has entered into an exclusive partnership with
ACH Direct, which specializes in Electronic Funds Transfer (EFT) processing.
The alliance initiates a three phase strategy offering all small businesses the ability to conduct automatic and recurring billing through the processing of EFT payments and direct deposits, as well as processing merchant credit card sales over the Internet, according to Cynthia Mackewicz, general manager of MYOB US. Users of MYOB accounting and small business management products, including AccountEdge for Mac OS, will enjoy the added benefit of sharing data between their MYOB product and the ACH Direct service and “will do so at favorable rates,” she added.
MYOB AccountEdge tackles such duties as job tracking, sales management, time billing, inventory, and payroll. It includes invoice and check registers designed to make it easy to find open invoices, credits, quotes, payments, and other transactions quickly. MYOB AccountEdge has the signature features of other MYOB products, including inventory and payroll, multiple currency accounting and professional time billing.
AccountEdge retails for US$249. A trial version is available for download at the MYOB US Web site.
This is the first service offered in conjunction with a small business accounting solution that combines EFT and credit card processing through a direct connection into the Federal Reserve ACH Network, Mackewicz said.
“Our partnership with ACH Direct is a key part of our strategies to address the complete business needs of our customers,” she said in an announcement. “We are building on the strong foundations of our Windows and Mac OS accounting products, adding additional products and services to substantially boost the productivity of America’s small businesses. Our partnership with ACH Direct is a terrific first step.”
Available now on the MYOB Web site, the first service enables businesses to automatically bill customers and receive payments. Customer payments can be scheduled on a recurring basis and will be transferred automatically from the customer’s bank account or charged to their credit card account and placed directly into the MYOB merchant’s own bank account.
Easy accounting system updates are available for businesses using MYOB software as they will receive an e-mail containing payment details that will easily import into current MYOB software. This service is ideal for businesses that thrive on recurring billing, including health clubs, cleaning services, daycare centers, bottled water vendors and others that charge their customers a fixed amount on a recurring basis.
Available for both Mac and Windows customers, the service represents a breakthrough for Mac OS users as it is the first EFT solution compatible with their systems, Mackewicz said. It complements MYOB’s award-winning Mac OS X software, MYOB AccountEdge, she added.
“Through this partnership MYOB makes billing easier than ever, and faster by far,” said Mackewicz. “The Electronic Funds Transfer system through ACH Direct offers a direct link to the Federal Reserve, making it available for all U.S. checking and credit card accounts. It’s easy to implement as businesses can use their existing accounts. It’s also cost effective as the service provides very competitive small business rates. Businesses using the service enjoy accelerated cashflow with credit card payments transferred on average in 48 hours. Other payments are processed within four days, which is much faster than check processing.”
Integrated credit card authorization and processing will be delivered in the first quarter of 2002. In MYOB AccountEdge when invoices are tagged to be paid by credit card, the user will be able to quickly validate and process those payments securely over the internet, right from within their MYOB software, Mackewicz said.
Direct deposit and online vendor payments will also be delivered during the quarter. MYOB AccountEdge users will be able to pay their vendors using electronic funds transfer from their bank account to their vendors’ accounts. Similarly, small business owners can pay their employees via direct deposit through their MYOB software. MYOB users will simply choose which payments or paychecks they would like to send electronically through their MYOB software. These capabilities will be available using the small business owner’s current bank account and without any need to make additional arrangements with their bank.