Thank you for visiting our Partner Zone. This area is an exclusive space for MYOB Partners. Find out how to Partner with MYOB.
With the major banks implementing PayIDs with payments, where is MYOB at which having this information incorporated with being recorded against suppliers & employees and then outputed into an .aba file?
Yes great question. I have employees asking if we can use PayID as they may recieve wages quicker. Will MYOB offer this option?
Would be great if we could have an update on this. I received a notification on my app from my bank to set this up, so it must be close to being available?
I'd forgotten about employee pays - they'll appreciate that. Also payments from clients. I mandate payment up front so prompt payment advice will be terrific. Haven't heard anything from Westpac about PayID for businesses.
Add pay ID option to an invoice payments can be setteled in real time.
Customers will be shown the name of your business which means they are less likely to make a mistake when seeking to make a payment. This is great, however, I thought this function already existed when making a payment to an institution - well - some anyway. Commbank provides the ability to keep an address book of those who you receive money from and who you make payments to. This reduces the possibility of misallocating funds to the wrong organisation. However, it does take time for the funds to be processed.
So, what is it about PayID that makes it so instant when a transaction has taken place electronically. I kind of like the idea of a lay period between transactions. What will this mean for the Accounts receivable clerk? Will it place an overwhelming burden on them or will the impacts reflect a more optimistic future? What are other people's experiences so far?
a month ago
I apologise for the lack of response on this topic, I have been in touch with our Product teams and there is currently a discussion on how best to approach the New Payments Platform within our Products & Services.
Currently I don't have any extra information for you, though I will continue to update this space as soon as I have any information we have on this to keep you all in the loop.
For Forum Users who would like to check this space, you can Subscribe to this thread for updates by clicking the Subscribe button in the top right.
If you have any questions before this, please feel free to reach out.
MYOB Partner/Social Support