Small business owners need to provide a variety of payment options if they want to keep up with consumer demands according to recent research by MYOB.
The MYOB SME and Consumer Payment Survey found only 35 per cent of businesses currently use an online payment solution despite the fact 74 per cent of consumers want to pay online.
“54 per cent of consumers say the choice of payment influences who they buy from,” said GM of Product, MYOB, David Weickhardt. “In fact, 30 per cent are unlikely to buy from a business that does not accept their preferred payment method.”
Weickhardt suggested that businesses that accept multiple payment types are often viewed as more professional.
“So, how do we make it easier for small businesses, their accountants and consultants to adopt multiple payments? asked Weikhardt. “By enabling payments that make life easier, it will help them to succeed.”
Weickhart said fraud, rejected sales and outstanding invoices are the main concerns inhibiting small business’s uptake of payment solutions but suggested MYOB’s PayBy payment offering will provide 3DF1 fraud detection, smoothing business owners’ concerns.
Announcing the rollout out of a series of product updates and innovations at MYOB Partner Connect today, Weickhardt said the cloud accounting solutions provider has focused on accounts receivable, accounts payable and payroll payments to assist businesses to pay their suppliers and employees in a simpler way.
“We asked how does the customer want to pay and what are the existing workflows? How can we integrate into existing workflows? We’ve built a solution where all the hard work goes on behind the scenes and all transactions are automatically reconciled.”
Weickhart said the new PayBy MYOB solution is bank agnostic and will work with any credit or debit card thus allowing business owners to pay their bills flexibly.
“So many of our customers said they deferred paying their bills, some even delayed paying their employees but this will allow them to pay via credit card which allows them to smooth their payments and gives them up to an extra 55 days of flexibility.”