MYOB revolutionises how small businesses get paid

21 August 2002 - MYOB Australia today launched its Customer Payments Service, providing small to medium enterprises (SMEs) with the ability to offer their customers a wider variety of payment options, normally only accessible by large businesses.

The Customer Payments Service enables small businesses to present their customers with more invoice payment options, including:

BPAY® by phone or internet banking from cheque and savings accounts

Credit Card by Phone using VISA, MasterCard and BankcardPostbillpay in person using cash or via EFTPOS at any Australia Post outlet
The Customer Payments Service recognises the fundamental business premise that cash flow and timely receipt of payments are essential to the successful operation of every business. The Customer Payments Service not only enables businesses to get paid faster by offering a range of attractive payment options, it automatically processes and credits payments to the business's bank account - improving cash flow and reducing processing costs.

Craig Winkler, MYOB Chief Executive Officer said: "In all the years we've worked with small businesses, one of their constant challenges has been getting paid, efficiently and on time. After extensive development we're delighted to roll out a service that will revolutionise the ways in which small businesses bill their customers, and - most importantly - get paid. We've stripped away the cost and complexity to make this service available to every small business."

"The Customer Payments Service is the first in a range of transaction-based payment services that MYOB is developing to simplify and improve business processes for SMEs. The significant technology investment undertaken by MYOB provides an effective platform to develop future complementary solutions," said Mr Winkler.

In developing the Customer Payments Service, MYOB conducted extensive research and development to ensure the needs of SMEs would be fully met. This included focus groups, secondary research and a pilot program with 30 MYOB customers, conducted during the first half of this year.

"Feedback from the pilot program participants was extremely positive and over three-quarters of a million dollars worth of payments were received through the Customer Payments Service during the pilot.

"Many business owners were delighted at how much faster money came in after their invoices were sent out. They found that their customers were readily choosing these more convenient payment options over cheques. Our customers' funds were cleared and in the bank much faster - and the time previously spent processing cheques was also saved," said Mr Winkler.

MYOB has developed a comprehensive customer support program for the roll out of the Customer Payments Service, including a dedicated support team to assist with inquiries, information seminars, extensive website information and on-site support through its national network of independent MYOB Certified Consultants.

The Customer Payments Service connects seamlessly with the latest range of MYOB accounting software solutions. After registration and approval, customers are issued a CD with the invoicing formats and can start creating the invoices from within their MYOB software.

The pricing of MYOB's Customer Payments Service is based on a once-off establishment fee, a monthly service fee and a transaction fee.

Further information is available at www.myob.com.au/payment_services.

About the MYOB Group

Founded in 1991, the MYOB Group is a leading provider of business management software and services for small and medium sized enterprises around the world. The MYOB Group has operations in Australia, New Zealand, the US, UK, Malaysia, Singapore and Hong Kong.

The Group develops and publishes award-winning software solutions that have revolutionised the way growing businesses view accounting and business management software. The Group also provides systems and services targeted to the needs of accountants in public practice. Through its subsidiary Recall Design Pty Ltd, the MYOB Group also undertakes specialist online application development.

The MYOB Group is owned by MYOB Limited, an Australian public company listed on the Australian Stock Exchange (ASX symbol 'MYO').

ENDS

Media Contacts:
Sarah Douglas, Marketing Communications Specialist, MYOB.
Phone: (02) 9770 9065 / (0402) 208 172

Tamara Blackmore, Buchan Communications Group.
Phone: (03) 9866 4722 / (0418) 540 372

About the MYOB Group
Founded in 1991, the MYOB Group is a leading provider of business management software and services for small and medium sized enterprises around the world. The MYOB Group has operations in Australia, New Zealand, the US, UK, Malaysia, Singapore and Hong Kong.
The Group develops and publishes award-winning software solutions that have revolutionised the way growing businesses view accounting and business management software. The Group also provides systems and services targeted to the needs of accountants in public practice. Through its subsidiary Recall Design Pty Ltd, the MYOB Group undertakes specialist online application development.
The MYOB Group is owned by MYOB Limited, an Australian public company listed on the Australian Stock Exchange (ASX symbol 'MYO').

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