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7 Real Benefits For Using EFT for Customer Payments

MYOB is a sophisticated accounting software package that allows any business over to keep on top of their business and plan for the future with greater certainty. If you are considering the purchase of MYOB then you will also benefit from taking any one of a number of MYOB courses that support new users in the implementation of the software.

Once you are fully trained and are able to implement all the powerful aspects that the software gives you, you will have the added advantage of examining the impact of business decisions before they are actually implemented so you can predict the impact this may have on your cash flow or on other administrative support systems.

One of the great benefits of owning MYOB is that many banks produced transaction reports of your business accounts that are compatible with the software so you can download them directly. This can save a lot of data entry and makes bank reconciliations much easier, and when performed on a daily basis, balancing your accounts will be a problem-free activity.

As you are probably aware, making sure your customers are paying within your terms is one of the most critical performance activities you can undertake. So it makes sense to allow your customers to easily pay your invoices through electronic funds transfer (EFT) rather than having to wait for the cheque to arrive in the mail, then take it to the bank and wait for funds to clear. By examining your bank statements after you have downloaded every day your debtor control will become a much easier process and your cash flow will become that much more predictable.

If you operate subscription type services involving the regular payment of a monthly amount by your customers, implementing a direct debit system will ensure a trouble-free transaction every month both for you and your customers. This can be set up with your bank with a simple signing of a Direct Debit Authority and will ensure timely payment of your accounts receivable.

The added benefits of this process are:

  • Payments are secure funds are clear once they are deposited into your account.
  • Confidentiality is maintained both for you and your customer.
  • You will save money through not having to issue mail invoices and similarly your clients will avoid postage costs.
  • There are also environmental benefits through the reduced use of paper.
  • The process is more convenient for all parties concerned as once the transaction details have been established, payments are automated.
  • Payments can never be lost through the use of this automated system. This means that the old arguments about ‘the cheque is in the mail’, will become a thing of the past.
  • As a creditor, you gain greater control over your income greatly reducing any cash flow problems.

When your customers directly deposit cheques into your bank account you are clearly gaining an added control over your finances and with MYOB you are easily able to track the status of your debtors with a simple printing of a debtor’s report. Your MYOB Certified Consultant will be able to show you the details involved in setting up this process.

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