21st September, 2023
Invoicing. It’s one of the first activities a new business must come to terms with as they begin booking clients and seeking payment for their products and services.
Every customer is different, and the way they want to pay you is different too.
The good news is online invoice payments through MYOB are now available in New Zealand.
Online invoice payments allows you to accept payments for an invoice online via card or digital wallet, giving customers more choice in how they pay you.
Traditionally, raising, sending, chasing payment and reconciling invoices adds up to a significant administrative burden – one which MYOB’s Online Invoice Payments addresses through automation and a secure payment gateway.
There are myriad benefits for both you and your customers by setting up online invoice payments.
For starters, there are no monthly or setup fees.
With only one fee per transaction (2.7% + 25c surcharge), online invoice payments are the easy choice. Plus, fees only apply when your customer pays their invoice using an online payment method.
So you’re giving your customers an easier way to pay and with more options than ever before.
Our research shows 43% of customers check and pay invoices on their phones*.
With MYOB Business, customers can pay on their phone in seconds using stored cards in their digital wallet.
You’re also keeping your customers’ data safe and your money secure with protected payment gateways that meet the highest level of PCI DSS compliance for payment card industry.
Ultimately you’re also saving time for both you and your customers.
Automatically reconcile payments by connecting your bank account. You can also rest easy with real time payments notifications of your invoice and access insights from payments reports.
Seen as perhaps the other side of the coin to e-invoicing, online invoice payments simply allow you to accept card payments on an invoice online via VISA, Mastercard, Google PayTM or Apple PayTM.
Ever received an invoice with a ‘pay now’ style button on it listing various payment methods?
This is the customer-facing result of online invoice payments, and it’s designed to give customers more choice in when and how they pay you, in order to get paid up to three times faster*.
Like many similar features of online accounting tech, your software allows you to set up online invoice payments easily, and can be combined with automated reminders so that you can take the hassle out of chasing clients.
Better still, you have access to payment-specific reporting, so you can get a sense of who needs special attention.
To get started, all you need are a few key business details to prove eligibility and you’re ready to apply.
Digitisation is important when it comes to payment tech, which has an impact on the speed of business cash flow.
Taking up new payment tools, such as OIP and direct expense payments, doesn’t have to be a challenge.
In fact, if you’re using online accounting software like MYOB, you have everything you need to get started.
With digital wallets part of the list of payment options in MYOB’s Online Invoice Payments for New Zealand, there’s even less reason for your customers to hold off on making a payment. for New Zealand, there’s even less reason for your customers to hold off on making a payment.
And with these payments optimised for mobile devices and single-click payment available from your customer’s digital wallet, the process becomes practically frictionless for the payer.
You can easily remove any hurdles to getting paid by absorbing the surcharge fees, or choose to pass them onto your customer^. The choice is yours!
Additionally, you have the flexibility to choose who you invoice with online payments enabled. Tick “allow online payments” when creating your invoice to enable online payments for each customer.
All this means OIP not only makes it faster and easier for you to raise, send and track invoices, your clients and customers can now pay you at the tap of a button.
*Based on MYOB internal data analysing a sample of 315,814 online payment requests from 13/06/2022 to 11/09/2022.
**Based on a sample of 2 million MYOB invoices between August 2019 and July 2020 on days to payment for invoices paid via online invoice payments versus non online invoice payment invoices.
Applications for online invoice payments are subject to approval. Online invoice payments in New Zealand is managed by MYOB and delivered by Stripe. Fees apply when clients pay their invoices with online invoice payments i.e. 2.7% + $0.25c per transaction. No set up or cancellation fees. Rate applies to VISA, MasterCard, Apple Pay and Google Pay transactions. View terms and conditions here.
^Surcharging your customers is your decision and is subject to limitations and restrictions under applicable laws. You may surcharge customers for an amount that does not exceed your cost of acceptance, however you are not required to do so. MYOB makes no recommendation regarding whether you should surcharge your customers. Visit the New Zealand Commerce Commission to find out more about surcharging and your obligations. https://comcom.govt.nz/regulated-industries/retail-payment-system/surcharging