Get paid fast with Billpower’s MYOB Direct Debit invoices

If you run a business that provides a subscription-based service (especially if you are a start up) you need  the security of ongoing reliable cash flow. WIth Billpower’s innovative billing solution, you can invite your customers to pay by direct debit on an automatic payment schedule. Gone are the days of complicated paperwork and liaising with banks.

WIth the power of back end systems integration Billpower has harnessed the accounting power of MYOB and turned it into a convenient payment solutions for your customers, making it faster to get paid. Whether it is based on a regular subscription or pay as you go, our MYOB direct debit feature will increase your cash flow and decrease your stress.

Some of the businesses that are using Billpower’s MYOB Direct Debit include personal trainers, gardeners, accountants, internet service providers, marketing companies – the list is endless. Once you set up the invoice via MYOB, you have the benefits of using your unique Billpower URL as the payment platform, straight from the email message, as well as on the attached PDF.

Flexible payment arrangements help customers manage their budgets

Let’s face it, not everyone is as able to pay on time and this can be for many reasons from limited means to their own weak cash flow chain. You know they will make payment, but you need to offer flexible arrangements to keep their business. For example, if you supply services to people who are less well off, they are less likely to have a credit card. They obviously still want convenience, and to be able to manage payments at a manageable level. You can use Billpower to smooth the payments over a longer billing cycle to help with budgeting for them.

Everyone finds themselves in a situation where money is tight, but no one wants to be unable to pay their bills. Billpower is great because it keeps a running balance sheet for each customer so both parties can always know the status of each bill that has been raised. When a customer receives an invoice via your MYOB, they can elect direct debit as their preferred method and money will be debited as it is due. However, they can also part-pay an invoice, and sync it with their pay cycles.

Whenever they need to check how much they have paid, it is all displayed on their own user page. This means that lost invoices and deleted emails are things of the past. It is truly an intelligent and user-friendly system. For customers who have more regular income themselves, they can simply choose the ‘automatic direct debit’ option and their bank account will be debited to coincide with the date the bill is raised.

The fact that both payment plans and manual payments can be managed by the customer helps them stay in control. It also frees up your admin staff (or you) from having to chase bills, or have long phone calls with customers who believe they may have paid but can’t remember which invoice for which month. Billpower’s payment portal clearly demonstrates the unpaid and paid histories of any invoice raised.

How MYOB direct debit solved the problems with the bookkeeper’s late paying customer

Christine is a bookkeeper who has been working in her own business for about three years. She has many good customers but it only takes a few bad payers to slow her down. At the end of the year she had a good look at where she was losing time and money.

Christine was spending several hours a week in dealing with one late paying regular customer. She did not want to lose their business as they were worth a lot to her. They had also been kind enough to refer a few new and important customers to her via the hospitality industry. She was doing payroll and weekly reconciliations for this customer and it was worth approximately $1000 a month. Each week she would complete work and send an invoice. The customer would comment that they were happy with her efficiency and good work.

Her payment terms were 7 days from invoicing. However the customer always paid late and never did so without a few reminders. They were always apologetic but their behaviour never changed and Christine always had to psych herself into contacting them about it after two weeks. To make things worse, after they paid, they would always call a few days later asking her for a receipt, even though she would routinely send one as soon as she was notified that the payment had cleared. All in all, this customer each month created several hours work in chasing bills.

Christine tried the demo on our site and she was immediately able to understand how this would revolutionise her business. She signed up and within a few days she was fully set up. The next time she invoiced her problematic customer, she was stunned that she received the payment actually on the day the invoice was sent. Even better was the automated receipting as soon as the payment was received.

By making the payment process very straightforward, customers are likely to pay when they receive the invoice, as they don’t have to wait until they can log into internet banking etc. They have many choices to pay including credit and PayPal, as well as EFT and direct debit. Having choice of payment methods together with an integrated payment portal creates respect and loyalty in your customers.

The MYOB direct debit solution was the partner in Christine’s success. Billpower improved the reliability of cash flow for Christine and gave her back her precious time, time to build more business. Let us show you how we can partner with you, at no cost to you!