Online Invoice Payments fees

Question

MYOB charges 1.8% plus 25c for Online Invoice Payments.  If I start using Online Invoice Payments will my bank also charge me a credit card processing fee on top of that?

Steven_M · Answer

Hi @CNC2065

Generally speaking, customer payments will be deposited within 1-2 days* on the nominated bank account in bulk. Some payments and banks work on a slightly different schedule.

*Days that the Banks are open i.e. weekends and public holidays, deposits are typically not made, however, they are collated and deposited on the next business day.

CNC2065 · Answer

The link explains that the MYOB transaction fees are added to our invoice but how does MYOB pay the invoiced amounts collected to us & how often?  Are the amounts collected deposited to our bank account as a bulk payment?

Steven_M · Answer

Hi @CNC2065

The fees associated with MYOB's online invoice payments can be found on Help Article: Fees and charges for online payments.

Note: Your bank may have additional charges associated with those and it is recommended that you do speak to your Bank in relation to those.