Blog Post
Hi KCNCJ ,
Thanks for joining the conversation.
You have flexibility around the payments feature when it comes to the fees and the feature itself.
After completing the upgrade and verification, you can choose to either have the payments service on/off by default. If you have it on, you can also then choose to have it on/off for each invoice you create.
If the feature is on, you can also choose to have the fee passed on to the person/consumer paying the invoice instead of having it charged to you as the business (similar to a lot of surcharging you see in stores when paying with credit).
And of course, multiple payment options gives flexibility to your customer paying the invoice too, the fee only applies when they select one of the secure payment methods, if you were to still receive payment by cash or bank transfer, there is no fee.
More options for your customers makes it easier for them and helps you get paid faster which increases cash flow for your business, saves you time and lets you spend more time investing in your business.
Mike
One of our companies is a building supplier, we have customers call up over the phone, order and pay with credit card, then come in and pick up the goods. When picking up the goods, we ask to verify the credit card by the last four numbers and show their drivers licence to enable them to pick up the goods. This stops anyone paying with stolen credit cards and coming in to pickup goods. Tell me how this is secure when paying online through MYOB WHO ARE NOW TRYING TO BE OUR BANK and extorting 1.8% fees. This model does not stop theft and fraud. We have made our own model regarding security and your so called secure invoicing would put us back 10 years in security. Grifter and blackmail and business's going backwards. This model of MYOB grift does not work! you need a new slogan (ONE SIZE FITS ALL) MYOB (I'M TELLING YOU WHAT YOU NEED)
Hi Jo15 , the process you have explained highlights how using the secure payments feature will benefit both you and your customers.
Time wasted:
- Your customer is required to take time out to phone you with payment details
- You/your staff also have to take time out to answer that call, enter in the payment details
- Your staff also have to take additional time at pick up verifying drivers licence and credit card when they collect the goods
Ease of doing business with you:
- By only allowing bank transfer or payment over the phone, you restrict the flexibility of multiple payment methods which might limit people from choosing to do business with you
- By needing to present drivers licence and card when collecting, you are also therefore enforcing your customers to have to being extra information and it forces who can collect the goods. Perhaps the owner of the business has the credit card but doesnt want to collect the goods?
Card processing security:
- By processing the payment over the phone, and not in person with a PIN number, you are still processing the payment in a way that means you cannot prove the cardholder authorised the payment and it could be charged back (based on the rules set by Visa and Mastercard)
Fees:
- The payment processed over the phone for your business is presumably with a physical EFTPOS terminal or an online checkout. Both of these are procured through banks in Australia, they come with monthly rental fees and the same per transaction % fees as well. You dont need to share the answer with the community, but I know that MYOBs 1.8% is highly competitive and it would be good to compare with what your bank is charging you
Time saved:
- Using secure payments saves you time, (no phone call) no needing to ID your customers, no need to allocate the transaction or verify that you have received payment.
Feel free to send me a private message if you want to talk through this further