The publication reported Tuesday (May 15) that MYOB’s collaboration with BPAY aims to make it easier for SMBs’ customers to pay their invoices, thereby accelerating payment times for MYOB users.
BPAY is an electronic bill payment system that is also integrated into Xero’s platform for invoice payments.
Kim Owen-Jones, head of product marketing at MYOB, told the publication that the partnership is also focused on improving small business cash flow.
“We know cash flow is one of the big pain points for businesses, particularly small and medium sized enterprise,” Owen-Jones said. “Giving customers the choice of BPAY as a payment method will provide even more ways for businesses to get paid faster.”
Australia, in which MYOB is based, is increasing its attention on small business cash flow challenges and late invoice payments; last year the Australian Small Business and Family Enterprise Ombudsman declared that “a lack of cash flow is the leading cause of business insolvency, and this underscores the importance of the issue of late payments, which can easily put many businesses out of operation.”
The nation’s FinTech market has boosted competition in the SMB accounting and financial management space. MYOB’s largest competitor is Xero, while Microsoft recently announced a deal to launch an SMB accounting startup called Wiise in Australia along with Commonwealth Bank of Australia and KPMG. Wiise aims to provide a slew of small business financial services including payroll, scheduling, inventory management and more, with plans to introduce additional features like invoicing and payments at a later time.
Earlier this year, Xero founder and CEO Rod Drury announced he would be stepping down from his post, with former Microsoft Australia CEO Steve Vamos taking his place.
MYOB, meanwhile, has recently expanded its footprint: last year the company announced a deal to acquire half of fellow small business accounting company Reckon.