Businesses using MYOB accounting software could now take credit card payments using their iPhones with the limited-release launch of MYOB PayDirect. To take a payment a user had to download the free PayDirect app from the Apple iStore and plug in a card-reader dongle into the audio jack of the smartphone.
Transactions were automatically sent to the recently relaunched MYOB Essentials Accounting (formerly LiveAccounts) and MYOB AccountRight Live.
PayDirect accepted both ‘swipe and sign’ and ‘chip and sign’ VISA and MasterCard options. EFTPOS and ‘chip and PIN’ credit and debit cards were due for a later 2014 release.
“One of the most important indicators of business health is cash flow. It’s also the second most common business pain point. Having solid control over money in and money out is core to the long term success and viability of every business,” said Tim Reed, CEO at MYOB.
PayDirect offered three monthly payment plans and no lock-in contracts. Micro businesses with less than $2,000 in payments each month paid 3.2 percent per transaction and a card reader fee of $199 excluding GST under the pay-as-you-go plan.
Businesses with $2,000-$5,000 in payments every month paid $20 a month for a licence plus 2.1 percent per transaction and the $199 card reader fee.
A high-volume plan cost $60 per month and 1.35 percent per transaction plus the card reader fee. It was suited to mobile businesses with over $5,000 in payments per month.
The daily transaction limit per merchant was $2,500 with the option to increase. The card reader performed up to 2,500 transactions at full battery life.
National franchise of mobile businesses Jim’s Group had tested PayDirect by presenting an invoice and collecting payment on the day of delivery. “By fully integrating our Jimbo CRM, the MYOB financial package and PayDirect, we will be providing our franchisees with significant relief around the administrative burden of running a small business,” said Neil Welsh, chief operating officer at Jim’s Group
The mobile payment solution was compatible with iOS 6 or higher, with Android compatibility later in the month. MYOB PayDirect was only available to early adopters and no date had been given for a public release.