our team at payments_support@myob.com
Pay directly from MYOB
What's the difference?
Using a bank file
also known as an Australian Banking Association (ABA) file
included with MYOB (bank fees may apply)
internet banking required
Direct payments
available to selected Australian customers only (see note below)
MYOB fees apply (see FAQs below)
internet banking not required
streamlined payment process
less data entry = fewer mistakes!
additional security
full payment audit trail
can pay expenses via credit card or Mastercard debit card
earn MYOB rewards points each time you pay an eligible business expense using your credit card (VISA and Mastercard)
Direct payments availability
Only businesses that are currently set up for direct payments can use this feature. We're no longer taking new applications. But you can still make electronic payments using ABA bank files
Setting up electronic payments
Before you can make electronic payments you'll need to set up a few things. Take a look at Setting up electronic payments for all the details.
Making payments
Once you're set up, you're ready to start making electronic payments. For all the details, see Making electronic payments.
FAQs
What are the fees for using direct payments?
The fees per use are:
Debit card (Mastercard only)
0.1% of the total payment value
Example: if paying $10,000, the fee is $10
Credit card (Visa or Mastercard)
1.5% of the total payment value
Example: if paying $10,000, the fee is $150
What if I need help with direct payments?
Have a question? Need some help? See Contact us for details on how you can get in touch with our team.
Do I have to pay my employees and suppliers electronically?
No, but there's good reasons to pay electronically, such as greater security and convenience and to keep an audit trail of payments in your MYOB.
When you're setting up your employees, you can decide which ones you want to pay electronically by choosing their payment method.
You can also decide which supplier payments you want to pay electronically when you enter their payment transaction by selecting the option Electronic payment.
For more information, see:
Who in the MYOB business can use electronic payments?
Anyone who has access to the Banking, Payroll or Purchases areas of the MYOB business can set up and process electronic payments. Access to these areas is controlled by the roles and permissions that are assigned to each user in the MYOB business – see Users.