Your security is a top priority at MYOB. To help protect your business from cyber crime and online scams, we’re upgrading the security of our invoicing product. This upgrade includes built-in fraud protection for eligible transactions, secure payment options for your customers, and use of the secure MYOB system for invoice distribution. Before you can take advantage of these features, you'll need to verify your business.
What is secure invoicing?
The upgrade adds multiple layers of security for verified businesses, including:
Always-on fraud monitoring for transactions and payment activity, powered by industry-standard protocols and supported by daily monitoring from our fraud team.
Secure payment methods are native to secure invoicing, which means they will be added to invoices by default after upgrading.
Visa, Mastercard, AMEX, Apple Pay, Google Pay and PayPal will be automatically enabled, with surcharging passed on to paying customers by default. This setting is applied so you will not be left out of pocket if your customers choose to pay using a secure method.
You can choose to adjust payment settings to suit your business needs, including opting to cover fees yourself, or toggling payment settings on/off by default or on a per-invoice basis.
You can also choose to enable BPAY. This method will be toggled off following verification, as you can’t pass surcharges on to paying customers using this method.
MYOB Verified badge for secure invoices, giving your customers peace of mind when they’re paying a verified business in our secure environment.
End-to-end secure invoice distribution, including use of the MYOB system to send invoices with secure links. Verified businesses also gain access to the additional option of SMS, so they can easily text invoices with secure links to paying customers on the go.
What you need to know
The upgrade applies to MYOB Business and AccountRight invoicing customers who have not previously verified their business.
Secure invoicing will roll out gradually commencing in February 2025. This staggered approach ensures we can provide appropriate support throughout the verification process.
The primary business contact will receive an email from MYOB at least 30 days before you are required to complete the process. You don’t have to take action immediately, but you can get started right away by verifying your business at any time.
When it’s time to upgrade, we'll send another email outlining your specific deadlines and steps for completing the process. We’ll also send periodic reminders where required.
From the date you receive your upgrade email notification, the verification form must be completed and submitted within a set time frame outlined in the email.
Important
The secure distribution system is only available to verified businesses. If verification is not completed by specified deadlines, functionality for sharing and distributing invoices will be restricted. Specifically, the email, copy link and SMS options for invoice sharing will be disabled, and invoices will need to be downloaded and emailed manually until the business has been verified.
Why we’ve made this change
The cyber security landscape is constantly evolving, with new threats emerging daily. While we continuously develop and invest in solutions to meet these challenges, cyber security is a shared responsibility. It requires vigilance from everyone, including software providers, our valued customers and partners, and your customers who pay your invoices. Your role in this system is the completion of the business verification process.
Why business verification?
Financial losses from online fraud and cyber scams cost Australians over $2 billion in 2023. Scam reports from businesses rose by 28%, resulting in $29.5 million in losses. Small businesses, with fewer resources for risk mitigation, were hit hardest, reporting nearly $12 million in losses from false billing—the most common scam.
MYOB understands that falling victim to a cyber scam can have very real consequences. That’s why we have developed and will continue to invest in secure invoicing, in addition to other essential security measures like Multifactor Authentication (MFA) and inactivity login timers.
MYOB has a rigorous business verification process, similar to what a bank may require when opening a new account. You will be required to confirm that your business is a legitimate entity, and all beneficial owners are required to verify their individual identities as well. We then go one step further by verifying ownership of the bank account connected to the MYOB file, providing added layers of protection to help keep your money safe.
What you need to do to upgrade
Complete the verification process, which includes identity verification of all ultimate beneficial owners. This is typically any individual with 25% or more ownership or voting rights for a company.
Verification of the settlement bank account associated with the business. For additional security for you and your paying customers, any future requests to change the bank account will trigger a repeat of the bank account verification process.
We also collect other basic information including a credit score check. This is not a bureau enquiry, and will not be noted on credit history reports.
Supporting documents are required, and specifics will vary depending on business type. Please refer to this support page for more information.
After submitting the verification form, you may be required to provide additional information. In these cases, our team will reach out directly to follow up.
What’s next
If you haven’t previously verified your business, you can expect to be notified by email in the coming months. You will also see in-product messaging with helpful tips and deadlines to assist you during the process.
Need some help? For verification support, please log a Financial Services request in My Account.
FAQs
How long does it take to verify my business?
This depends on the structure of your business. If you're a sole trader and have all of your identity documents ready to go, the verification process should take approximately 15-20 minutes. For more complex entity types, it may take longer – you may be required to provide additional documents, including identity documents for senior managing officials and/or beneficial owners.
Once you have completed your business verification (including required documents), the process is typically finalised within a few business days. However, we are currently experiencing a high volume of verification requests. If you have any questions about the status of your business verification, please log a Financial Services request in My Account.
What documents do I need?
Please refer to this list of documents needed for business verification.
What if I need help during the verification process?
For support during the verification process, please log a Financial Services request in My Account.
Do I have to pay transaction fees on online payments?
You can choose whether to cover transaction fees yourself or pass them on to your customers. Fees are automatically set to be passed on to your customers unless you turn off surcharging, or turn on BPAY. After completing the upgrade process, you can adjust fee settings under Online Payments settings, or apply settings on a per-invoice level.
What are the transaction fees?
Payments are accepted via Visa, Mastercard, AMEX, Apple Pay, Google Pay and PayPal. Fees are $0.25 per transaction + 1.8% of the total payment amount and are inclusive of GST. Fees will be automatically passed on to your customers unless you turn off surcharging. If you choose to accept payments via BPAY, you can’t pass the surcharge on to your customers.
What is the 'MYOB Verified' badge?
Our research shows that 85% of consumers look for indicators that a new business or service provider is trustworthy, particularly when clicking on links or making payments online. The MYOB Verified badge is exclusively available to customers who complete the verification process, and will be displayed to your customers to signify when they are interacting with you in our secure environment.
How are transactions monitored for fraud?
We deploy multiple methods of rules-based fraud monitoring. This includes real-time monitoring through industry-standard protocol 3DS2, plus other solutions deployed across our technology stack and by our expert security team.
What transactions are eligible for chargeback liability protection?
In certain situations, transactions may be disputed or identified as potentially fraudulent by 3DS2. If a 3DS2 check is applied to a successful transaction and deemed fraudulent, the credit card company or issuing bank may reverse the funds at their discretion. MYOB does not provide coverage for chargebacks or chargeback fees, and as an MYOB customer, you may still be held liable for these charges in some cases.